Discounted Cash Flow (DCF) Analysis Unlevered
Sonim Technologies, Inc. (SONM)
$0.494
+0.01 (+1.63%)
All numbers are in Millions, Currency in USD
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 | 59.03 | 135.66 | 116.25 | 63.99 | 54.57 | 62.19 | 70.87 | 80.76 | 92.03 | 104.88 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -6.25 | 5.71 | -19.40 | -26.97 | -36.33 | -16.39 | -18.68 | -21.29 | -24.26 | -27.64 |
| EBITDA (%) | ||||||||||
| EBIT | -7.56 | 3.86 | -22.92 | -29.69 | -38.46 | -18.23 | -20.77 | -23.67 | -26.98 | -30.74 |
| EBIT (%) | ||||||||||
| Depreciation | 1.32 | 1.85 | 3.53 | 2.73 | 2.13 | 1.84 | 2.10 | 2.39 | 2.72 | 3.10 |
| 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 | 1.58 | 13.05 | 11.30 | 22.14 | 11.23 | 9.60 | 10.94 | 12.47 | 14.21 | 16.19 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 12.16 | 21.44 | 11.46 | 5.11 | 10.80 | 9.21 | 10.50 | 11.96 | 13.63 | 15.53 |
| Account Receivables (%) | ||||||||||
| Inventories | 8.98 | 21.83 | 19.53 | 11.34 | 5.54 | 9.45 | 10.77 | 12.28 | 13.99 | 15.94 |
| Inventories (%) | ||||||||||
| Accounts Payable | 11.25 | 27.30 | 7.23 | 8.86 | 9.47 | 9.53 | 10.86 | 12.37 | 14.10 | 16.07 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -1.17 | -2.54 | -1.36 | -0.01 | -0.05 | -0.64 | -0.73 | -0.83 | -0.94 | -1.08 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 0.494 |
|---|---|
| Beta | 2.447 |
| Diluted Shares Outstanding | 9.46 |
| Cost of Debt | |
| Tax Rate | -0.43 |
| After-tax Cost of Debt | 5.00% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 15.068 |
| Total Debt | 0.07 |
| Total Equity | 4.68 |
| Total Capital | 4.74 |
| Debt Weighting | 1.39 |
| Equity Weighting | 98.61 |
| 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 | 59.03 | 135.66 | 116.25 | 63.99 | 54.57 | 62.19 | 70.87 | 80.76 | 92.03 | 104.88 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -6.25 | 5.71 | -19.40 | -26.97 | -36.33 | -16.39 | -18.68 | -21.29 | -24.26 | -27.64 |
| EBIT | -7.56 | 3.86 | -22.92 | -29.69 | -38.46 | -18.23 | -20.77 | -23.67 | -26.98 | -30.74 |
| Tax Rate | -1.60% | 37.12% | -5.68% | 1.71% | -0.43% | 6.23% | 6.23% | 6.23% | 6.23% | 6.23% |
| EBIAT | -7.69 | 2.43 | -24.23 | -29.19 | -38.63 | -17.09 | -19.48 | -22.20 | -25.30 | -28.83 |
| Depreciation | 1.32 | 1.85 | 3.53 | 2.73 | 2.13 | 1.84 | 2.10 | 2.39 | 2.72 | 3.10 |
| Accounts Receivable | - | -9.28 | 9.98 | 6.34 | -5.69 | 1.59 | -1.29 | -1.46 | -1.67 | -1.90 |
| Inventories | - | -12.85 | 2.30 | 8.19 | 5.80 | -3.91 | -1.32 | -1.50 | -1.71 | -1.95 |
| Accounts Payable | - | 16.05 | -20.06 | 1.62 | 0.62 | 0.05 | 1.33 | 1.52 | 1.73 | 1.97 |
| Capital Expenditure | -1.17 | -2.54 | -1.36 | -0.01 | -0.05 | -0.64 | -0.73 | -0.83 | -0.94 | -1.08 |
| UFCF | -7.54 | -4.34 | -29.84 | -10.32 | -35.82 | -18.16 | -19.39 | -22.09 | -25.18 | -28.69 |
| WACC | ||||||||||
| PV UFCF | -15.80 | -14.68 | -14.55 | -14.43 | -14.31 | |||||
| SUM PV UFCF | -73.77 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 14.93 |
| Free cash flow (t + 1) | -29.27 |
| Terminal Value | -226.34 |
| Present Value of Terminal Value | -112.87 |
Intrinsic Value
| Enterprise Value | -186.64 |
|---|---|
| Net Debt | -11.17 |
| Equity Value | -175.47 |
| Shares Outstanding | 9.46 |
| Equity Value Per Share | -18.54 |