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Discounted Cash Flow (DCF) Analysis Unlevered


Taoping Inc.

Taoping Inc. (TAOP)

3.61 €
-0.33 (-8.38%)

Operating Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 76,145.3868,157.7310,285.0024,905.1324,905.1320,579.1122,089.6223,711.0025,451.3827,319.5129,324.77
Revenue (%)
EBITDA -111,263.64-27,488.01-24,827.991,743.362,044.713,109.50-14,634.37-15,708.53-16,861.54-18,099.18-19,427.66
EBITDA (%)
EBIT -119,380.73-29,962.14-26,963.167.477.47168.75-17,009.01-18,257.47-19,597.56-21,036.03-22,580.07
EBIT (%)
Depreciation 8,117.102,474.132,135.171,735.892,037.242,940.752,374.632,548.932,736.022,936.853,152.41
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 13,744.2413,836.023,786.943,795.543,307.401,652.504,113.094,414.994,739.055,086.895,460.27
Total Cash (%)
Account Receivables 22,714.1723,814.313,180.123,018.505,267.447,994.986,178.476,631.977,118.757,641.278,202.14
Account Receivables (%)
Inventories 15,655.495,418.542,141.341,476.87632.59693.522,250.932,416.152,593.502,783.862,988.19
Inventories (%)
Accounts Payable 17,856.0920,808.566,943.405,992.176,843.9311,701.288,464.749,086.059,752.9710,468.8411,237.25
Accounts Payable (%)
Capital Expenditure -29,978.44-824.71-826.91-298.86-7.47--1,835.65-1,970.38-2,115.01-2,270.25-2,436.89
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 3.61
Diluted Shares Outstanding 46,969.65
Cost of Debt
Tax Rate -177.29
After-tax Cost of Debt 13.86%
Risk-Free Rate
Market Risk Premium
Cost of Equity 2.46
Total Debt 4,247.39
Total Equity 169,560.44
Total Capital 173,807.83
Debt Weighting 2.44
Equity Weighting 97.56
Wacc

Build Up Free Cash

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 76,145.3868,157.7310,285.0024,905.1324,905.1320,579.1122,089.6223,711.0025,451.3827,319.5129,324.77
EBITDA -111,263.64-27,488.01-24,827.991,743.362,044.713,109.50-14,634.37-15,708.53-16,861.54-18,099.18-19,427.66
EBIT -119,380.73-29,962.14-26,963.167.477.47168.75-17,009.01-18,257.47-19,597.56-21,036.03-22,580.07
Tax Rate 1.58%12.86%-63.92%-10.13%-10.13%-177.29%-41.17%-41.17%-41.17%-41.17%-41.17%
EBIAT -117,498.83-26,110.46-44,198.888.238.23467.92-24,011.96-25,774.44-27,666.28-29,696.98-31,876.74
Depreciation 8,117.102,474.132,135.171,735.892,037.242,940.752,374.632,548.932,736.022,936.853,152.41
Accounts Receivable --1,100.1420,634.19161.62-2,248.93-2,727.551,816.52-453.50-486.79-522.52-560.87
Inventories -10,236.953,277.20664.46844.28-60.93-1,557.42-165.22-177.35-190.36-204.34
Accounts Payable -2,952.46-13,865.15-951.23851.764,857.35-3,236.54621.31666.92715.87768.41
Capital Expenditure --29,153.732.21-528.05-291.39-7.47-134.74144.63155.24166.64
UFCF -109,381.73-40,700.80-32,015.261,090.921,201.185,470.08-24,614.76-23,088.17-24,782.84-26,601.91-28,554.49
WACC
PV UFCF -24,614.76-22,472.43-23,478.59-24,529.80-25,628.08
SUM PV UFCF -129,572.49

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 2.74
Free cash flow (t + 1) -29,696.66
Terminal Value 2,356,878.15
Present Value of Terminal Value 2,058,919.30

Intrinsic Value

Enterprise Value 1,929,346.80
Net Debt 2,594.89
Equity Value 1,926,751.91
Shares Outstanding 46,969.65
Equity Value Per Share 41.02