Discounted Cash Flow (DCF) Analysis Unlevered

WISeKey International Holding AG (WKEY)

$2.37

-0.03 (-1.25%)
All numbers are in Millions, Currency in USD
Stock DCF: -8.91 | 2.37 | 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 43.0834.2822.6514.7822.2620.1218.1816.4314.8513.42
Revenue (%)
EBITDA -18.78-12.3510.94-25.91-16.95-11.38-10.28-9.29-8.40-7.59
EBITDA (%)
EBIT -23.80-15.839.58-27.51-17.94-13.11-11.85-10.71-9.68-8.75
EBIT (%)
Depreciation 5.023.481.361.590.991.731.561.411.281.16
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 12.219.1512.1328.8434.2518.4116.6415.0413.5912.28
Total Cash (%)
Account Receivables 8.608.495.233.703.694.403.983.603.252.94
Account Receivables (%)
Inventories 3.464.192.792.472.712.472.242.021.831.65
Inventories (%)
Accounts Payable 8.886.997.484.617.035.504.974.494.063.67
Accounts Payable (%)
Capital Expenditure -0.67-1.24-0.29-0.05-0.04-0.28-0.25-0.23-0.21-0.19
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 2.37
Beta 1.667
Diluted Shares Outstanding 7.16
Cost of Debt
Tax Rate 15.91
After-tax Cost of Debt 9.49%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.387
Total Debt 22.03
Total Equity 16.98
Total Capital 39.01
Debt Weighting 56.48
Equity Weighting 43.52
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 43.0834.2822.6514.7822.2620.1218.1816.4314.8513.42
EBITDA -18.78-12.3510.94-25.91-16.95-11.38-10.28-9.29-8.40-7.59
EBIT -23.80-15.839.58-27.51-17.94-13.11-11.85-10.71-9.68-8.75
Tax Rate 5.89%-65.18%135.57%0.83%15.91%18.60%18.60%18.60%18.60%18.60%
EBIAT -22.40-26.15-3.41-27.28-15.09-10.67-9.64-8.72-7.88-7.12
Depreciation 5.023.481.361.590.991.731.561.411.281.16
Accounts Receivable -0.123.251.530.01-0.710.420.380.350.31
Inventories --0.721.400.31-0.240.240.240.220.190.18
Accounts Payable --1.880.48-2.872.42-1.53-0.53-0.48-0.43-0.39
Capital Expenditure -0.67-1.24-0.29-0.05-0.04-0.28-0.25-0.23-0.21-0.19
UFCF -18.05-26.402.79-26.76-11.93-11.23-8.20-7.41-6.70-6.05
WACC
PV UFCF -10.18-6.74-5.52-4.52-3.70
SUM PV UFCF -30.66

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.32
Free cash flow (t + 1) -6.18
Terminal Value -74.22
Present Value of Terminal Value -45.42

Intrinsic Value

Enterprise Value -76.08
Net Debt -12.21
Equity Value -63.87
Shares Outstanding 7.16
Equity Value Per Share -8.91