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 | 76.10 | 38.63 | 10.28 | 10.19 | 18.19 | 20.58 | 13.79 | 12.30 | 10.97 | 9.78 | 8.72 | 7.78 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||||
| Operating Cash Flow | -11.38 | -12.63 | -25.91 | -2.82 | 4.54 | 2.47 | -1.68 | -5.32 | -4.74 | -4.23 | -3.77 | -3.36 |
| Operating Cash Flow (%) | ||||||||||||
| Capital Expenditure | 29,976.99 | 827.32 | 827.32 | 299.30 | 7.84 | 0.58 | -1.62 | 923.29 | 823.41 | 734.33 | 654.89 | 584.05 |
| Capital Expenditure (%) | ||||||||||||
| Free Cash Flow | 29,965.61 | 814.69 | 801.40 | 296.48 | 12.39 | 3.05 | -3.30 | 917.97 | 818.67 | 730.10 | 651.12 | 580.68 |
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 | 76.10 | 38.63 | 10.28 | 10.19 | 18.19 | 20.58 | 13.79 | 12.30 | 10.97 | 9.78 | 8.72 | 7.78 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -11.38 | -12.63 | -25.91 | -2.82 | 4.54 | 2.47 | -1.68 | -5.32 | -4.74 | -4.23 | -3.77 | -3.36 |
| Capital Expenditure | 29,976.99 | 827.32 | 827.32 | 299.30 | 7.84 | 0.58 | -1.62 | 923.29 | 823.41 | 734.33 | 654.89 | 584.05 |
| Free Cash Flow | 29,965.61 | 814.69 | 801.40 | 296.48 | 12.39 | 3.05 | -3.30 | 917.97 | 818.67 | 730.10 | 651.12 | 580.68 |
| WACC | ||||||||||||
| PV LFCF | 844.34 | 692.61 | 568.14 | 466.04 | 382.29 | |||||||
| 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 |