CL Workshop Group Limited

NWGL

Basic MaterialsPaper, Lumber & Forest ProductsNASDAQ

$0.90

Market Cap: $14.93M

CL Workshop Group Limited (NWGL) Valuation Summary

Updated Apr 16, 2026 22:13

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$0.02 – $5.86	$0.38	-61.5%
Revenue DCF 10Y	—	N/A	—

Valuation History

DCF Analysis

CL Workshop Group Limited (NWGL) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$0.38

Market Price

$0.90

Upside / Downside

-57.9%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -17.2% to a target of 13.1% over 5 years, discounted at a WACC of 6.5%, CL Workshop Group Limited (NWGL) has an intrinsic value of $0.38 per share (range: $0.02 – $5.86).

Key Assumptions

Current Operating Margin

-17.2%

Target Operating Margin

13.1%

WACC

6.5%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

4.9%

Target CapEx/Rev

7.1%

D&A/Revenue

4.8%

Tax Rate

20.2%

Operating margin fades linearly from the current level to the industry target over the 5-year projection. CapEx intensity fades from the historical average to a maintenance level (D&A × 1.5). Tax is only applied when operating income is positive (NOL shield).

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2025	19	-10.0%	-11.1%	-2	-2	1	(1)	-1	-2	-2
2026	18	-7.6%	-5.1%	-1	-1	1	(1)	-1	-0	-0
2027	17	-5.0%	1.0%	0	0	1	(1)	-0	0	0
2028	17	-2.3%	7.0%	1	1	1	(1)	-0	1	1
2029	17	0.3%	13.1%	2	2	1	(1)	0	1	1

Enterprise Value Bridge

Sum of PV(FCFF)-0

Terminal Value (Gordon Growth at 3.0%)39

PV of Terminal Value29

Enterprise Value29

(–) Net Debt23

Equity Value6

(÷) Shares Outstanding17

Fair Value per Share$0.38

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.1%	10.1%	13.1%	16.1%	19.1%
4.5%	$0	$2	$3	$4	$6
5.5%	$-1	$0	$1	$2	$3
6.5%	$-1	$-0	$0	$1	$2
7.5%	$-1	$-1	$-0	$0	$1
8.5%	$-1	$-1	$-0	$0	$0

Current price: $0.90. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 42.3% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$0.01

Market Price

$0.90

Upside / Downside

-98.9%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), CL Workshop Group Limited (NWGL) has a fair value of $0.01 based on 5 comparable companies in the Paper, Lumber & Forest Products industry.

EV/Revenue Valuation — Paper, Lumber & Forest Products

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
CL Workshop Group LimitedNWGL	15	1.4x	—
Huadi International Group Co., Ltd.HUDI	17	0.5x	—
SenesTech, Inc.SNES	9	1.7x	1.3x
ZK International Group Co., Ltd.ZKIN	7	0.4x	—
Jewett-Cameron Trading Company Ltd.JCTC	7	0.2x	—
IT Tech Packaging, Inc.ITP	3	0.1x	0.0x
Industry Median		0.4x	0.7x
(*) Revenue		15
= Enterprise Value		6
(-) Net Debt		5
Equity Value		0
(/) Outstanding shares		17
Fair Price		$0

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Model

Range

Fair Value

Upside

▸ Discounted Cash Flow

Revenue DCF 5Y

$0.02 – $5.86

$0.38

-61.5%

Revenue DCF 10Y

—

N/A

—

DCF Analysis

CL Workshop Group Limited (NWGL) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$0.38

Market Price

$0.90

Upside / Downside

-57.9%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-17.2%

Target Operating Margin

13.1%

WACC

6.5%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

4.9%

Target CapEx/Rev

7.1%

D&A/Revenue

4.8%

Tax Rate

20.2%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2025	19	-10.0%	-11.1%	-2	-2	1	(1)	-1	-2	-2
2026	18	-7.6%	-5.1%	-1	-1	1	(1)	-1	-0	-0
2027	17	-5.0%	1.0%	0	0	1	(1)	-0	0	0
2028	17	-2.3%	7.0%	1	1	1	(1)	-0	1	1
2029	17	0.3%	13.1%	2	2	1	(1)	0	1	1

Enterprise Value Bridge

Sum of PV(FCFF)-0

Terminal Value (Gordon Growth at 3.0%)39

PV of Terminal Value29

Enterprise Value29

(–) Net Debt23

Equity Value6

(÷) Shares Outstanding17

Fair Value per Share$0.38

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.1%	10.1%	13.1%	16.1%	19.1%
4.5%	$0	$2	$3	$4	$6
5.5%	$-1	$0	$1	$2	$3
6.5%	$-1	$-0	$0	$1	$2
7.5%	$-1	$-1	$-0	$0	$1
8.5%	$-1	$-1	$-0	$0	$0

Current price: $0.90. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 42.3% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$0.01

Market Price

$0.90

Upside / Downside

-98.9%

Verdict

Overvalued

EV/Revenue Valuation — Paper, Lumber & Forest Products

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
CL Workshop Group LimitedNWGL	15	1.4x	—
Huadi International Group Co., Ltd.HUDI	17	0.5x	—
SenesTech, Inc.SNES	9	1.7x	1.3x
ZK International Group Co., Ltd.ZKIN	7	0.4x	—
Jewett-Cameron Trading Company Ltd.JCTC	7	0.2x	—
IT Tech Packaging, Inc.ITP	3	0.1x	0.0x
Industry Median		0.4x	0.7x
(*) Revenue		15
= Enterprise Value		6
(-) Net Debt		5
Equity Value		0
(/) Outstanding shares		17
Fair Price		$0