Discounted Cash Flow (DCF) Analysis Unlevered

Wearable Devices Ltd. (WLDS)

$1.17

-0.24 (-17.02%)
All numbers are in Millions, Currency in USD
Stock DCF: -8.30 | 1.17 | overvalue

Operating Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 0.240.060.140.050.050.050.050.050.05
Revenue (%)
EBITDA -0.94-1.15-2.55-6.51-2.13-2.16-2.19-2.23-2.26
EBITDA (%)
EBIT -0.95-1.16-2.56-6.53-2.14-2.17-2.20-2.23-2.27
EBIT (%)
Depreciation 0.010.010.010.020.010.010.010.010.01
Depreciation (%)

Balance Sheet Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 1.580.481.2710.372.902.952.993.033.08
Total Cash (%)
Account Receivables 0.010.070.120.600.170.180.180.180.19
Account Receivables (%)
Inventories 0.010.020.010.010.010.010.010.010.01
Inventories (%)
Accounts Payable 0.070.030.070.160.060.060.060.060.06
Accounts Payable (%)
Capital Expenditure -0-0.02-0.04-0.05-0.02-0.02-0.02-0.02-0.02
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1.17
Beta 0.000
Diluted Shares Outstanding 15.01
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt -23.46%
Risk-Free Rate
Market Risk Premium
Cost of Equity 3.810
Total Debt 0.16
Total Equity 17.56
Total Capital 17.72
Debt Weighting 0.91
Equity Weighting 99.09
Wacc

Build Up Free Cash

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 0.240.060.140.050.050.050.050.050.05
EBITDA -0.94-1.15-2.55-6.51-2.13-2.16-2.19-2.23-2.26
EBIT -0.95-1.16-2.56-6.53-2.14-2.17-2.20-2.23-2.27
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT -0.95-1.16-2.56-6.53-2.14-2.17-2.20-2.23-2.27
Depreciation 0.010.010.010.020.010.010.010.010.01
Accounts Receivable --0.06-0.05-0.480.42-0-0-0-0
Inventories --0.010.010.01-0-0-0-0-0
Accounts Payable --0.040.040.08-0.100000
Capital Expenditure -0-0.02-0.04-0.05-0.02-0.02-0.02-0.02-0.02
UFCF -0.94-1.28-2.58-6.95-1.83-2.18-2.21-2.25-2.28
WACC
PV UFCF -1.83-2.11-2.06-2.02-1.98
SUM PV UFCF -9.66

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 3.56
Free cash flow (t + 1) -2.32
Terminal Value -149
Present Value of Terminal Value -125.09

Intrinsic Value

Enterprise Value -134.75
Net Debt -10.21
Equity Value -124.54
Shares Outstanding 15.01
Equity Value Per Share -8.30