Discounted Cash Flow (DCF) Analysis Unlevered
Bonso Electronics International Inc (BNSO)
$ 8.27
-0.43 (-4.94%)
Operating Data
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 | 30.39 | 31.30 | 28.94 | 23.89 | 17.48 | 11.52 | 9.99 | 13.10 | 11.88 | 10.77 | 9.77 | 8.86 | 8.04 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | |||||||||||||
| EBITDA | -0.22 | -2.65 | -0.23 | 1.67 | 2.45 | 1.61 | 0.59 | 1.47 | 0.63 | 0.57 | 0.51 | 0.47 | 0.42 |
| EBITDA (%) | |||||||||||||
| EBIT | -0.57 | -4.03 | -1.61 | 0.33 | 1.14 | 0.24 | -0.54 | 0.36 | -0.19 | -0.18 | -0.16 | -0.14 | -0.13 |
| EBIT (%) | |||||||||||||
| Depreciation | 0.35 | 1.38 | 1.38 | 1.33 | 1.32 | 1.38 | 1.13 | 1.11 | 0.82 | 0.74 | 0.67 | 0.61 | 0.55 |
| Depreciation (%) |
Balance Sheet Data
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 |
| Total Cash | 2.15 | 1.16 | 3.42 | 3.69 | 3.91 | 8.83 | 7.63 | 9.16 | 4.21 | 3.82 | 3.46 | 3.14 | 2.85 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | |||||||||||||
| Account Receivables | 6.62 | 6.17 | 2.50 | 2.09 | 2.81 | 1.54 | 1.95 | 1.51 | 1.77 | 1.61 | 1.46 | 1.32 | 1.20 |
| Account Receivables (%) | |||||||||||||
| Inventories | 5.46 | 7.54 | 3.12 | 1.82 | 1.02 | 1.01 | 0.83 | 1.18 | 1.37 | 1.24 | 1.13 | 1.02 | 0.93 |
| Inventories (%) | |||||||||||||
| Accounts Payable | 7.79 | 10.41 | 4.79 | 2.50 | 1.18 | 0.92 | 0.44 | 0.78 | 1.65 | 1.50 | 1.36 | 1.23 | 1.12 |
| Accounts Payable (%) | |||||||||||||
| Capital Expenditure | -2.21 | -2.78 | -1.11 | -0.82 | -0.29 | -0.36 | -0.58 | -0.26 | -0.53 | -0.48 | -0.44 | -0.40 | -0.36 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 8.27 |
|---|---|
| Beta | 0.775 |
| Diluted Shares Outstanding | 4.70 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 5.00% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.633 |
| Total Debt | 5.02 |
| Total Equity | 38.90 |
| Total Capital | 43.92 |
| Debt Weighting | 11.44 |
| Equity Weighting | 88.56 |
| Wacc |
Build Up Free Cash
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 | 30.39 | 31.30 | 28.94 | 23.89 | 17.48 | 11.52 | 9.99 | 13.10 | 11.88 | 10.77 | 9.77 | 8.86 | 8.04 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -0.22 | -2.65 | -0.23 | 1.67 | 2.45 | 1.61 | 0.59 | 1.47 | 0.63 | 0.57 | 0.51 | 0.47 | 0.42 |
| EBIT | -0.57 | -4.03 | -1.61 | 0.33 | 1.14 | 0.24 | -0.54 | 0.36 | -0.19 | -0.18 | -0.16 | -0.14 | -0.13 |
| Tax Rate | -4.00% | 0.00% | -1,420.55% | 9.75% | 17.67% | 0.00% | 0.00% | 0.00% | -174.64% | -174.64% | -174.64% | -174.64% | -174.64% |
| EBIAT | -0.59 | -4.03 | -24.47 | 0.30 | 0.94 | 0.24 | -0.54 | 0.36 | -0.53 | -0.48 | -0.44 | -0.40 | -0.36 |
| Depreciation | 0.35 | 1.38 | 1.38 | 1.33 | 1.32 | 1.38 | 1.13 | 1.11 | 0.82 | 0.74 | 0.67 | 0.61 | 0.55 |
| Accounts Receivable | - | 0.45 | 3.67 | 0.41 | -0.72 | 1.27 | -0.40 | 0.44 | -0.26 | 0.16 | 0.15 | 0.14 | 0.12 |
| Inventories | - | -2.09 | 4.42 | 1.30 | 0.80 | 0.01 | 0.18 | -0.35 | -0.19 | 0.13 | 0.12 | 0.10 | 0.10 |
| Accounts Payable | - | 2.62 | -5.62 | -2.29 | -1.32 | -0.26 | -0.48 | 0.33 | 0.87 | -0.15 | -0.14 | -0.13 | -0.11 |
| Capital Expenditure | -2.21 | -2.78 | -1.10 | -0.82 | -0.29 | -0.36 | -0.58 | -0.26 | -0.53 | -0.48 | -0.44 | -0.40 | -0.36 |
| UFCF | -2.46 | -4.44 | -21.72 | 0.23 | 0.73 | 2.27 | -0.69 | 1.63 | 0.17 | -0.09 | -0.08 | -0.07 | -0.06 |
| WACC | |||||||||||||
| PV UFCF | 0.14 | -0.07 | -0.06 | -0.05 | -0.04 | ||||||||
| SUM PV UFCF | -0.07 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 8.22 |
| Free cash flow (t + 1) | -0.07 |
| Terminal Value | -1.57 |
| Present Value of Terminal Value | -1.06 |
Intrinsic Value
| Enterprise Value | -1.13 |
|---|---|
| Net Debt | -4.09 |
| Equity Value | 2.96 |
| Shares Outstanding | 4.70 |
| Equity Value Per Share | 0.63 |