Discounted Cash Flow (DCF) Analysis Unlevered

Sunworks, Inc. (SUNW)

$ 4.19
+0.06 (+1.45%)
Stock DCF: -0.09 | 4.19 | overvalue

Operating Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 86.4277.4570.9659.8337.9131.1825.6421.0817.3414.25
Revenue (%)
EBITDA -7.70-5.90-2.87-7.98-10.90-3.91-3.21-2.64-2.17-1.79
EBITDA (%)
EBIT -8.02-6.31-3.26-8.98-12.05-4.29-3.53-2.90-2.39-1.96
EBIT (%)
Depreciation 0.320.410.3811.150.380.320.260.210.18
Depreciation (%)

Balance Sheet Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Total Cash 11.076.363.633.1538.998.376.885.664.653.83
Total Cash (%)
Account Receivables 13.9715.1214.3512.475.295.664.653.823.142.59
Account Receivables (%)
Inventories 3.394.453.232.971.181.391.140.940.770.64
Inventories (%)
Accounts Payable 11.8010.649.498.683.784.073.342.752.261.86
Accounts Payable (%)
Capital Expenditure -0.67-0.07-0.01-0.02-0.03-0.06-0.05-0.04-0.03-0.03
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 4.19
Beta 1.437
Diluted Shares Outstanding 15.60
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 20.42%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.294
Total Debt 3.50
Total Equity 65.37
Total Capital 68.86
Debt Weighting 5.08
Equity Weighting 94.92
Wacc

Build Up Free Cash

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 86.4277.4570.9659.8337.9131.1825.6421.0817.3414.25
EBITDA -7.70-5.90-2.87-7.98-10.90-3.91-3.21-2.64-2.17-1.79
EBIT -8.02-6.31-3.26-8.98-12.05-4.29-3.53-2.90-2.39-1.96
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT -8.02-6.31-3.26-8.98-12.05-4.29-3.53-2.90-2.39-1.96
Depreciation 0.320.410.3811.150.380.320.260.210.18
Accounts Receivable --1.150.771.887.18-0.3710.830.680.56
Inventories --1.061.220.261.79-0.210.250.200.170.14
Accounts Payable --1.16-1.15-0.81-4.900.29-0.72-0.59-0.49-0.40
Capital Expenditure -0.67-0.07-0.01-0.02-0.03-0.06-0.05-0.04-0.03-0.03
UFCF -8.36-9.34-2.05-6.66-6.85-4.26-2.73-2.25-1.85-1.52
WACC
PV UFCF -3.91-2.30-1.74-1.31-0.99
SUM PV UFCF -10.26

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.91
Free cash flow (t + 1) -1.60
Terminal Value -40.81
Present Value of Terminal Value -26.64

Intrinsic Value

Enterprise Value -36.90
Net Debt -35.49
Equity Value -1.40
Shares Outstanding 15.60
Equity Value Per Share -0.09