Discounted Cash Flow (DCF) Analysis Unlevered

Technical Communications Corporatio... (TCCO)

$1.2

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: -5.39 | 1.2 | 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 4.213.687.024.111.871.781.701.631.551.48
Revenue (%)
EBITDA -1.33-1.430.66-0.89-1.05-0.50-0.47-0.45-0.43-0.41
EBITDA (%)
EBIT -1.43-1.480.63-0.91-1.07-0.52-0.49-0.47-0.45-0.43
EBIT (%)
Depreciation 0.100.050.030.020.010.020.020.020.020.02
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 1.641.981.591.510.300.600.570.550.520.50
Total Cash (%)
Account Receivables 0.730.560.130.130.280.190.180.170.160.16
Account Receivables (%)
Inventories 1.361.371.040.901.160.600.570.550.520.50
Inventories (%)
Accounts Payable 0.110.190.360.070.110.070.070.070.060.06
Accounts Payable (%)
Capital Expenditure -0-0.04-0.02-0-0.01-0.01-0.01-0.01-0.01-0.01
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1.2
Beta 1.390
Diluted Shares Outstanding 1.84
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 1.27%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.358
Total Debt 1.56
Total Equity 2.21
Total Capital 3.77
Debt Weighting 41.29
Equity Weighting 58.71
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 4.213.687.024.111.871.781.701.631.551.48
EBITDA -1.33-1.430.66-0.89-1.05-0.50-0.47-0.45-0.43-0.41
EBIT -1.43-1.480.63-0.91-1.07-0.52-0.49-0.47-0.45-0.43
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT -1.43-1.480.63-0.91-1.07-0.52-0.49-0.47-0.45-0.43
Depreciation 0.100.050.030.020.010.020.020.020.020.02
Accounts Receivable -0.170.43-0.01-0.150.090.010.010.010.01
Inventories --0.010.330.14-0.260.560.030.030.020.02
Accounts Payable -0.080.17-0.290.04-0.03-0-0-0-0
Capital Expenditure -0-0.04-0.02-0-0.01-0.01-0.01-0.01-0.01-0.01
UFCF -1.33-1.241.57-1.05-1.420.11-0.45-0.43-0.41-0.39
WACC
PV UFCF 0.11-0.40-0.36-0.32-0.29
SUM PV UFCF -1.27

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.02
Free cash flow (t + 1) -0.40
Terminal Value -9.92
Present Value of Terminal Value -7.41

Intrinsic Value

Enterprise Value -8.68
Net Debt 1.26
Equity Value -9.93
Shares Outstanding 1.84
Equity Value Per Share -5.39