Discounted Cash Flow (DCF) Analysis Unlevered

Ecoark Holdings, Inc. (ZEST)

$1.05

-0.25 (-19.23%)
All numbers are in Millions, Currency in USD
Stock DCF: -4,548,459.81 | 1.05 | overvalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 0.561.060.5815.5625.60197.641,525.8711,780.4390,950.19702,176.07
Revenue (%)
EBITDA -39.03-9.87-11.43-16.44-1.82-3,954.78-30,532.68-235,725.95-1,819,909.62-14,050,514.81
EBITDA (%)
EBIT -42.08-13.23-11.71-18.34-60.86-4,410.61-34,051.85-262,895.47-2,029,670.44-15,669,961.99
EBIT (%)
Depreciation 3.043.360.291.9059.04455.823,519.1627,169.52209,760.821,619,447.18
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 3.730.240.320.980.07297.752,298.7817,747.62137,019.551,057,852.12
Total Cash (%)
Account Receivables 2.620.520.171.140.80220.561,702.8313,146.60101,497.64783,607.10
Account Receivables (%)
Inventories ---0.120.111.199.1770.80546.604,220.03
Inventories (%)
Accounts Payable 2.351.420.753.613.90285.472,203.9217,015.27131,365.451,014,199.91
Accounts Payable (%)
Capital Expenditure -0.28-0.29-0.22-5.98-9.84-75.95-586.35-4,526.89-34,949.60-269,826.55
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1.05
Beta 1.201
Diluted Shares Outstanding 25.13
Cost of Debt
Tax Rate 3.57
After-tax Cost of Debt 26.75%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.318
Total Debt 2.41
Total Equity 26.39
Total Capital 28.80
Debt Weighting 8.36
Equity Weighting 91.64
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 0.561.060.5815.5625.60197.641,525.8711,780.4390,950.19702,176.07
EBITDA -39.03-9.87-11.43-16.44-1.82-3,954.78-30,532.68-235,725.95-1,819,909.62-14,050,514.81
EBIT -42.08-13.23-11.71-18.34-60.86-4,410.61-34,051.85-262,895.47-2,029,670.44-15,669,961.99
Tax Rate -9.24%-19.68%0.02%0.00%3.57%-5.07%-5.07%-5.07%-5.07%-5.07%
EBIAT -45.96-15.84-11.71-18.34-58.69-4,634.14-35,777.64-276,219.35-2,132,536.67-16,464,135.24
Depreciation 3.043.360.291.9059.04455.823,519.1627,169.52209,760.821,619,447.18
Accounts Receivable -2.100.35-0.960.34-219.76-1,482.27-11,443.77-88,351.04-682,109.46
Inventories ----0.01-1.08-7.98-61.63-475.80-3,673.42
Accounts Payable --0.93-0.672.860.28281.571,918.4614,811.34114,350.18882,834.46
Capital Expenditure -0.28-0.29-0.22-6.13-7.53-75.95-586.35-4,526.89-34,949.60-269,826.55
UFCF -43.20-11.60-11.97-20.52-8.85-4,193.54-32,416.62-250,270.77-1,932,202.12-14,917,463.03
WACC
PV UFCF -3,785.47-26,414.66-184,088.24-1,282,942.26-8,941,042.64
SUM PV UFCF -10,438,273.27

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.78
Free cash flow (t + 1) -15,215,812.29
Terminal Value -173,300,823.37
Present Value of Terminal Value -103,870,882.64

Intrinsic Value

Enterprise Value -114,309,155.91
Net Debt 2.34
Equity Value -114,309,158.24
Shares Outstanding 25.13
Equity Value Per Share -4,548,459.81