Discounted Cash Flow (DCF) Analysis Levered

PlayAGS, Inc. (AGS)

$7.7

-0.03 (-0.39%)
All numbers are in Millions, Currency in USD
Stock DCF: -11.89 | 7.7 | overvalue

Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 211.96285.30304.71167.01259.70293.27331.19374.01422.37476.97
Revenue (%)
Operating Cash Flow 44.0145.5187.9936.1778.3368.8777.7787.8399.18112
Operating Cash Flow (%)
Capital Expenditure -57.48-66.18-71.06-35.71-36.10-63.89-72.15-81.47-92.01-103.90
Capital Expenditure (%)
Free Cash Flow -13.47-20.6716.920.4642.234.985.626.357.178.10

Weighted Average Cost Of Capital

Share price $ 7.7
Beta 2.544
Diluted Shares Outstanding 35.64
Cost of Debt
Tax Rate 8.87
After-tax Cost of Debt 6.54%
Risk-Free Rate
Market Risk Premium
Cost of Equity 14.984
Total Debt 618.03
Total Equity 274.42
Total Capital 892.45
Debt Weighting 69.25
Equity Weighting 30.75
Wacc

Build Up Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 211.96285.30304.71167.01259.70293.27331.19374.01422.37476.97
Operating Cash Flow 44.0145.5187.9936.1778.3368.8777.7787.8399.18112
Capital Expenditure -57.48-66.18-71.06-35.71-36.10-63.89-72.15-81.47-92.01-103.90
Free Cash Flow -13.47-20.6716.920.4642.234.985.626.357.178.10
WACC
PV LFCF 4.564.724.895.065.23
SUM PV LFCF 24.46

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.14
Free cash flow (t + 1) 8.26
Terminal Value 115.71
Present Value of Terminal Value 74.72

Intrinsic Value

Enterprise Value 99.18
Net Debt 523.05
Equity Value -423.87
Shares Outstanding 35.64
Equity Value Per Share -11.89