Discounted Cash Flow (DCF) Analysis Unlevered

Sunworks, Inc. (SUNW)

$ 2.04
-0.12 (-5.56%)
All numbers are in Millions, Currency in USD
Stock DCF: 0.48 | 2.04 | 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 -8.02-5.89-4.81-7.97-14.89-4.75-3.91-3.22-2.64-2.17
EBITDA (%)
EBIT -8.35-6.30-5.20-8.97-16.04-5.14-4.23-3.47-2.86-2.35
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 $ 2.04
Beta 1.456
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 8.674
Total Debt 3.50
Total Equity 31.82
Total Capital 35.32
Debt Weighting 9.90
Equity Weighting 90.10
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 -8.02-5.89-4.81-7.97-14.89-4.75-3.91-3.22-2.64-2.17
EBIT -8.35-6.30-5.20-8.97-16.04-5.14-4.23-3.47-2.86-2.35
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT -8.35-6.30-5.20-8.97-16.04-5.14-4.23-3.47-2.86-2.35
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 -8.69-9.32-3.99-6.66-10.84-5.11-3.43-2.82-2.32-1.91
WACC
PV UFCF -4.65-2.84-2.13-1.59-1.19
SUM PV UFCF -12.41

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.84
Free cash flow (t + 1) -1.95
Terminal Value -24.82
Present Value of Terminal Value -15.52

Intrinsic Value

Enterprise Value -27.94
Net Debt -35.49
Equity Value 7.56
Shares Outstanding 15.60
Equity Value Per Share 0.48