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 | 76.10 | 38.63 | 10.28 | 10.19 | 18.19 | 20.58 | 13.79 | 12.30 | 10.97 | 9.78 | 8.72 | 7.78 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||||
| EBITDA | -108.80 | -20.86 | -24.42 | -12.57 | 2.41 | 3.84 | -1.27 | -9.40 | -8.38 | -7.48 | -6.67 | -5.95 |
| EBITDA (%) | ||||||||||||
| EBIT | -119.40 | -23.91 | -26.96 | -15.15 | -0.45 | 0.17 | -4.17 | -11.62 | -10.37 | -9.24 | -8.24 | -7.35 |
| 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 | 29,976.99 | 827.32 | 827.32 | 299.30 | 7.84 | 0.58 | -1.62 | 923.29 | 823.41 | 734.33 | 654.89 | 584.05 |
| 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 | 76.10 | 38.63 | 10.28 | 10.19 | 18.19 | 20.58 | 13.79 | 12.30 | 10.97 | 9.78 | 8.72 | 7.78 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -108.80 | -20.86 | -24.42 | -12.57 | 2.41 | 3.84 | -1.27 | -9.40 | -8.38 | -7.48 | -6.67 | -5.95 |
| EBIT | -119.40 | -23.91 | -26.96 | -15.15 | -0.45 | 0.17 | -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 | -14.91 | 2.95 | 0.42 | -3.86 | -2.59 | -2.31 | -2.06 | -1.84 | -1.64 |
| 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 | 29,976.99 | 827.32 | 827.32 | 299.30 | 7.84 | 0.58 | -1.62 | 923.29 | 823.41 | 734.33 | 654.89 | 584.05 |
| UFCF | 29,869.28 | 830.34 | 763.29 | 287.81 | 6.84 | 1.08 | 3.80 | 925.19 | 823.13 | 734.09 | 654.68 | 583.85 |
| WACC | ||||||||||||
| PV UFCF | 850.98 | 696.39 | 571.24 | 468.58 | 384.38 | |||||||
| 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 |