Your task is to conduct a comprehensive Discounted Cash Flow $($DCF$)$ analysis for Fisker Inc. $($$FSR$),$ an electric vehicle $($EV$)$ manufacturer founded by Henrik Fisker. The purpose of this project is to evaluate the intrinsic value of Fisker Inc. based on its expected future cash flows.

Instructions:

Company Overview:

Provide a brief overview of Fisker Inc., including its history, core business activities, and key products.

Highlight any recent developments or strategic initiatives that might impact the company's future cash flows.

Financial Data Collection:

Gather historical financial statements $($income statement, balance sheet, and cash flow statement$)$ for Fisker Inc. Make sure to consider at least the past $3-5$ years of financial data.

Future Cash Flow Projections:

Develop a set of realistic and justifiable assumptions for Fisker Inc.$\text{'}$s future revenue growth, operating expenses, capital expenditures, and working capital changes.

Utilize this information to project the company's future free cash flows.

Discount Rate Determination:

Identify and justify an appropriate discount rate to be used in the DCF analysis. Consider factors such as the company's risk profile, industry benchmarks, and prevailing market conditions.

Terminal Value Calculation:

Determine the terminal value of Fisker Inc. using an appropriate method $($e$.$g$.,$ perpetuity growth model$)$ and explain the rationale behind your choice.

DCF Model Construction:

Construct a DCF model incorporating your future cash flow projections, discount rate, and terminal value. Clearly present and explain each component of the model.

Sensitivity Analysis:

Conduct a sensitivity analysis to assess the impact of changes in key assumptions on the overall valuation. Identify the most critical variables affecting the valuation.

Conclusion and Investment Recommendation:

Summarize your findings and provide a conclusion regarding the intrinsic value of Fisker Inc. based on your DCF analysis.

Include a clear investment recommendation $($buy$,$ hold, or sell$)$ supported by your analysis.

Submission Requirements:

Prepare a detailed report documenting each step of your analysis.

Include tables, graphs, and charts to enhance the clarity of your presentation.

Provide a bibliography of sources used in your research.