Discounted Cash Flow (DCF) Analysis Unlevered

AudioEye Inc

AudioEye Inc (AEYE)

$15.76
0.29 (+1.87%)

Operating Data

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 1.560.520.340.992.745.6610.7719.0933.8660.04106.48188.83
Revenue (%)
EBITDA -2.46-9.32-6.67-12.45-6.14-4.65-7.04-150.86-267.54-474.47-841.42-1,492.19
EBITDA (%)
EBIT -2.82-9.74-7.20-13.02-6.68-5.20-7.76-160.51-284.65-504.80-895.23-1,587.60
EBIT (%)
Depreciation 0.360.420.530.570.540.550.729.6517.1130.3453.8095.41
Depreciation (%)

Balance Sheet Data

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
Total Cash 1.851.741.741.411.965.741.9735.3862.75111.28197.35349.99
Total Cash (%)
Account Receivables 0.651.450.020.040.110.173.129.9617.6631.3255.5598.51
Account Receivables (%)
Inventories ------------
Inventories (%)
Accounts Payable ------------
Accounts Payable (%)
Capital Expenditure -0.01-0.44-0.28-0.04-0.42-0.43-0.36-5.36-9.50-16.85-29.88-53.00
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 15.76
Beta 1.948
Diluted Shares Outstanding 8.11
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 5.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity 17.969
Total Debt 0.10
Total Equity 127.77
Total Capital 127.87
Debt Weighting 0.08
Equity Weighting 99.92
Wacc

Build Up Free Cash

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 1.560.520.340.992.745.6610.7719.0933.8660.04106.48188.83
EBITDA -2.46-9.32-6.67-12.45-6.14-4.65-7.04-150.86-267.54-474.47-841.42-1,492.19
EBIT -2.82-9.74-7.20-13.02-6.68-5.20-7.76-160.51-284.65-504.80-895.23-1,587.60
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT -2.82-9.74-7.20-13.02-6.68-5.20-7.76-160.51-284.65-504.80-895.23-1,587.60
Depreciation 0.360.420.530.570.540.550.729.6517.1130.3453.8095.41
Accounts Receivable --0.801.42-0.02-0.06-0.07-2.95-6.84-7.70-13.66-24.23-42.96
Inventories ------------
Accounts Payable ------------
Capital Expenditure -0.01-0.44-0.28-0.04-0.42-0.43-0.36-5.36-9.50-16.85-29.88-53.00
UFCF -2.47-10.56-5.52-12.51-6.63-5.14-10.35-163.06-284.75-504.98-895.53-1,588.15
WACC
PV UFCF -138.24-204.64-307.66-462.53-695.37
SUM PV UFCF -1,808.44

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 17.96
Free cash flow (t + 1) -1,651.68
Terminal Value -11,831.51
Present Value of Terminal Value -5,180.44

Intrinsic Value

Enterprise Value -6,988.88
Net Debt -1.87
Equity Value -6,987.01
Shares Outstanding 8.11
Equity Value Per Share -861.83