Discounted Cash Flow (DCF) Analysis Unlevered
ToughBuilt Industries, Inc. (TBLT)
$6.62
+0.05 (+0.76%)
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 | 14.20 | 15.29 | 19.09 | 39.43 | 70.03 | 107.96 | 166.43 | 256.58 | 395.56 | 609.82 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -3.66 | -24.21 | -3.10 | -15.57 | -35.39 | -62.70 | -96.66 | -149.02 | -229.73 | -354.16 |
| EBITDA (%) | ||||||||||
| EBIT | -3.78 | -24.33 | -3.33 | -16.20 | -37.23 | -64.22 | -99 | -152.62 | -235.29 | -362.74 |
| EBIT (%) | ||||||||||
| Depreciation | 0.12 | 0.12 | 0.23 | 0.63 | 1.84 | 1.52 | 2.34 | 3.61 | 5.56 | 8.57 |
| 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 | 0.04 | 5.46 | 0.03 | 2.19 | 7.47 | 11.31 | 17.44 | 26.88 | 41.45 | 63.90 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 1.82 | 2.53 | 6.73 | 12.18 | 18.18 | 26.22 | 40.42 | 62.32 | 96.07 | 148.11 |
| Account Receivables (%) | ||||||||||
| Inventories | 0.10 | 0.38 | 2.22 | 8.92 | 38.43 | 19.92 | 30.72 | 47.35 | 73 | 112.54 |
| Inventories (%) | ||||||||||
| Accounts Payable | 2.33 | 1.96 | 2.54 | 6.96 | 14.44 | 17.45 | 26.90 | 41.46 | 63.92 | 98.55 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -0.07 | -0.08 | -0.09 | -0.19 | -0.34 | -0.53 | -0.82 | -1.26 | -1.95 | -3 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 6.62 |
|---|---|
| Beta | 1.583 |
| Diluted Shares Outstanding | 0.18 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 5.00% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.313 |
| Total Debt | - |
| Total Equity | 1.20 |
| Total Capital | 1.20 |
| Debt Weighting | 0.00 |
| Equity Weighting | 100.00 |
| 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 | 14.20 | 15.29 | 19.09 | 39.43 | 70.03 | 107.96 | 166.43 | 256.58 | 395.56 | 609.82 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -3.66 | -24.21 | -3.10 | -15.57 | -35.39 | -62.70 | -96.66 | -149.02 | -229.73 | -354.16 |
| EBIT | -3.78 | -24.33 | -3.33 | -16.20 | -37.23 | -64.22 | -99 | -152.62 | -235.29 | -362.74 |
| Tax Rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| EBIAT | -3.78 | -24.33 | -3.33 | -16.20 | -37.23 | -64.22 | -99 | -152.62 | -235.29 | -362.74 |
| Depreciation | 0.12 | 0.12 | 0.23 | 0.63 | 1.84 | 1.52 | 2.34 | 3.61 | 5.56 | 8.57 |
| Accounts Receivable | - | -0.71 | -4.20 | -5.45 | -6 | -8.04 | -14.20 | -21.89 | -33.75 | -52.04 |
| Inventories | - | -0.28 | -1.84 | -6.70 | -29.52 | 18.51 | -10.79 | -16.64 | -25.65 | -39.54 |
| Accounts Payable | - | -0.37 | 0.57 | 4.42 | 7.49 | 3.01 | 9.45 | 14.57 | 22.46 | 34.62 |
| Capital Expenditure | -0.07 | -0.08 | -1.03 | -2.50 | -11.30 | -0.53 | -0.82 | -1.26 | -1.95 | -3 |
| UFCF | -3.73 | -25.65 | -8.66 | -23.50 | -63.76 | -49.76 | -113.02 | -174.24 | -268.62 | -414.12 |
| WACC | ||||||||||
| PV UFCF | -45.11 | -92.88 | -129.81 | -181.42 | -253.54 | |||||
| SUM PV UFCF | -702.76 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 10.31 |
| Free cash flow (t + 1) | -422.40 |
| Terminal Value | -5,083.08 |
| Present Value of Terminal Value | -3,112.09 |
Intrinsic Value
| Enterprise Value | -3,814.85 |
|---|---|
| Net Debt | -7.47 |
| Equity Value | -3,807.38 |
| Shares Outstanding | 0.18 |
| Equity Value Per Share | -20,963.02 |