Discounted Cash Flow (DCF) Analysis Unlevered

Ayro, Inc. (AYRO)

$ 4.355
-0.1401 (-3.11%)

Operating Data

Year
A/P
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 0.891.602.895.219.3916.9130.48
Revenue (%)
EBITDA -7.77-9.55-21.22-38.24-68.91-124.18-223.77
EBITDA (%)
EBIT -8.49-10.11-22.90-41.26-74.35-133.99-241.45
EBIT (%)
Depreciation 0.720.561.683.025.459.8117.68
Depreciation (%)

Balance Sheet Data

Year
A/P
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Total Cash 0.6436.5433.9661.20110.28198.73358.12
Total Cash (%)
Account Receivables 0.070.770.811.452.624.718.49
Account Receivables (%)
Inventories 1.121.172.875.189.3316.8130.30
Inventories (%)
Accounts Payable 0.770.771.943.506.3211.3820.51
Accounts Payable (%)
Capital Expenditure -0.51-0.52-1.29-2.32-4.18-7.54-13.58
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 4.355
Beta 2.612
Diluted Shares Outstanding 15.34
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 5.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity 23.254
Total Debt 1.15
Total Equity 66.79
Total Capital 67.94
Debt Weighting 1.69
Equity Weighting 98.31
Wacc

Build Up Free Cash

Year
A/P
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 0.891.602.895.219.3916.9130.48
EBITDA -7.77-9.55-21.22-38.24-68.91-124.18-223.77
EBIT -8.49-10.11-22.90-41.26-74.35-133.99-241.45
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT -8.49-10.11-22.90-41.26-74.35-133.99-241.45
Depreciation 0.720.561.683.025.459.8117.68
Accounts Receivable --0.69-0.04-0.65-1.16-2.10-3.78
Inventories --0.05-1.70-2.30-4.15-7.48-13.48
Accounts Payable --01.181.562.815.079.13
Capital Expenditure -0.51-0.52-1.29-2.32-4.18-7.54-13.58
UFCF -8.28-10.82-23.07-41.95-75.60-136.23-245.48
WACC
PV UFCF -52.72-77.97-114.28-167.49-245.48
SUM PV UFCF -234.18

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 22.95
Free cash flow (t + 1) -255.30
Terminal Value -1,347.25
Present Value of Terminal Value -479.52

Intrinsic Value

Enterprise Value -713.70
Net Debt -35.39
Equity Value -678.31
Shares Outstanding 15.34
Equity Value Per Share -44.23