Discounted Cash Flow (DCF) Analysis Unlevered

Expion360 Inc. (XPON)

$2.07

+0.03 (+1.47%)
All numbers are in Millions, Currency in USD
Stock DCF: -298.27 | 2.07 | overvalue

Operating Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 1.411.574.529.0117.9535.7871.33142.19
Revenue (%)
EBITDA -0.09-0.66-4.10-4.17-8.32-16.58-33.05-65.87
EBITDA (%)
EBIT -0.10-0.68-4.16-4.27-8.52-16.98-33.85-67.48
EBIT (%)
Depreciation 0.010.020.060.100.200.400.801.60
Depreciation (%)

Balance Sheet Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 0.140.290.771.372.725.4310.8121.56
Total Cash (%)
Account Receivables 0.030.210.780.981.963.907.7815.50
Account Receivables (%)
Inventories 0.360.372.052.845.6611.2822.4844.80
Inventories (%)
Accounts Payable 0.090.050.060.320.651.292.575.13
Accounts Payable (%)
Capital Expenditure -0.01-0.04-0.11-0.17-0.34-0.67-1.34-2.68
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 2.07
Beta 0.000
Diluted Shares Outstanding 6.45
Cost of Debt
Tax Rate -0.20
After-tax Cost of Debt 15.32%
Risk-Free Rate
Market Risk Premium
Cost of Equity 3.617
Total Debt 3.62
Total Equity 13.34
Total Capital 16.96
Debt Weighting 21.33
Equity Weighting 78.67
Wacc

Build Up Free Cash

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 1.411.574.529.0117.9535.7871.33142.19
EBITDA -0.09-0.66-4.10-4.17-8.32-16.58-33.05-65.87
EBIT -0.10-0.68-4.16-4.27-8.52-16.98-33.85-67.48
Tax Rate -0.07%-0.23%-0.20%-0.17%-0.17%-0.17%-0.17%-0.17%
EBIAT -0.10-0.68-4.17-4.28-8.53-17.01-33.91-67.59
Depreciation 0.010.020.060.100.200.400.801.60
Accounts Receivable --0.18-0.57-0.21-0.98-1.94-3.88-7.73
Inventories --0.01-1.68-0.79-2.82-5.62-11.20-22.33
Accounts Payable --0.030.010.260.320.641.282.56
Capital Expenditure -0.01-0.04-0.11-0.17-0.34-0.67-1.34-2.68
UFCF -0.10-0.92-6.46-5.08-12.14-24.20-48.24-96.16
WACC
PV UFCF -5.39-12.14-22.81-42.85-80.49
SUM PV UFCF -145.37

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.11
Free cash flow (t + 1) -98.09
Terminal Value -2,386.56
Present Value of Terminal Value -1,774.15

Intrinsic Value

Enterprise Value -1,919.52
Net Debt 2.84
Equity Value -1,922.36
Shares Outstanding 6.45
Equity Value Per Share -298.27