Discounted Cash Flow (DCF) Analysis Unlevered
Taoping Inc (TAOP)
$3.0883
0.0783 (+2.60%)
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 | 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 (%) | ||||||||||||
| EBITDA | 5,446.82 | 6,562.77 | 3,116.12 | -15.98 | 2.21 | 488.57 | -1.32 | 995.59 | 887.89 | 791.84 | 706.18 | 629.78 |
| EBITDA (%) | ||||||||||||
| EBIT | 5,436.22 | 6,559.72 | 3,113.58 | -18.56 | -0.65 | 484.89 | -4.22 | 993.36 | 885.90 | 790.07 | 704.60 | 628.38 |
| EBIT (%) | ||||||||||||
| Depreciation | 10.60 | 3.05 | 2.54 | 2.58 | 2.86 | 3.67 | 2.90 | 2.22 | 1.98 | 1.77 | 1.58 | 1.41 |
| 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 | 11.10 | 6.69 | 3.79 | 3.75 | 3.26 | 1.65 | 1.52 | 2.50 | 2.23 | 1.99 | 1.78 | 1.58 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||||
| Account Receivables | 32.70 | 8.32 | 5.71 | 3.26 | 11.77 | 20.23 | 15.12 | 7.46 | 6.65 | 5.93 | 5.29 | 4.72 |
| Account Receivables (%) | ||||||||||||
| Inventories | 15.70 | 3.96 | 2.14 | 1.48 | 0.63 | 0.69 | 0.30 | 1.32 | 1.18 | 1.05 | 0.94 | 0.84 |
| Inventories (%) | ||||||||||||
| Accounts Payable | 45.30 | 33.17 | 8.27 | 5.99 | 6.84 | 11.77 | 12.65 | 8.28 | 7.38 | 6.58 | 5.87 | 5.24 |
| Accounts Payable (%) | ||||||||||||
| Capital Expenditure | -2.04 | -0.53 | -3.00 | -3.46 | -3.78 | -1.80 | -1.62 | -1.91 | -1.70 | -1.52 | -1.35 | -1.21 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 3.0,883 |
|---|---|
| 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 | 21.51 |
| Total Capital | 29.01 |
| Debt Weighting | 25.86 |
| Equity Weighting | 74.14 |
| 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 | 76.10 | 38.63 | 10.28 | 10.19 | 18.19 | 20.58 | 13.79 | 12.30 | 10.97 | 9.78 | 8.72 | 7.78 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 5,446.82 | 6,562.77 | 3,116.12 | -15.98 | 2.21 | 488.57 | -1.32 | 995.59 | 887.89 | 791.84 | 706.18 | 629.78 |
| EBIT | 5,436.22 | 6,559.72 | 3,113.58 | -18.56 | -0.65 | 484.89 | -4.22 | 993.36 | 885.90 | 790.07 | 704.60 | 628.38 |
| Tax Rate | 0.91% | -0.48% | -70.95% | 1.60% | 755.28% | -149.72% | 7.40% | 77.72% | 77.72% | 77.72% | 77.72% | 77.72% |
| EBIAT | 5,386.51 | 6,591.29 | 5,322.67 | -18.26 | 4.26 | 1,210.86 | -3.91 | 221.31 | 197.37 | 176.02 | 156.98 | 139.99 |
| Depreciation | 10.60 | 3.05 | 2.54 | 2.58 | 2.86 | 3.67 | 2.90 | 2.22 | 1.98 | 1.77 | 1.58 | 1.41 |
| Accounts Receivable | - | 24.38 | 2.61 | 2.45 | -8.52 | -8.45 | 5.10 | 7.66 | 0.81 | 0.72 | 0.64 | 0.57 |
| Inventories | - | 11.74 | 1.82 | 0.66 | 0.85 | -0.06 | 0.39 | -1.02 | 0.14 | 0.13 | 0.11 | 0.10 |
| Accounts Payable | - | -12.13 | -24.91 | -2.27 | 0.85 | 4.92 | 0.89 | -4.37 | -0.90 | -0.80 | -0.71 | -0.64 |
| Capital Expenditure | -2.04 | -0.53 | -3.00 | -3.46 | -3.78 | -1.80 | -1.62 | -1.91 | -1.70 | -1.52 | -1.35 | -1.21 |
| UFCF | 5,395.07 | 6,617.81 | 5,301.73 | -18.30 | -3.48 | 1,209.14 | 3.75 | 223.89 | 197.70 | 176.32 | 157.24 | 140.23 |
| WACC | ||||||||||||
| PV UFCF | 207.10 | 169.15 | 139.54 | 115.11 | 94.95 | |||||||
| SUM PV UFCF | 725.85 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 8.11 |
| Free cash flow (t + 1) | 145.84 |
| Terminal Value | 3,548.45 |
| Present Value of Terminal Value | 2,402.75 |
Intrinsic Value
| Enterprise Value | 3,128.60 |
|---|---|
| Net Debt | 5.98 |
| Equity Value | 3,122.62 |
| Shares Outstanding | 6.96 |
| Equity Value Per Share | 448.34 |