Discounted Cash Flow (DCF) Analysis Unlevered

Workhorse Group Inc. (WKHS)

$2.815

+0.13 (+4.65%)
All numbers are in Millions, Currency in USD
Stock DCF: -1.51 | 2.815 | 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 10.850.760.381.39-0.85-0.78-0.71-0.65-0.59-0.54
Revenue (%)
EBITDA -41.69-33.72-7.63104.95-414.55-76.75-70.04-63.91-58.32-53.21
EBITDA (%)
EBIT -42.24-34.07-8.02104.14-416.45-76.77-70.06-63.93-58.33-53.23
EBIT (%)
Depreciation 0.550.350.390.811.910.020.020.020.010.01
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 4.071.5123.87377.37201.65-15.55-14.19-12.95-11.82-10.78
Total Cash (%)
Account Receivables 1.060.050.041.040.15-0.13-0.12-0.11-0.10-0.09
Account Receivables (%)
Inventories 4.242.531.8015.4710.07-1.21-1.10-1.01-0.92-0.84
Inventories (%)
Accounts Payable 5.544.341.684.797.85-0.76-0.69-0.63-0.58-0.53
Accounts Payable (%)
Capital Expenditure -0.14-0.02-2.01-5.73-5.310.500.460.420.380.35
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 2.815
Beta 2.911
Diluted Shares Outstanding 99.95
Cost of Debt
Tax Rate 5.16
After-tax Cost of Debt 24.34%
Risk-Free Rate
Market Risk Premium
Cost of Equity 17.670
Total Debt 26.26
Total Equity 281.36
Total Capital 307.62
Debt Weighting 8.54
Equity Weighting 91.46
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 10.850.760.381.39-0.85-0.78-0.71-0.65-0.59-0.54
EBITDA -41.69-33.72-7.63104.95-414.55-76.75-70.04-63.91-58.32-53.21
EBIT -42.24-34.07-8.02104.14-416.45-76.77-70.06-63.93-58.33-53.23
Tax Rate 0.00%0.00%0.00%23.83%5.16%5.80%5.80%5.80%5.80%5.80%
EBIAT -42.24-34.07-8.0279.32-394.95-72.32-65.99-60.22-54.95-50.14
Depreciation 0.550.350.390.811.910.020.020.020.010.01
Accounts Receivable -1.010.01-10.890.28-0.01-0.01-0.01-0.01
Inventories -1.700.74-13.675.4011.28-0.11-0.10-0.09-0.08
Accounts Payable --1.20-2.663.113.06-8.610.070.060.060.05
Capital Expenditure -0.14-0.02-2.01-5.73-5.310.500.460.420.380.35
UFCF -41.83-32.23-11.5562.85-389.01-68.85-65.57-59.83-54.59-49.82
WACC
PV UFCF -58.23-46.90-36.19-27.93-21.55
SUM PV UFCF -190.80

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 18.24
Free cash flow (t + 1) -50.81
Terminal Value -312.88
Present Value of Terminal Value -135.38

Intrinsic Value

Enterprise Value -326.19
Net Debt -175.39
Equity Value -150.80
Shares Outstanding 99.95
Equity Value Per Share -1.51