247MarketNews: Siyata Mobil Inc. (NASDAQ: SYTA) Zachs Small Cap Research says $7.0
Valuation and Estimates
We are maintaining our 2023 and 2024 revenue and EPS estimates currently as we await the release of the company’s 4th quarter and full year 2023 results. We will provide split adjusted historical and projected EPS upon release of the 2023 10-K.
We believe Siyata Mobile is on track to generate strong double-digit revenue growth rates going forward. We expected overall gross margins to increase steadily from current levels as volume levels increase.
Our primary valuation tool utilizes a Discounted Cash Flow (DCF) process and incorporates a relatively high discount rate to account for uncertainties in the timing of the company achieving net profitability. We believe that revenue growth rates could average 20%-22% over the next 10 years and that consolidated gross margins could reach 35% by 2026.
Under this scenario, we maintain our split adjusted price target of $7.00 for SYTA stock, which is a decrease from prior targets due to the additional dilution from equity capital raises in 2023 and the potential for future equity issuances. $7.00 is also the liquidation value for the company as the tangible book value per share is approximately $7.70 as of the end of the 3rd quarter of 2023.
24/7 MarketNews SYTA Report here
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