Discounted Cash Flow (DCF) Analysis Unlevered

SuperCom Ltd. (SPCB)

$0.3252

-0.01 (-2.78%)
All numbers are in Millions, Currency in USD
Stock DCF: -1.86 | 0.3252 | 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 33.2621.8816.4711.7712.279.717.696.094.823.82
Revenue (%)
EBITDA -2.94-5.47-6.39-1.33-4.26-2.31-1.83-1.45-1.14-0.91
EBITDA (%)
EBIT -6.84-9.17-9.52-4.05-6.49-4.03-3.19-2.53-2-1.59
EBIT (%)
Depreciation 3.913.693.132.722.231.731.371.080.860.68
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 1.041.640.113.143.541.301.030.810.640.51
Total Cash (%)
Account Receivables 14.8013.8713.3612.8412.137.716.114.833.833.03
Account Receivables (%)
Inventories 4.883.172.652.403.561.841.461.150.910.72
Inventories (%)
Accounts Payable 5.843.493.542.861.401.761.391.100.870.69
Accounts Payable (%)
Capital Expenditure -1.49-1.48-1.17-1.40-1.68-0.85-0.68-0.54-0.42-0.34
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 0.3,252
Beta 0.406
Diluted Shares Outstanding 17.39
Cost of Debt
Tax Rate -0.05
After-tax Cost of Debt 11.53%
Risk-Free Rate
Market Risk Premium
Cost of Equity 4.798
Total Debt 31.58
Total Equity 5.65
Total Capital 37.24
Debt Weighting 84.82
Equity Weighting 15.18
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 33.2621.8816.4711.7712.279.717.696.094.823.82
EBITDA -2.94-5.47-6.39-1.33-4.26-2.31-1.83-1.45-1.14-0.91
EBIT -6.84-9.17-9.52-4.05-6.49-4.03-3.19-2.53-2-1.59
Tax Rate 5.57%-57.24%-0.38%-0.06%-0.05%-10.43%-10.43%-10.43%-10.43%-10.43%
EBIAT -6.46-14.41-9.55-4.05-6.49-4.45-3.53-2.79-2.21-1.75
Depreciation 3.913.693.132.722.231.731.371.080.860.68
Accounts Receivable -0.940.510.520.714.421.601.271.010.80
Inventories -1.710.520.24-1.161.720.380.300.240.19
Accounts Payable --2.350.05-0.68-1.470.37-0.37-0.29-0.23-0.18
Capital Expenditure -1.50-1.48-1.17-1.40-1.68-0.85-0.68-0.54-0.42-0.34
UFCF -4.05-11.91-6.51-2.66-7.862.93-1.21-0.96-0.76-0.60
WACC
PV UFCF 2.65-0.99-0.71-0.51-0.37
SUM PV UFCF 0.06

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.51
Free cash flow (t + 1) -0.62
Terminal Value -7.23
Present Value of Terminal Value -4.38

Intrinsic Value

Enterprise Value -4.32
Net Debt 28.05
Equity Value -32.37
Shares Outstanding 17.39
Equity Value Per Share -1.86