Discounted Cash Flow (DCF) Analysis Unlevered

TeraGo Inc. (TGO.TO)

$3.4

+0.17 (+5.26%)
All numbers are in Millions, Currency in USD
Stock DCF: -0.19 | 3.4 | 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 55.3954.3048.4445.4543.3040.7438.3336.0633.9331.92
Revenue (%)
EBITDA 8.739.2513.0611.333.287.527.076.656.265.89
EBITDA (%)
EBIT -5.60-2.51-2.23-3.48-11.28-4.32-4.06-3.82-3.60-3.38
EBIT (%)
Depreciation 14.3211.7615.2914.8114.5511.8411.1410.489.869.27
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 6.993.928.695.865.485.164.854.574.304.04
Total Cash (%)
Account Receivables 3.393.642.912.582.802.522.372.232.101.98
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable ----------
Accounts Payable (%)
Capital Expenditure -9.24-13.03-6.73-7.62-7.38-7.20-6.78-6.38-6-5.64
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 3.4
Beta 0.320
Diluted Shares Outstanding 107.49
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 10.85%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.151
Total Debt 35.91
Total Equity 365.45
Total Capital 401.37
Debt Weighting 8.95
Equity Weighting 91.05
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 55.3954.3048.4445.4543.3040.7438.3336.0633.9331.92
EBITDA 8.739.2513.0611.333.287.527.076.656.265.89
EBIT -5.60-2.51-2.23-3.48-11.28-4.32-4.06-3.82-3.60-3.38
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT -5.60-2.51-2.23-3.48-11.28-4.32-4.06-3.82-3.60-3.38
Depreciation 14.3211.7615.2914.8114.5511.8411.1410.489.869.27
Accounts Receivable --0.250.730.33-0.220.280.150.140.130.12
Inventories ----------
Accounts Payable ----------
Capital Expenditure -9.24-13.03-6.73-7.62-7.38-7.20-6.78-6.38-6-5.64
UFCF -0.52-4.047.074.04-4.320.590.450.420.390.37
WACC
PV UFCF 0.560.400.360.320.28
SUM PV UFCF 1.91

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.66
Free cash flow (t + 1) 0.38
Terminal Value 10.34
Present Value of Terminal Value 7.85

Intrinsic Value

Enterprise Value 9.76
Net Debt 30.43
Equity Value -20.67
Shares Outstanding 107.49
Equity Value Per Share -0.19