Discounted Cash Flow (DCF) Analysis Unlevered

SG Blocks, Inc. (SGBX)

$1.77

-0.07 (-3.80%)
All numbers are in Millions, Currency in USD
Stock DCF: 3,602.81 | 1.77 | undervalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 5.068.192.988.7638.3489.10207.04481.121,118.012,598
Revenue (%)
EBITDA -3.59-4.25-6.59-4.48-10.27-75.11-174.53-405.57-942.45-2,190.03
EBITDA (%)
EBIT -4.18-4.84-6.74-4.68-10.83-80.08-186.08-432.40-1,004.80-2,334.92
EBIT (%)
Depreciation 0.590.600.150.200.564.9711.5526.8362.35144.89
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 4.901.371.6313.0113.0262.47145.16337.32783.861,821.51
Total Cash (%)
Account Receivables 3.072.011.213.942.9631.7673.81171.51398.55926.15
Account Receivables (%)
Inventories ---0.781.275.4412.6429.3768.25158.60
Inventories (%)
Accounts Payable ---3.963.7824.5657.06132.60308.13716.03
Accounts Payable (%)
Capital Expenditure -0-0.08-0-1.57-4.87-5.65-13.12-30.49-70.86-164.67
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1.77
Beta -3.608
Diluted Shares Outstanding 9.34
Cost of Debt
Tax Rate -83.34
After-tax Cost of Debt 0.03%
Risk-Free Rate
Market Risk Premium
Cost of Equity -13.228
Total Debt 3.93
Total Equity 16.53
Total Capital 20.46
Debt Weighting 19.21
Equity Weighting 80.79
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 5.068.192.988.7638.3489.10207.04481.121,118.012,598
EBITDA -3.59-4.25-6.59-4.48-10.27-75.11-174.53-405.57-942.45-2,190.03
EBIT -4.18-4.84-6.74-4.68-10.83-80.08-186.08-432.40-1,004.80-2,334.92
Tax Rate 0.00%0.00%0.00%-4.09%-83.34%-17.49%-17.49%-17.49%-17.49%-17.49%
EBIAT -4.18-4.84-6.74-4.88-19.86-94.08-218.62-508.02-1,180.52-2,743.25
Depreciation 0.590.600.150.200.564.9711.5526.8362.35144.89
Accounts Receivable -1.060.80-2.730.98-28.80-42.05-97.70-227.04-527.60
Inventories -----0.50-4.17-7.20-16.73-38.88-90.35
Accounts Payable -----0.1820.7732.5175.54175.53407.90
Capital Expenditure -0-0.08-0-1.57-4.87-5.65-13.12-30.49-70.86-164.67
UFCF -3.60-3.26-5.79-8.98-23.86-106.95-236.93-550.58-1,279.42-2,973.08
WACC
PV UFCF -119.74-296.98-772.63-2,010.10-5,229.53
SUM PV UFCF -8,428.99

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) -10.68
Free cash flow (t + 1) -3,032.54
Terminal Value 23,915.93
Present Value of Terminal Value 42,067.22

Intrinsic Value

Enterprise Value 33,638.23
Net Debt -9.09
Equity Value 33,647.32
Shares Outstanding 9.34
Equity Value Per Share 3,602.81