Discounted Cash Flow (DCF) Analysis Unlevered
Energous Corporation (WATT)
$0.3301
+0.02 (+4.83%)
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 | 0.51 | 0.20 | 0.33 | 0.76 | 0.85 | 1.16 | 1.59 | 2.17 | 2.96 | 4.04 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -49.79 | -37.62 | -31.48 | -41.17 | -26.03 | -108.28 | -147.83 | -201.83 | -275.55 | -376.20 |
| EBITDA (%) | ||||||||||
| EBIT | -50.84 | -38.40 | -31.83 | -41.43 | -26.28 | -110.06 | -150.26 | -205.15 | -280.09 | -382.40 |
| EBIT (%) | ||||||||||
| Depreciation | 1.05 | 0.78 | 0.36 | 0.26 | 0.25 | 1.78 | 2.43 | 3.32 | 4.54 | 6.20 |
| 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 | 20.11 | 21.68 | 50.73 | 49.07 | 26.29 | 92.54 | 126.34 | 172.49 | 235.50 | 321.52 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 0.04 | 0.06 | 0.08 | 0.28 | 0.14 | 0.27 | 0.37 | 0.51 | 0.70 | 0.95 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | 0.11 | 0.14 | 0.20 | 0.27 | 0.37 | 0.50 |
| Inventories (%) | ||||||||||
| Accounts Payable | 1.86 | 1.67 | 1.10 | 1.21 | 0.90 | 4.18 | 5.70 | 7.79 | 10.63 | 14.51 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -0.86 | -0.20 | -0.14 | -0.37 | -0.16 | -0.87 | -1.19 | -1.62 | -2.22 | -3.02 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 0.3,301 |
|---|---|
| Beta | 2.594 |
| Diluted Shares Outstanding | 77.49 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | -% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 15.952 |
| Total Debt | 1.97 |
| Total Equity | 25.58 |
| Total Capital | 27.55 |
| Debt Weighting | 7.15 |
| Equity Weighting | 92.85 |
| 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 | 0.51 | 0.20 | 0.33 | 0.76 | 0.85 | 1.16 | 1.59 | 2.17 | 2.96 | 4.04 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -49.79 | -37.62 | -31.48 | -41.17 | -26.03 | -108.28 | -147.83 | -201.83 | -275.55 | -376.20 |
| EBIT | -50.84 | -38.40 | -31.83 | -41.43 | -26.28 | -110.06 | -150.26 | -205.15 | -280.09 | -382.40 |
| Tax Rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| EBIAT | -50.84 | -38.40 | -31.83 | -41.43 | -26.28 | -110.06 | -150.26 | -205.15 | -280.09 | -382.40 |
| Depreciation | 1.05 | 0.78 | 0.36 | 0.26 | 0.25 | 1.78 | 2.43 | 3.32 | 4.54 | 6.20 |
| Accounts Receivable | - | -0.02 | -0.01 | -0.21 | 0.14 | -0.13 | -0.10 | -0.14 | -0.19 | -0.25 |
| Inventories | - | - | - | - | - | -0.04 | -0.05 | -0.07 | -0.10 | -0.13 |
| Accounts Payable | - | -0.19 | -0.57 | 0.11 | -0.31 | 3.28 | 1.53 | 2.08 | 2.84 | 3.88 |
| Capital Expenditure | -0.86 | -0.20 | -0.14 | -0.37 | -0.16 | -0.87 | -1.19 | -1.62 | -2.22 | -3.02 |
| UFCF | -50.65 | -38.02 | -32.20 | -41.63 | -26.36 | -106.04 | -147.64 | -201.57 | -275.20 | -375.73 |
| WACC | ||||||||||
| PV UFCF | - | - | - | - | - | |||||
| SUM PV UFCF | - |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | - |
| Free cash flow (t + 1) | -383.25 |
| Terminal Value | - |
| Present Value of Terminal Value | - |
Intrinsic Value
| Enterprise Value | - |
|---|---|
| Net Debt | -24.32 |
| Equity Value | - |
| Shares Outstanding | 77.49 |
| Equity Value Per Share | - |