Discounted Cash Flow (DCF) Analysis Levered

ION Geophysical Corp (IO)

$ 2.56
-0.11 (-4.12%)

Free Cash Flow

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 549.17509.56221.51172.81197.55180.05174.68122.67102.8786.2672.3360.6550.86
Revenue (%)
Operating Cash Flow 147.59129.78-16.521.5728.037.1034.159.1611.699.818.226.895.78
Operating Cash Flow (%)
Capital Expenditure -131.50-76.05-64.80-16.37-24.77-29.79-31.21-28.37-18.99-15.92-13.35-11.20-9.39
Capital Expenditure (%)
Free Cash Flow 16.0953.73-81.32-14.803.26-22.692.94-19.21-7.30-6.12-5.13-4.30-3.61

Weighted Average Cost Of Capital

Share price $ 2.56
Beta 4.216
Diluted Shares Outstanding 14.27
Cost of Debt
Tax Rate -73.17
After-tax Cost of Debt 5.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity 36.016
Total Debt 189.67
Total Equity 36.54
Total Capital 226.21
Debt Weighting 83.85
Equity Weighting 16.15
Wacc

Build Up Free Cash Flow

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 549.17509.56221.51172.81197.55180.05174.68122.67102.8786.2672.3360.6550.86
Operating Cash Flow 147.59129.78-16.521.5728.037.1034.159.1611.699.818.226.895.78
Capital Expenditure -131.50-76.05-64.80-16.37-24.77-29.79-31.21-28.37-18.99-15.92-13.35-11.20-9.39
Free Cash Flow 16.0953.73-81.32-14.803.26-22.692.94-19.21-7.30-6.12-5.13-4.30-3.61
WACC
PV LFCF -6.63-5.05-3.85-2.94-2.24
SUM PV LFCF -20.71

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.01
Free cash flow (t + 1) -3.75
Terminal Value -62.42
Present Value of Terminal Value -38.74

Intrinsic Value

Enterprise Value -59.45
Net Debt 152.19
Equity Value -211.64
Shares Outstanding 14.27
Equity Value Per Share -14.83