Complete WKHS Stock Valuation Analysis
Comprehensive intrinsic value analysis using 2 different methodologies
WKHS DCF Analysis
WKHS (Workhorse Group Inc.) 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 | $5.0M | $13.1M | $6.6M | $6.7M | $6.9M | $7.0M | $7.1M | $7.2M |
| Revenue Growth % | - | 160.7% | -49.5% | 2.0% | 1.8% | 1.6% | 1.4% | 1.3% |
| EBIT | $-129.1M | $-105.3M | $-73.9M | $337.3K | $343.3K | $348.7K | $353.7K | $358.3K |
| EBIT Margin % | -2569.8% | -804.1% | -1116.7% | 5.0% | 5.0% | 5.0% | 5.0% | 5.0% |
| Tax Rate % | 25.0% | 25.0% | 25.0% | 24.8% | 24.8% | 24.8% | 24.8% | 24.9% |
| NOPAT | $-96.8M | $-79.0M | $-55.4M | $253.8K | $258.2K | $262.2K | $265.9K | $269.2K |
| NOPAT Margin % | -1927.3% | -603.1% | -837.5% | 3.8% | 3.8% | 3.8% | 3.8% | 3.8% |
| Capex | $17.5M | $18.7M | $4.1M | $202.4K | $206.0K | $209.2K | $212.2K | $215.0K |
| Capex / Revenue % | 348.3% | 142.7% | 61.4% | 3.0% | 3.0% | 3.0% | 3.0% | 3.0% |
| Depreciation | $1.9M | $4.1M | $7.9M | $4.3M | $4.3M | $4.4M | $4.5M | $4.5M |
| D&A / Revenue % | 38.7% | 31.0% | 119.5% | 63.1% | 63.1% | 63.1% | 63.1% | 63.1% |
| Change in NWC | $-112.6M | $-35.5M | $-32.3M | $0 | $0 | $0 | $0 | $0 |
| NWC Change / Revenue % | -2242.1% | -271.1% | -488.9% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Unlevered FCF | $260.8K | $-58.1M | $-19.2M | $4.3M | $4.4M | $4.5M | $4.5M | $4.6M |
| UFCF % Chg. | - | -22376.4% | 66.9% | 122.4% | 1.8% | 1.6% | 1.4% | 1.3% |
| FCF / Revenue % | 5.2% | -443.6% | -290.5% | 63.9% | 63.9% | 63.9% | 63.9% | 63.9% |
| Discount Factor | - | - | - | 0.915 | 0.837 | 0.766 | 0.701 | 0.641 |
| Present Value of FCF | - | - | - | $3.9M | $3.7M | $3.4M | $3.2M | $2.9M |
| Sum of PV of UFCF | - | - | - | $3.9M | $7.6M | $11.0M | $14.2M | $17.1M |
WACC Calculation
Weighted Average Cost of Capital used for discounting cash flows.
| WACC Calculation | Value |
|---|---|
| Cost of Debt | 7.4% |
| Tax Rate | 24.8% |
| After Tax Cost of Debt | 5.5% |
| Risk Free Rate | 4.37% |
| Market Risk Premium | 4.3% |
| Beta | 2.83 |
| Cost of Equity | 16.6% |
| Total Debt | $16.3M |
| Market Cap | $8.3M |
| Total Capital | $24.7M |
| Debt Weighting | 66.2% |
| Equity Weighting | 33.8% |
| WACC | 9.3% |
Terminal Value
Choose between perpetuity growth or exit multiple methods.
| Terminal Value Calculation | Value |
|---|---|
| Terminal Growth Rate | 2.5% |
| Final Year FCF | $4.6M |
| Terminal Value | $69.1M |
| PV of Terminal Value | $44.3M |
| Cumulative PV of UFCF | $17.1M |
| Net Debt | $12.2M |
| Equity Value | $49.3M |
| Shares Outstanding | 19.7M |
| Implied Share Price | $3 |
| Current Share Price | $1 |
| Implied Upside/(Downside) | +184.2% |
Valuation Summary
$2.50
Implied Price
$0.88
Current Price
+184.2%
Upside/Downside
9.3%
WACC
WKHS Peer Valuation Analysis
Relative valuation based on comparable company trading multiples
Peer Valuation Analysis
Fair Value Range Analysis
Based on median multiples from 8 peer companies in Consumer Cyclical
P/E Ratio
$-391.51
-44589.2%
Peer Median: 18.5x
EV/EBITDA
$0.00
-100.0%
Peer Median: 14.3x
P/S Ratio
$0.58
-33.6%
Peer Median: 0.9x
Interpretation: Each multiple provides a different perspective on fair value. Consider which multiple is most relevant for WKHS's business model and current situation.
Multiple Comparison
| Multiple | WKHS Current | Peer Median | Peer Average | Premium/Discount | Assessment |
|---|---|---|---|---|---|
| P/E Ratio | -0.0x | 18.5x | 18.5x | -100.2% | Undervalued |
| EV/EBITDA | Infinityx | 14.3x | 14.3x | Infinity% | Overvalued |
| P/S Ratio | 1.4x | 0.9x | 2.1x | 50.7% | Overvalued |
Peer Companies
Click any company to view their valuation
| Company | Market Cap | P/E Ratio | EV/EBITDA | P/S Ratio |
|---|---|---|---|---|
| $0.03B | 0.0x | 0.0x | 0.9x | |
| $0.01B | 0.0x | 14.3x | 0.5x | |
| $0.01B | 0.0x | 0.0x | 0.6x | |
| $0.01B | 0.0x | 0.0x | 1.4x | |
| $0.00B | 0.0x | 0.0x | 0.5x | |
| $0.01B | 0.0x | 0.0x | 2.8x | |
| $0.00B | 18.5x | 0.0x | 0.8x | |
| $913.97B | 156.1x | 65.3x | 9.5x |