Discounted Cash Flow (DCF) Analysis Unlevered

TeraGo Inc. (TGO.TO)

$1.3

+0.02 (+1.56%)
All numbers are in Millions, Currency in USD
Stock DCF: -1.20 | 1.3 | overvalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 54.3048.4445.4543.3027.6223.6220.2117.2814.7812.64
Revenue (%)
EBITDA 9.2513.1311.549.411.124.503.853.292.822.41
EBITDA (%)
EBIT -2.50-2.16-3.27-5.15-8.96-2.86-2.45-2.09-1.79-1.53
EBIT (%)
Depreciation 11.7515.2914.8114.5510.087.376.305.394.613.94
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 3.928.695.865.487.383.663.132.682.291.96
Total Cash (%)
Account Receivables 3.642.912.582.801.751.471.261.080.920.79
Account Receivables (%)
Inventories 0.500.390.3238.940.674.483.833.282.802.40
Inventories (%)
Accounts Payable 5.784.605.403.834.712.742.3421.711.46
Accounts Payable (%)
Capital Expenditure -13.03-6.73-7.62-7.38-6.21-4.45-3.81-3.26-2.78-2.38
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1.3
Beta 0.925
Diluted Shares Outstanding 19.10
Cost of Debt
Tax Rate -21.46
After-tax Cost of Debt 10.19%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.576
Total Debt 20.50
Total Equity 24.83
Total Capital 45.33
Debt Weighting 45.22
Equity Weighting 54.78
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 54.3048.4445.4543.3027.6223.6220.2117.2814.7812.64
EBITDA 9.2513.1311.549.411.124.503.853.292.822.41
EBIT -2.50-2.16-3.27-5.15-8.96-2.86-2.45-2.09-1.79-1.53
Tax Rate 0.00%-68.19%-57.84%-25.68%-21.46%-34.63%-34.63%-34.63%-34.63%-34.63%
EBIAT -2.50-3.63-5.16-6.47-10.89-3.86-3.30-2.82-2.41-2.06
Depreciation 11.7515.2914.8114.5510.087.376.305.394.613.94
Accounts Receivable -0.730.33-0.221.050.280.210.180.160.13
Inventories -0.110.07-38.6238.27-3.810.650.550.470.41
Accounts Payable --1.180.80-1.570.88-1.97-0.40-0.34-0.29-0.25
Capital Expenditure -13.03-6.73-7.62-7.38-6.21-4.45-3.81-3.26-2.78-2.38
UFCF -3.784.593.23-39.7033.18-6.45-0.34-0.29-0.25-0.21
WACC
PV UFCF -5.90-0.28-0.22-0.17-0.14
SUM PV UFCF -6.71

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.31
Free cash flow (t + 1) -0.22
Terminal Value -2.95
Present Value of Terminal Value -1.89

Intrinsic Value

Enterprise Value -8.60
Net Debt 14.28
Equity Value -22.88
Shares Outstanding 19.10
Equity Value Per Share -1.20