DigaMem's

Balance Sheet
Annual Assets (000s)
Fiscal Year Ending December 31 2020 2019 2018 2017 2016
Cash 9,728 4,998 9,869 284 26,474
Receivables 7,480 10,697 4,082 5,663 3,723
Inventories 11,227 11,533 8,721 17,598 23,706
Other current assets 369 930 10,056 204 60
Total Current assets 28804 28158 32728 23749 53963
Prop., Plant and Equip. 12,604 13,661 15,974 19,893 21,881
Intangibles 7,372 8,039 8,690 5,186 4,392
Deposits and other assets 0 34 33 1,210 2,598
Total Assets 48,780 49,892 57,425 50,038 82,834

Annual Liabilities (000s)

Fiscal Year Ending December 31 2020 2019 2018 2017 2016
Accounts Payable 4,739 3,129 5,257 9,627 15,529
Accrued Expenses 3,063 2,849 2,742 10,273 5,399
Other Current Liabs. 13,433 3,084 4,789 32,208 917
Total Current Liabs. 21,235 9,062 12,788 52,108 21,845
Other Long term Liabs. 0 5,845 6,211 0 31,978
Total Liabilities 21,235 14,907 18,999 52,108 53,823

Preferred Stock 0 0 0 52 52
Common Stock net 595 581 572 280 225
Capital Suplus 244,977 238,494 232,933 188,778 188,563
Retained Earnings -218,027 -204,090 -195,079 -191,180 -159,829
Shareholders' Equity 27,545 34,985 38,426 -2,070 29,011

Total Liabs. & Net worth 48,780 49,892 57,425 50,038 82,834
 DigaMem's
Income Statement
Annual Income (000s)
Fiscal Year Ending December 31 2020 2019 2018 2017
Net Sales 32,193 49,309 45,374 32,121
Cost of Goods Sold 16,886 22,323 16,487 20,764
Gross Profit 15,307 26,986 28,887 11,357

R&D Expenditure 17,029 20,303 18,047 26,686

Sell. Gen. & admin. Exp 12,616 14,900 13,719 13,792
EBITDA -14,338 -8,217 -2,879 -29,121
Depreciation 4,079 4,492 4,744 4,650
Nonoperating Income 1,031 -297 2,090 1,267
Interest Expense 606 498 3,110 3,498
Income before tax -17,992 -13,504 -8,643 -36,002

Net income before exp. Items -17,992 -13,504 -8,643 -36,002

Net income -17,992 -13,504 -8,643 -36,002

Outstanding Shares 59,569 58,115 57,157 27,948

Earnings(Loss) per share -0.30 -0.23 -0.15 -1.29

Share Price 8.15

 DigaMem's
Cashflow Statement
Cash flow from op. activities (000s)
2016 Fiscal Year Ending December 31 2020 2019
10,941 Net Income -17,992 -13,504
5,479 Depreciation/ amortization 4,079 4,492
5,462 Net incr.(decr.) assets/ liabs. 6,732 -1,665
Other adjustments, net 0 1,945
30,753 Net cash prov.(Used) by oper. -7,181 -8,732
12,174
-37,465 Cash flow from investing activities (000s)
4,174 Fiscal Year Ending December 31 1997 1996
258 Incr. ( Decr.) in prop., plant -2,366 -1,696
4,491 Incr. ( Decr.) in securities inv. 0 0
-45,872 Other cash inflow 8 301
Net cash prov.(Used) by inv. -2,358 -1,395
-45,872
-45,872 Cash flow from financing activities (000s)
Fiscal Year Ending December 31 1997 1996
22,478 Issue (purchase) of equity 6,498 763
Incr. ( Decr.) in borrowing 3,692 0
-2.04 Net cash prov.(Used) by inv. 10,190 763

