Discounted Cash Flow (DCF) Analysis Unlevered

Sonim Technologies, Inc. (SONM)

$0.5

-0.00 (-0.97%)
All numbers are in Millions, Currency in USD
Stock DCF: -15.96 | 0.5 | overvalue

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 59.03135.66116.2563.9954.5762.1970.8780.7692.03104.88
Revenue (%)
EBITDA -6.255.71-19.40-26.97-36.33-16.39-18.68-21.29-24.26-27.64
EBITDA (%)
EBIT -7.563.86-22.92-29.69-38.46-18.23-20.77-23.67-26.98-30.74
EBIT (%)
Depreciation 1.321.853.532.732.131.842.102.392.723.10
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 1.5813.0511.3022.1411.239.6010.9412.4714.2116.19
Total Cash (%)
Account Receivables 12.1621.4411.465.1110.809.2110.5011.9613.6315.53
Account Receivables (%)
Inventories 8.9821.8319.5311.345.549.4510.7712.2813.9915.94
Inventories (%)
Accounts Payable 11.2527.307.238.869.479.5310.8612.3714.1016.07
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 $ 0.5
Beta 2.771
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 16.883
Total Debt 0.07
Total Equity 4.73
Total Capital 4.80
Debt Weighting 1.38
Equity Weighting 98.62
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 59.03135.66116.2563.9954.5762.1970.8780.7692.03104.88
EBITDA -6.255.71-19.40-26.97-36.33-16.39-18.68-21.29-24.26-27.64
EBIT -7.563.86-22.92-29.69-38.46-18.23-20.77-23.67-26.98-30.74
Tax Rate -1.60%37.12%-5.68%1.71%-0.43%6.23%6.23%6.23%6.23%6.23%
EBIAT -7.692.43-24.23-29.19-38.63-17.09-19.48-22.20-25.30-28.83
Depreciation 1.321.853.532.732.131.842.102.392.723.10
Accounts Receivable --9.289.986.34-5.691.59-1.29-1.46-1.67-1.90
Inventories --12.852.308.195.80-3.91-1.32-1.50-1.71-1.95
Accounts Payable -16.05-20.061.620.620.051.331.521.731.97
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 -15.55-14.23-13.89-13.57-13.24
SUM PV UFCF -70.49

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 16.72
Free cash flow (t + 1) -29.27
Terminal Value -198.81
Present Value of Terminal Value -91.77

Intrinsic Value

Enterprise Value -162.26
Net Debt -11.17
Equity Value -151.10
Shares Outstanding 9.46
Equity Value Per Share -15.96