Complete KOPN Stock Valuation Analysis
Comprehensive intrinsic value analysis using 2 different methodologies
KOPN DCF Analysis
KOPN (Kopin Corporation) discounted cash flow analysis with multiple scenarios, growth assumptions, and terminal value calculations
Financial Projections
| Metrics | 2022 (Historical) | 2023 (Historical) | 2024 (Historical) | 2025 (Projected) | 2026 (Projected) | 2027 (Projected) | 2028 (Projected) | 2029 (Projected) |
|---|---|---|---|---|---|---|---|---|
| Revenue | $47.4M | $40.4M | $50.3M | $54.1M | $57.8M | $61.3M | $64.7M | $67.9M |
| Revenue Growth % | - | -14.8% | 24.6% | 7.5% | 6.8% | 6.1% | 5.5% | 5.0% |
| EBIT | $-21.8M | $-17.2M | $-18.3M | $2.7M | $2.9M | $3.1M | $3.2M | $3.4M |
| EBIT Margin % | -46.0% | -42.5% | -36.4% | 5.0% | 5.0% | 5.0% | 5.0% | 5.0% |
| Tax Rate % | 25.0% | 25.0% | 25.0% | 25.0% | 25.0% | 25.0% | 25.0% | 25.0% |
| NOPAT | $-16.3M | $-12.9M | $-13.7M | $2.0M | $2.2M | $2.3M | $2.4M | $2.5M |
| NOPAT Margin % | -34.5% | -31.9% | -27.3% | 3.8% | 3.8% | 3.8% | 3.8% | 3.8% |
| Capex | $832.7K | $949.5K | $815.3K | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M |
| Capex / Revenue % | 1.8% | 2.4% | 1.6% | 1.9% | 1.8% | 1.7% | 1.6% | 1.5% |
| Depreciation | $722.0K | $608.2K | $636.6K | $774.8K | $827.4K | $878.0K | $926.3K | $972.2K |
| D&A / Revenue % | 1.5% | 1.5% | 1.3% | 1.4% | 1.4% | 1.4% | 1.4% | 1.4% |
| Change in NWC | $-18.3M | $7.5M | $-5.1M | $0 | $0 | $0 | $0 | $0 |
| NWC Change / Revenue % | -38.5% | 18.7% | -10.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Unlevered FCF | $1.8M | $-20.8M | $-8.9M | $1.8M | $2.0M | $2.1M | $2.3M | $2.5M |
| UFCF % Chg. | - | -1243.1% | 57.4% | 120.2% | 9.8% | 8.9% | 8.0% | 7.3% |
| FCF / Revenue % | 3.8% | -51.4% | -17.6% | 3.3% | 3.4% | 3.5% | 3.6% | 3.7% |
| Discount Factor | - | - | - | 0.858 | 0.736 | 0.631 | 0.541 | 0.464 |
| Present Value of FCF | - | - | - | $1.5M | $1.4M | $1.4M | $1.3M | $1.2M |
| Sum of PV of UFCF | - | - | - | $1.5M | $3.0M | $4.3M | $5.6M | $6.7M |
WACC Calculation
Weighted Average Cost of Capital used for discounting cash flows.
| WACC Calculation | Value |
|---|---|
| Cost of Debt | 6.9% |
| Tax Rate | 25.0% |
| After Tax Cost of Debt | 5.2% |
| Risk Free Rate | 4.40% |
| Market Risk Premium | 4.3% |
| Beta | 2.84 |
| Cost of Equity | 16.7% |
| Total Debt | $2.1M |
| Market Cap | $242.6M |
| Total Capital | $244.7M |
| Debt Weighting | 0.9% |
| Equity Weighting | 99.1% |
| WACC | 16.6% |
Terminal Value
Choose between perpetuity growth or exit multiple methods.
| Terminal Value Calculation | Value |
|---|---|
| Terminal Growth Rate | 2.5% |
| Final Year FCF | $2.5M |
| Terminal Value | $18.1M |
| PV of Terminal Value | $8.4M |
| Cumulative PV of UFCF | $6.7M |
| Net Debt | $-12.0M |
| Equity Value | $27.2M |
| Shares Outstanding | 132.9M |
| Implied Share Price | $0 |
| Current Share Price | $1 |
| Implied Upside/(Downside) | -86.3% |
Valuation Summary
$0.20
Implied Price
$1.49
Current Price
-86.3%
Upside/Downside
16.6%
WACC
KOPN Peer Valuation Analysis
Relative valuation based on comparable company trading multiples
Peer Valuation Analysis
Fair Value Range Analysis
Based on median multiples from 11 peer companies in Technology
P/E Ratio
$-904.24
-60787.4%
Peer Median: 48.1x
EV/EBITDA
$0.00
-100.0%
Peer Median: 35.3x
P/S Ratio
$174.21
+11591.8%
Peer Median: 2.7x
Interpretation: Each multiple provides a different perspective on fair value. Consider which multiple is most relevant for KOPN's business model and current situation.
Multiple Comparison
| Multiple | KOPN Current | Peer Median | Peer Average | Premium/Discount | Assessment |
|---|---|---|---|---|---|
| P/E Ratio | -0.1x | 48.1x | 53.4x | -100.2% | Undervalued |
| EV/EBITDA | Infinityx | 35.3x | 32.3x | Infinity% | Overvalued |
| P/S Ratio | 0.0x | 2.7x | 3.8x | -99.1% | Undervalued |
Peer Companies
Click any company to view their valuation
| Company | Market Cap | P/E Ratio | EV/EBITDA | P/S Ratio |
|---|---|---|---|---|
| $0.57B | 0.0x | 0.0x | 2.6x | |
| $0.48B | 0.0x | 0.0x | 4.4x | |
| $0.44B | 0.0x | 35.3x | 1.4x | |
| $0.35B | 23.4x | 21.5x | 13.6x | |
| $0.24B | 0.0x | 0.0x | 0.3x | |
| $0.24B | 0.0x | 0.0x | 0.0x | |
| $0.27B | 0.0x | 0.0x | 174.4x | |
| $0.13B | 88.7x | 273.8x | 2.7x | |
| $0.09B | 0.0x | 0.0x | 4.3x | |
| $0.09B | 0.0x | 0.0x | 4.9x | |
| $3459.92B | 48.1x | 40.2x | 26.5x |