Net change in cash or equiv. 651 -9,364

Cash or Equiv. at year start 4,998 9,869
Cash or Equiv. at year end 5,649 505
2018 2017 2016
-8,643 -36,002 -45,872
4,744 4,650 4,174
-320 -1,070 -6,905
1,533 -851 1,242
-2,686 -33,273 -47,361

1995 1994 1993

-861 -2,620 -4,466
-24 -123 -72
2,946 1,309 53
2,061 -1,434 -4,485

1995 1994 1993

1,936 270 41,003
3,530 3,597 31,334
5,466 3,867 72,337

4,841 -30,840 20,491

284 26,474 1810
5,125 -4,366 22,301
 Assumptions
Sales growth 60% 35%
COGS as % Sales 50%
COGS reduction rate 5%
R&D as % of Sales 25%
R&D decrease rate 0%
S.G. & A. exp as % of Sales 35% for 3 years
S.G. & A. decrease rate 2% from 4th year
Depreciation as % of Sales 20%
Depreciation increase rate 2%
Non operating income as % of Sales 3%
Non operating income increase rate 5%
Inflation rate
Capex as % of Sales 12%
Change in Net Working Capital 2.0%
WACC 10.70%
Tax rate 40%
Terminal Gowth Rate 3.15%
Risk Free Rate (Rf) 6.5%
Beta (β) 1.20
Market Return (Rm) 10%
Interest rate 8.5%
Ke 10.70%
We 100.0%
 52% 194% 41% 9% -35%
50% 65% 36% 45% 52%

281.08% 83.08% 39.77% 41.18% 52.90%

111.27% 42.94% 30.24% 30.22% 39.19%

38.15% 14.48% 10.46% 9.11% 12.67%

2.36% 3.94% 4.61% -0.60% 3.20%

Figures in ('000) Actual

Fiscal Year Ending December 31 2016 2017 2018 2019 2020
Net Sales 10,941 32,121 45,374 49,309 32,193
Cost of Goods Sold 5,479 20,764 16,487 22,323 16,886
Gross Profit 5,462 11,357 28,887 26,986 15,307
R&D Expenditure 30,753 26,686 18,047 20,303 17,029
Sell. Gen. & admin. Exp 12,174 13,792 13,719 14,900 12,616
EBITDA -37,465 -29,121 -2,879 -8,217 -14,338
Depreciation 4,174 4,650 4,744 4,492 4,079
EBIT -41,639 -33,771 -7,623 -12,709 -18,417
Non operating Income 258 1,267 2,090 -297 1,031
Interest Expense 4,491 3,498 3,110 498 606
EBT -45,872 -36,002 -8,643 -13,504 -17,992
Tax @ 40% 0 0 0 0 0
Net income -45,872 -36,002 -8,643 -13,504 -17,992

Cashflow Determination
Net Income
Interest (1-Tax)
Depreciation
CAPEX
CNWC
FCFF

Timing of CF
PV of CF
PV of Firm (7,598)
Add: Cash 9,278
Less: Debt -
Equity Value 137,877
Number of shares 4,187
Equity value per share
 3% 3% 3% 3% 4% 4% 4% 4% 4%
20% 0% 0% 38% 14% 10% 9% 13% 0%

Forecasted
2021 2022 2023 2024 2025 2026 2027 2028 2029
51,509 82,414 53,569 58,390 82,330 116,086 126,534 82,247 82,247
27,018 43,228 65,902 95,737 130,524 177,951 258,513 394,109 394,109
24,491 39,186 39,186 39,186 39,186 39,186 39,186 39,186 39,186
27,246 43,594 66,654 94,099 131,526 183,839 259,534 396,819 396,819
20,186 32,297 32,297 32,297 32,297 32,297 32,297 32,297 32,297
27,018 43,228 14,383 19,204 43,145 76,900 87,348 43,061 43,061
10,302 0 0 22,276 11,919 12,137 11,527 10,421 0
16,716 43,228 14,383 -3,072 31,226 64,763 75,821 32,640 43,061
1,545 2,596 1,772 2,028 3,002 4,445 5,087 3,472 3,645
0 0 0 0 0 0 0 0 0
15,171 40,632 12,611 -5,099 28,224 60,318 70,734 29,168 39,415
6,068 16,253 5,045 -2,040 11,289 24,127 28,293 11,667 15,766
9,102 24,379 7,567 -3,060 16,934 36,191 42,440 17,501 23,649

