Discounted Cash Flow (DCF) Analysis Unlevered


Revolution Lighting Technologies Inc.

Revolution Lighting Technologies In... (RVLT)

$0.18
0.01 (+5.88%)

Operating Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Projected
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 26.0676.84129.66172.12152.31260.78446.47764.411,308.742,240.693,836.29
Revenue (%)
EBITDA -7.40-5.263.978.11-42.51-28.89-49.47-84.70-145.01-248.27-425.06
EBITDA (%)
EBIT -10.52-10.90-0.892.00-50.07-45.37-77.69-133.01-227.72-389.88-667.52
EBIT (%)
Depreciation 3.125.654.866.117.5516.4828.2248.3182.71141.61242.45
Depreciation (%)

Balance Sheet Data

Year
A/P
2013
Projected
2014
Projected
2015
Projected
2016
Projected
2017
Projected
2018
Projected
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Total Cash 1.766.030.220.880.948.2914.2024.3141.6271.25121.99
Total Cash (%)
Account Receivables 4.3523.7841.1353.3434.9769.55119.07203.87349.04597.591,023.14
Account Receivables (%)
Inventories 5.4213.6722.1326.6826.1746.0878.89135.07231.25395.93677.87
Inventories (%)
Accounts Payable 6.1111.5719.9032.4128.8347.7781.79140.04239.76410.50702.81
Accounts Payable (%)
Capital Expenditure 0.140.480.470.551.071.332.283.906.6711.4319.57
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 0.18
Diluted Shares Outstanding 20.85
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 5.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity 16.47
Total Debt 2.07
Total Equity 3.75
Total Capital 4.02
Debt Weighting 6.71
Equity Weighting 93.29
Wacc

Build Up Free Cash

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Projected
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 26.0676.84129.66172.12152.31260.78446.47764.411,308.742,240.693,836.29
EBITDA -7.40-5.263.978.11-42.51-28.89-49.47-84.70-145.01-248.27-425.06
EBIT -10.52-10.90-0.892.00-50.07-45.37-77.69-133.01-227.72-389.88-667.52
Tax Rate 320.75%55.84%0.00%0.00%0.00%75.32%75.32%75.32%75.32%75.32%75.32%
EBIAT 23.23-4.82-0.892.00-50.07-11.20-19.17-32.83-56.21-96.23-164.76
Depreciation 3.125.654.866.117.5516.4828.2248.3182.71141.61242.45
Accounts Receivable --19.43-17.35-12.2118.37-34.58-49.53-84.79-145.17-248.55-425.55
Inventories --8.25-8.46-4.550.51-19.91-32.81-56.18-96.18-164.68-281.94
Accounts Payable -5.468.3312.51-3.5818.9434.0258.2599.72170.73292.31
Capital Expenditure --0.350.02-0.08-0.52-0.26-0.95-1.62-2.78-4.75-8.14
UFCF 26.35-21.73-13.493.77-27.72-30.53-40.22-68.87-117.91-201.87-345.62
WACC
PV UFCF -40.87-46.54-68.87-101.91-150.80-223.15
SUM PV UFCF -210.29

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 15.70
Free cash flow (t + 1) -359.44
Terminal Value -3,072.16
Present Value of Terminal Value -1,481.76

Intrinsic Value

Enterprise Value -1,692.04
Net Debt 1.12
Equity Value -1,691.37
Shares Outstanding 20.85
Equity Value Per Share -81.13