Discounted Cash Flow (DCF) Analysis Unlevered
WISeKey International Holding AG (WKEY)
$1.95
-0.05 (-2.50%)
All numbers are in Millions, Currency in USD
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 | 43.08 | 34.28 | 22.65 | 14.78 | 22.26 | 20.12 | 18.18 | 16.43 | 14.85 | 13.42 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -18.78 | -12.35 | 10.94 | -25.91 | -16.95 | -11.38 | -10.28 | -9.29 | -8.40 | -7.59 |
| EBITDA (%) | ||||||||||
| EBIT | -23.80 | -15.83 | 9.58 | -27.51 | -17.94 | -13.11 | -11.85 | -10.71 | -9.68 | -8.75 |
| EBIT (%) | ||||||||||
| Depreciation | 5.02 | 3.48 | 1.36 | 1.59 | 0.99 | 1.73 | 1.56 | 1.41 | 1.28 | 1.16 |
| 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 | 12.21 | 9.15 | 12.13 | 28.84 | 34.25 | 18.41 | 16.64 | 15.04 | 13.59 | 12.28 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 8.60 | 8.49 | 5.23 | 3.70 | 3.69 | 4.40 | 3.98 | 3.60 | 3.25 | 2.94 |
| Account Receivables (%) | ||||||||||
| Inventories | 3.46 | 4.19 | 2.79 | 2.47 | 2.71 | 2.47 | 2.24 | 2.02 | 1.83 | 1.65 |
| Inventories (%) | ||||||||||
| Accounts Payable | 8.88 | 6.99 | 7.48 | 4.61 | 7.03 | 5.50 | 4.97 | 4.49 | 4.06 | 3.67 |
| 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 | $ 1.95 |
|---|---|
| Beta | 1.731 |
| 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 | 11.669 |
| Total Debt | 22.03 |
| Total Equity | 13.97 |
| Total Capital | 36 |
| Debt Weighting | 61.20 |
| Equity Weighting | 38.80 |
| 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 | 43.08 | 34.28 | 22.65 | 14.78 | 22.26 | 20.12 | 18.18 | 16.43 | 14.85 | 13.42 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -18.78 | -12.35 | 10.94 | -25.91 | -16.95 | -11.38 | -10.28 | -9.29 | -8.40 | -7.59 |
| EBIT | -23.80 | -15.83 | 9.58 | -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 | 5.02 | 3.48 | 1.36 | 1.59 | 0.99 | 1.73 | 1.56 | 1.41 | 1.28 | 1.16 |
| Accounts Receivable | - | 0.12 | 3.25 | 1.53 | 0.01 | -0.71 | 0.42 | 0.38 | 0.35 | 0.31 |
| Inventories | - | -0.72 | 1.40 | 0.31 | -0.24 | 0.24 | 0.24 | 0.22 | 0.19 | 0.18 |
| Accounts Payable | - | -1.88 | 0.48 | -2.87 | 2.42 | -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 | -26.40 | 2.79 | -26.76 | -11.93 | -11.23 | -8.20 | -7.41 | -6.70 | -6.05 |
| WACC | ||||||||||
| PV UFCF | -10.17 | -6.74 | -5.52 | -4.52 | -3.70 | |||||
| SUM PV UFCF | -30.65 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 10.34 |
| Free cash flow (t + 1) | -6.18 |
| Terminal Value | -74.04 |
| Present Value of Terminal Value | -45.27 |
Intrinsic Value
| Enterprise Value | -75.92 |
|---|---|
| Net Debt | -12.21 |
| Equity Value | -63.71 |
| Shares Outstanding | 7.16 |
| Equity Value Per Share | -8.89 |