Discounted Cash Flow (DCF) Analysis Unlevered
Sonoma Pharmaceuticals, Inc. (SNOA)
$1.09
+0.06 (+5.83%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 16.66 | 18.97 | 18.94 | 18.63 | 12.63 | 11.99 | 11.39 | 10.82 | 10.27 | 9.75 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -13.80 | -10.85 | -2.50 | -3 | -5.24 | -5.06 | -4.80 | -4.56 | -4.33 | -4.11 |
| EBITDA (%) | ||||||||||
| EBIT | -14.29 | -11.31 | -2.81 | -3.22 | -5.43 | -5.29 | -5.02 | -4.77 | -4.53 | -4.30 |
| EBIT (%) | ||||||||||
| Depreciation | 0.49 | 0.45 | 0.31 | 0.23 | 0.19 | 0.23 | 0.22 | 0.21 | 0.20 | 0.19 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Total Cash | 10.07 | 3.69 | 3.69 | 4.22 | 7.40 | 4.33 | 4.11 | 3.91 | 3.71 | 3.52 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 1.54 | 4.44 | 5.37 | 4.66 | 4.78 | 2.97 | 2.82 | 2.68 | 2.54 | 2.42 |
| Account Receivables (%) | ||||||||||
| Inventories | 2.86 | 3.41 | 2.19 | 2.53 | 2.66 | 1.95 | 1.85 | 1.76 | 1.67 | 1.59 |
| Inventories (%) | ||||||||||
| Accounts Payable | 1.27 | 1.25 | 2.09 | 1.77 | 1.64 | 1.15 | 1.09 | 1.03 | 0.98 | 0.93 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -0.19 | -0.10 | -0.21 | -0.18 | -0.14 | -0.11 | -0.11 | -0.10 | -0.10 | -0.09 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 1.09 |
|---|---|
| Beta | 1.165 |
| Diluted Shares Outstanding | 2.65 |
| Cost of Debt | |
| Tax Rate | 6.13 |
| After-tax Cost of Debt | -0.69% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.102 |
| Total Debt | 1.37 |
| Total Equity | 2.89 |
| Total Capital | 4.26 |
| Debt Weighting | 32.10 |
| Equity Weighting | 67.90 |
| Wacc |
Build Up Free Cash
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 16.66 | 18.97 | 18.94 | 18.63 | 12.63 | 11.99 | 11.39 | 10.82 | 10.27 | 9.75 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -13.80 | -10.85 | -2.50 | -3 | -5.24 | -5.06 | -4.80 | -4.56 | -4.33 | -4.11 |
| EBIT | -14.29 | -11.31 | -2.81 | -3.22 | -5.43 | -5.29 | -5.02 | -4.77 | -4.53 | -4.30 |
| Tax Rate | 0.00% | -4.04% | -4.28% | -1.23% | 6.13% | -0.68% | -0.68% | -0.68% | -0.68% | -0.68% |
| EBIAT | -14.29 | -11.76 | -2.93 | -3.26 | -5.10 | -5.33 | -5.06 | -4.80 | -4.56 | -4.33 |
| Depreciation | 0.49 | 0.45 | 0.31 | 0.23 | 0.19 | 0.23 | 0.22 | 0.21 | 0.20 | 0.19 |
| Accounts Receivable | - | -2.91 | -0.92 | 0.71 | -0.12 | 1.81 | 0.15 | 0.14 | 0.13 | 0.13 |
| Inventories | - | -0.54 | 1.22 | -0.34 | -0.13 | 0.71 | 0.10 | 0.09 | 0.09 | 0.08 |
| Accounts Payable | - | -0.02 | 0.83 | -0.32 | -0.13 | -0.50 | -0.06 | -0.05 | -0.05 | -0.05 |
| Capital Expenditure | -0.19 | -0.10 | -0.21 | -0.18 | -0.14 | -0.11 | -0.11 | -0.10 | -0.10 | -0.09 |
| UFCF | -13.99 | -14.88 | -1.70 | -3.16 | -5.43 | -3.18 | -4.76 | -4.52 | -4.29 | -4.07 |
| WACC | ||||||||||
| PV UFCF | -3.01 | -4.24 | -3.80 | -3.40 | -3.05 | |||||
| SUM PV UFCF | -17.49 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.96 |
| Free cash flow (t + 1) | -4.15 |
| Terminal Value | -104.91 |
| Present Value of Terminal Value | -78.54 |
Intrinsic Value
| Enterprise Value | -96.03 |
|---|---|
| Net Debt | -6.03 |
| Equity Value | -90 |
| Shares Outstanding | 2.65 |
| Equity Value Per Share | -33.93 |