Discounted Cash Flow (DCF) Analysis Levered

Taoping Inc (TAOP)

$ 7.27
-0.53 (-6.79%)

Free Cash Flow

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
Revenue 76.1038.6310.2810.1918.1920.5813.7912.3010.979.788.727.78
Revenue (%)
Operating Cash Flow -11.38-12.63-25.91-2.824.542.47-1.68-5.32-4.74-4.23-3.77-3.36
Operating Cash Flow (%)
Capital Expenditure 29,976.99827.32827.32299.307.840.58-1.62923.29823.41734.33654.89584.05
Capital Expenditure (%)
Free Cash Flow 29,965.61814.69801.40296.4812.393.05-3.30917.97818.67730.10651.12580.68

Weighted Average Cost Of Capital

Share price $ 7.27
Beta 0.862
Diluted Shares Outstanding 6.96
Cost of Debt
Tax Rate 7.40
After-tax Cost of Debt 4.63%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.325
Total Debt 7.50
Total Equity 50.63
Total Capital 58.14
Debt Weighting 12.90
Equity Weighting 87.10
Wacc

Build Up Free Cash Flow

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
Revenue 76.1038.6310.2810.1918.1920.5813.7912.3010.979.788.727.78
Operating Cash Flow -11.38-12.63-25.91-2.824.542.47-1.68-5.32-4.74-4.23-3.77-3.36
Capital Expenditure 29,976.99827.32827.32299.307.840.58-1.62923.29823.41734.33654.89584.05
Free Cash Flow 29,965.61814.69801.40296.4812.393.05-3.30917.97818.67730.10651.12580.68
WACC
PV LFCF 844.34692.61568.14466.04382.29
SUM PV LFCF 2,953.42

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.72
Free cash flow (t + 1) 603.91
Terminal Value 12,794.75
Present Value of Terminal Value 8,423.35

Intrinsic Value

Enterprise Value 11,376.77
Net Debt 5.98
Equity Value 11,370.79
Shares Outstanding 6.96
Equity Value Per Share 1,632.59