Discounted Cash Flow (DCF) Analysis Unlevered

Taoping Inc (TAOP)

$ 7.27
-0.53 (-6.79%)

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 76.1038.6310.2810.1918.1920.5813.7912.3010.979.788.727.78
Revenue (%)
EBITDA -108.80-20.86-24.42-12.572.413.84-1.27-9.40-8.38-7.48-6.67-5.95
EBITDA (%)
EBIT -119.40-23.91-26.96-15.15-0.450.17-4.17-11.62-10.37-9.24-8.24-7.35
EBIT (%)
Depreciation 10.603.052.542.582.863.672.902.221.981.771.581.41
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 11.106.693.793.753.261.651.522.502.231.991.781.58
Total Cash (%)
Account Receivables 32.708.325.713.2611.7720.2315.127.466.655.935.294.72
Account Receivables (%)
Inventories 15.703.962.141.480.630.690.301.321.181.050.940.84
Inventories (%)
Accounts Payable 45.3033.178.275.996.8411.7712.658.287.386.585.875.24
Accounts Payable (%)
Capital Expenditure 29,976.99827.32827.32299.307.840.58-1.62923.29823.41734.33654.89584.05
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 7.27
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 50.63
Total Capital 58.14
Debt Weighting 12.90
Equity Weighting 87.10
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 76.1038.6310.2810.1918.1920.5813.7912.3010.979.788.727.78
EBITDA -108.80-20.86-24.42-12.572.413.84-1.27-9.40-8.38-7.48-6.67-5.95
EBIT -119.40-23.91-26.96-15.15-0.450.17-4.17-11.62-10.37-9.24-8.24-7.35
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 -118.31-24.02-46.09-14.912.950.42-3.86-2.59-2.31-2.06-1.84-1.64
Depreciation 10.603.052.542.582.863.672.902.221.981.771.581.41
Accounts Receivable -24.382.612.45-8.52-8.455.107.660.810.720.640.57
Inventories -11.741.820.660.85-0.060.39-1.020.140.130.110.10
Accounts Payable --12.13-24.91-2.270.854.920.89-4.37-0.90-0.80-0.71-0.64
Capital Expenditure 29,976.99827.32827.32299.307.840.58-1.62923.29823.41734.33654.89584.05
UFCF 29,869.28830.34763.29287.816.841.083.80925.19823.13734.09654.68583.85
WACC
PV UFCF 850.98696.39571.24468.58384.38
SUM PV UFCF 2,971.57

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.72
Free cash flow (t + 1) 607.21
Terminal Value 12,864.57
Present Value of Terminal Value 8,469.31

Intrinsic Value

Enterprise Value 11,440.88
Net Debt 5.98
Equity Value 11,434.90
Shares Outstanding 6.96
Equity Value Per Share 1,641.79