Discounted Cash Flow (DCF) Analysis Unlevered

Vicinity Motor Corp. (VEV)

$1.06

+0.03 (+2.91%)
All numbers are in Millions, Currency in USD
Stock DCF: -8.14 | 1.06 | 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 54.7070.0824.6526.0741.7144.7447.9851.4755.2059.21
Revenue (%)
EBITDA 0.722.80-3.21-2.59-4.90-2.63-2.82-3.03-3.25-3.48
EBITDA (%)
EBIT 0.372.06-4.23-3.57-6.14-3.75-4.03-4.32-4.63-4.97
EBIT (%)
Depreciation 0.350.731.010.991.241.121.201.291.391.49
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 4.222.730.761.284.402.702.903.113.333.57
Total Cash (%)
Account Receivables 13.6313.669.204.152.819.3410.0210.7511.5312.36
Account Receivables (%)
Inventories 19.4016.0619.3032.619.4225.4427.2929.2731.4033.68
Inventories (%)
Accounts Payable ----------
Accounts Payable (%)
Capital Expenditure -0.50-0.59-0.47-1.42-24.13-5.99-6.43-6.90-7.40-7.93
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1.06
Beta 0.714
Diluted Shares Outstanding 30.83
Cost of Debt
Tax Rate -6.76
After-tax Cost of Debt 10.02%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.248
Total Debt 7.14
Total Equity 32.68
Total Capital 39.82
Debt Weighting 17.94
Equity Weighting 82.06
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 54.7070.0824.6526.0741.7144.7447.9851.4755.2059.21
EBITDA 0.722.80-3.21-2.59-4.90-2.63-2.82-3.03-3.25-3.48
EBIT 0.372.06-4.23-3.57-6.14-3.75-4.03-4.32-4.63-4.97
Tax Rate 0.00%0.00%-1.19%-2.28%-6.76%-2.05%-2.05%-2.05%-2.05%-2.05%
EBIAT 0.372.06-4.28-3.66-6.56-3.83-4.11-4.41-4.73-5.07
Depreciation 0.350.731.010.991.241.121.201.291.391.49
Accounts Receivable --0.034.465.051.34-6.53-0.68-0.73-0.78-0.84
Inventories -3.33-3.24-13.3123.20-16.03-1.85-1.98-2.12-2.28
Accounts Payable ----------
Capital Expenditure -0.50-0.59-0.47-1.42-24.13-5.99-6.43-6.90-7.40-7.93
UFCF 0.215.51-2.51-12.35-4.91-31.26-11.86-12.72-13.64-14.63
WACC
PV UFCF -29.01-10.21-10.17-10.12-10.07
SUM PV UFCF -69.59

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.75
Free cash flow (t + 1) -14.93
Terminal Value -259.57
Present Value of Terminal Value -178.71

Intrinsic Value

Enterprise Value -248.30
Net Debt 2.74
Equity Value -251.04
Shares Outstanding 30.83
Equity Value Per Share -8.14