Discounted Cash Flow (DCF) Analysis Unlevered

Taoping Inc

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 76.1038.6310.2810.1918.1920.5813.7912.3010.979.788.727.78
Revenue (%)
EBITDA 5,446.826,562.773,116.12-15.982.21488.57-1.32995.59887.89791.84706.18629.78
EBITDA (%)
EBIT 5,436.226,559.723,113.58-18.56-0.65484.89-4.22993.36885.90790.07704.60628.38
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 -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 76.1038.6310.2810.1918.1920.5813.7912.3010.979.788.727.78
EBITDA 5,446.826,562.773,116.12-15.982.21488.57-1.32995.59887.89791.84706.18629.78
EBIT 5,436.226,559.723,113.58-18.56-0.65484.89-4.22993.36885.90790.07704.60628.38
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 5,386.516,591.295,322.67-18.264.261,210.86-3.91221.31197.37176.02156.98139.99
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 -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 5,395.076,617.815,301.73-18.30-3.481,209.143.75223.89197.70176.32157.24140.23
WACC
PV UFCF 207.10169.15139.54115.1194.95
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