Discounted Cash Flow (DCF) Analysis Unlevered
Vuzix Corporation (VUZI)
$5.022
+0.00 (+0.04%)
All numbers are in Millions, Currency in USD
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 | 8.09 | 6.67 | 11.58 | 13.16 | 11.84 | 13.60 | 15.63 | 17.95 | 20.63 | 23.70 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -20.19 | -24.03 | -15.31 | -38.07 | -40.76 | -37.41 | -42.99 | -49.39 | -56.75 | -65.21 |
| EBITDA (%) | ||||||||||
| EBIT | -21.86 | -26.48 | -17.95 | -40.38 | -43.35 | -40.66 | -46.72 | -53.68 | -61.68 | -70.87 |
| EBIT (%) | ||||||||||
| Depreciation | 1.67 | 2.44 | 2.64 | 2.31 | 2.59 | 3.25 | 3.73 | 4.29 | 4.93 | 5.66 |
| 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 | 17.26 | 10.61 | 36.07 | 120.20 | 72.56 | 60.11 | 69.06 | 79.36 | 91.18 | 104.77 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 0.77 | 1.62 | 1.39 | 2.24 | 3.56 | 2.53 | 2.90 | 3.34 | 3.84 | 4.41 |
| Account Receivables (%) | ||||||||||
| Inventories | 7.28 | 5.71 | 6.10 | 12.15 | 11.27 | 11.31 | 12.99 | 14.93 | 17.15 | 19.71 |
| Inventories (%) | ||||||||||
| Accounts Payable | 2.67 | 1.06 | 1.52 | 2.05 | 1.21 | 2.39 | 2.75 | 3.15 | 3.62 | 4.16 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -3.15 | -2.91 | -1.49 | -4.85 | -1.72 | -3.99 | -4.59 | -5.27 | -6.05 | -6.96 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 5.022 |
|---|---|
| Beta | 1.952 |
| Diluted Shares Outstanding | 63.71 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 5.00% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 12.826 |
| Total Debt | 0.96 |
| Total Equity | 319.95 |
| Total Capital | 320.90 |
| Debt Weighting | 0.30 |
| Equity Weighting | 99.70 |
| 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 | 8.09 | 6.67 | 11.58 | 13.16 | 11.84 | 13.60 | 15.63 | 17.95 | 20.63 | 23.70 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -20.19 | -24.03 | -15.31 | -38.07 | -40.76 | -37.41 | -42.99 | -49.39 | -56.75 | -65.21 |
| EBIT | -21.86 | -26.48 | -17.95 | -40.38 | -43.35 | -40.66 | -46.72 | -53.68 | -61.68 | -70.87 |
| Tax Rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| EBIAT | -21.86 | -26.48 | -17.95 | -40.38 | -43.35 | -40.66 | -46.72 | -53.68 | -61.68 | -70.87 |
| Depreciation | 1.67 | 2.44 | 2.64 | 2.31 | 2.59 | 3.25 | 3.73 | 4.29 | 4.93 | 5.66 |
| Accounts Receivable | - | -0.85 | 0.23 | -0.85 | -1.32 | 1.03 | -0.38 | -0.43 | -0.50 | -0.57 |
| Inventories | - | 1.57 | -0.39 | -6.05 | 0.88 | -0.04 | -1.68 | -1.94 | -2.22 | -2.56 |
| Accounts Payable | - | -1.61 | 0.45 | 0.54 | -0.84 | 1.18 | 0.36 | 0.41 | 0.47 | 0.54 |
| Capital Expenditure | -3.15 | -2.91 | -1.49 | -4.85 | -1.72 | -3.99 | -4.59 | -5.27 | -6.05 | -6.96 |
| UFCF | -23.34 | -27.82 | -16.50 | -49.29 | -43.76 | -39.23 | -49.28 | -56.62 | -65.06 | -74.75 |
| WACC | ||||||||||
| PV UFCF | -34.78 | -38.73 | -39.45 | -40.19 | -40.93 | |||||
| SUM PV UFCF | -194.08 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 12.80 |
| Free cash flow (t + 1) | -76.25 |
| Terminal Value | -706.02 |
| Present Value of Terminal Value | -386.61 |
Intrinsic Value
| Enterprise Value | -580.69 |
|---|---|
| Net Debt | -71.61 |
| Equity Value | -509.08 |
| Shares Outstanding | 63.71 |
| Equity Value Per Share | -7.99 |