9,102 24,379 7,567 -3,060 16,934 36,191 42,440 17,501 23,649

0 0 0 0 0 0 0 0 0
10,302 0 0 22,276 11,919 12,137 11,527 10,421 0
6181 0 0 0 0 0 0 0 0
1,030 0 0 0 0 0 0 0 0
-8,411 24,379 7,567 -25,336 5,016 24,054 30,913 7,080 23,649

1 2 3 4 5 6 7 8 9
(7,598) 24,379 7,567 (25,336) 5,016 24,054 30,913 7,080 23,649
 5%
0%

2030
82,247
394,109
39,186
396,819
32,297
43,061
0
43,061
3,828
0
39,233
15,693
23,540

23,540
0
 0
0
0
23,540

10
23,540
 Assumptions
Sales growth 60%
COGS as % Sales 50%
COGS reduction rate 5%
R&D as % of Sales 25%
R&D decrease rate 0%
S.G. & A. exp as % of Sales 35%
S.G. & A. decrease rate 2%
Depreciation as % of Sales 20%
Depreciation increase rate 2%
Non operating income as % of Sales 3%
Non operating income increase rate 5%
Inflation rate 0%
Capex as % of Sales 12%
Change in Net Working Capital 2%
WACC 11%
Tax rate 40%
Terminal Gowth Rate 3.15%
Risk Free Rate (Rf) 6.5%
Beta (β) 1.20
Market Return (Rm) 10%
Interest rate 8.5%
Ke 11%
We 100%
Wd 0%
Market Value of Equity 485,487
Debt 27,300
Figures in ('000) Actual
Fiscal Year Ending December 31
Net Sales
Cost of Goods Sold
Gross Profit
R&D Expenditure
Sell. Gen. & admin. Exp
EBITDA
Depreciation
EBIT
Non operating Income
Interest Expense
EBT
Tax @ 40%
Net income

Cashflow Determination
Net Income
Interest (1-Tax)
Depreciation
CAPEX
CNWC
FCFF

Timing of CF
PV of CF
PV of Firm
Add: Cash
Less: Debt
Equity Value
Number of shares
Equity value per share
Forecasted
 Assumptions
Sales growth
COGS as % Sales
COGS reduction rate
R&D as % of Sales
R&D decrease rate
S.G. & A. exp as % of Sales
S.G. & A. decrease rate
Depreciation as % of Sales
Depreciation increase rate
Non operating income as % of Sales
Non operating income increase rate
Inflation rate
Capex as % of Sales
Change in Net Working Capital
WACC
Tax rate 40%
Terminal Gowth Rate 3.15%
Risk Free Rate (Rf) 6.5%
Beta (β) 1.20
Market Return (Rm) 10%
Interest rate 8.5%

For 5 years Ke
We
Wd
Market Value of Equity 485,487
Debt 27,300

For next 5 years Ke

We
Wd
Market Value of Equity
Debt
WACC
Figures in ('000) Actual
Fiscal Year Ending December 31
Net Sales
Cost of Goods Sold
Gross Profit
R&D Expenditure
Sell. Gen. & admin. Exp
EBITDA
Depreciation
EBIT
Non operating Income
Interest Expense
EBT
Tax @ 40%
Net income

Cashflow Determination
Net Income
Interest (1-Tax)
Depreciation
CAPEX
CNWC
FCFF

Timing of CF
PV of CF
PV of Firm
Add: Cash
Less: Debt
Equity Value
Number of shares
Equity value per share
Forecasted