Discounted Cash Flow (DCF) Analysis Unlevered
Technical Communications Corporatio... (TCCO)
$1.2
0.00 (0.00%)
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 | 4.21 | 3.68 | 7.02 | 4.11 | 1.87 | 1.78 | 1.70 | 1.63 | 1.55 | 1.48 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -1.33 | -1.43 | 0.66 | -0.89 | -1.05 | -0.50 | -0.47 | -0.45 | -0.43 | -0.41 |
| EBITDA (%) | ||||||||||
| EBIT | -1.43 | -1.48 | 0.63 | -0.91 | -1.07 | -0.52 | -0.49 | -0.47 | -0.45 | -0.43 |
| EBIT (%) | ||||||||||
| Depreciation | 0.10 | 0.05 | 0.03 | 0.02 | 0.01 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 |
| 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 | 1.64 | 1.98 | 1.59 | 1.51 | 0.30 | 0.60 | 0.57 | 0.55 | 0.52 | 0.50 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 0.73 | 0.56 | 0.13 | 0.13 | 0.28 | 0.19 | 0.18 | 0.17 | 0.16 | 0.16 |
| Account Receivables (%) | ||||||||||
| Inventories | 1.36 | 1.37 | 1.04 | 0.90 | 1.16 | 0.60 | 0.57 | 0.55 | 0.52 | 0.50 |
| Inventories (%) | ||||||||||
| Accounts Payable | 0.11 | 0.19 | 0.36 | 0.07 | 0.11 | 0.07 | 0.07 | 0.07 | 0.06 | 0.06 |
| 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 | 4.21 | 3.68 | 7.02 | 4.11 | 1.87 | 1.78 | 1.70 | 1.63 | 1.55 | 1.48 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -1.33 | -1.43 | 0.66 | -0.89 | -1.05 | -0.50 | -0.47 | -0.45 | -0.43 | -0.41 |
| EBIT | -1.43 | -1.48 | 0.63 | -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 | -1.48 | 0.63 | -0.91 | -1.07 | -0.52 | -0.49 | -0.47 | -0.45 | -0.43 |
| Depreciation | 0.10 | 0.05 | 0.03 | 0.02 | 0.01 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 |
| Accounts Receivable | - | 0.17 | 0.43 | -0.01 | -0.15 | 0.09 | 0.01 | 0.01 | 0.01 | 0.01 |
| Inventories | - | -0.01 | 0.33 | 0.14 | -0.26 | 0.56 | 0.03 | 0.03 | 0.02 | 0.02 |
| Accounts Payable | - | 0.08 | 0.17 | -0.29 | 0.04 | -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 | -1.24 | 1.57 | -1.05 | -1.42 | 0.11 | -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 |