Discounted Cash Flow (DCF) Analysis Unlevered

Universal Security Instruments, Inc... (UUU)

$1.42

-0.04 (-2.74%)
All numbers are in Millions, Currency in USD
Stock DCF: -16.00 | 1.42 | 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 17.5914.8017.5219.5522.1823.7125.3427.0928.9530.95
Revenue (%)
EBITDA -0.84-5.240.300.251.14-1.52-1.63-1.74-1.86-1.98
EBITDA (%)
EBIT -0.86-5.400.130.070.97-1.70-1.82-1.95-2.08-2.22
EBIT (%)
Depreciation 0.020.160.170.180.170.180.190.210.220.24
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 0.370.090.160.440.150.310.330.360.380.41
Total Cash (%)
Account Receivables 3.022.452.584.093.664.074.354.654.975.31
Account Receivables (%)
Inventories 6.855.124.186.234.0677.4888.559.14
Inventories (%)
Accounts Payable 5.580.771.262.560.952.923.123.333.563.81
Accounts Payable (%)
Capital Expenditure ----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1.42
Beta 0.890
Diluted Shares Outstanding 2.31
Cost of Debt
Tax Rate 1.97
After-tax Cost of Debt 13.07%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.360
Total Debt 1.78
Total Equity 3.28
Total Capital 5.07
Debt Weighting 35.18
Equity Weighting 64.82
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 17.5914.8017.5219.5522.1823.7125.3427.0928.9530.95
EBITDA -0.84-5.240.300.251.14-1.52-1.63-1.74-1.86-1.98
EBIT -0.86-5.400.130.070.97-1.70-1.82-1.95-2.08-2.22
Tax Rate 0.00%59.04%32.36%-189.17%1.97%-19.16%-19.16%-19.16%-19.16%-19.16%
EBIAT -0.86-2.210.090.200.95-2.03-2.17-2.32-2.48-2.65
Depreciation 0.020.160.170.180.170.180.190.210.220.24
Accounts Receivable -0.57-0.14-1.510.43-0.41-0.28-0.30-0.32-0.34
Inventories -1.730.94-2.052.17-2.94-0.48-0.52-0.55-0.59
Accounts Payable --4.810.491.29-1.611.970.200.210.230.25
Capital Expenditure ----------
UFCF ------3.22-2.54-2.71-2.90-3.10
WACC
PV UFCF -2.93-2.09-2.04-1.98-1.92
SUM PV UFCF -10.96

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.02
Free cash flow (t + 1) -3.16
Terminal Value -39.38
Present Value of Terminal Value -24.43

Intrinsic Value

Enterprise Value -35.39
Net Debt 1.63
Equity Value -37.02
Shares Outstanding 2.31
Equity Value Per Share -16.00