Discounted Cash Flow (DCF) Analysis Unlevered

Wearable Devices Ltd. (WLDS)

$0.78

-0.01 (-1.39%)
All numbers are in Millions, Currency in USD
Stock DCF: -5.78 | 0.78 | 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 -0.94-1.15-2.66-6.43-2.12-2.15-2.18-2.21-2.25
EBITDA (%)
EBIT -0.95-1.16-2.67-6.46-2.13-2.16-2.19-2.22-2.26
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 $ 0.78
Beta 0.000
Diluted Shares Outstanding 15.01
Cost of Debt
Tax Rate -1.17
After-tax Cost of Debt -23.46%
Risk-Free Rate
Market Risk Premium
Cost of Equity 4.597
Total Debt 0.16
Total Equity 11.70
Total Capital 11.87
Debt Weighting 1.37
Equity Weighting 98.63
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 -0.94-1.15-2.66-6.43-2.12-2.15-2.18-2.21-2.25
EBIT -0.95-1.16-2.67-6.46-2.13-2.16-2.19-2.22-2.26
Tax Rate -2.87%-8.11%2.10%-1.17%-2.51%-2.51%-2.51%-2.51%-2.51%
EBIAT -0.98-1.25-2.61-6.53-2.18-2.21-2.25-2.28-2.31
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 -0.97-1.37-2.64-6.95-1.87-2.23-2.26-2.29-2.32
WACC
PV UFCF -1.87-2.14-2.08-2.02-1.97
SUM PV UFCF -9.67

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.21
Free cash flow (t + 1) -2.37
Terminal Value -107.28
Present Value of Terminal Value -87.29

Intrinsic Value

Enterprise Value -96.97
Net Debt -10.21
Equity Value -86.76
Shares Outstanding 15.01
Equity Value Per Share -5.78