Discounted Cash Flow (DCF) Analysis Levered

Bowlero Corp. (BOWL)

$14.66

-0.44 (-2.91%)

All numbers are in Millions, Currency in USD

Stock DCF: -78.35 | 14.66 | overvalue

Free Cash Flow

Year A/P	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	520.43	395.23	911.71	1,397.73	2,142.84	3,285.18	5,036.48	7,721.38
Revenue (%)
Operating Cash Flow	18.82	58.23	177.67	176.29	270.27	414.35	635.23	973.87
Operating Cash Flow (%)
Capital Expenditure	-119.71	-43.20	-164.80	-242.31	-371.48	-569.51	-873.12	-1,338.57
Capital Expenditure (%)
Free Cash Flow	-100.89	15.03	12.87	-66.02	-101.21	-155.17	-237.89	-364.70

Weighted Average Cost Of Capital

Share price	$ 14.66
Beta	0.000
Diluted Shares Outstanding	155.84
Cost of Debt
Tax Rate	2.25
After-tax Cost of Debt	7.28%
Risk-Free Rate
Market Risk Premium
Cost of Equity	3.500
Total Debt	1,267.66
Total Equity	2,284.57
Total Capital	3,552.23
Debt Weighting	35.69
Equity Weighting	64.31
Wacc

Build Up Free Cash Flow

Year A/P	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	520.43	395.23	911.71	1,397.73	2,142.84	3,285.18	5,036.48	7,721.38
Operating Cash Flow	18.82	58.23	177.67	176.29	270.27	414.35	635.23	973.87
Capital Expenditure	-119.71	-43.20	-164.80	-242.31	-371.48	-569.51	-873.12	-1,338.57
Free Cash Flow	-100.89	15.03	12.87	-66.02	-101.21	-155.17	-237.89	-364.70
WACC
PV LFCF				-69.22	-101.21	-147.99	-216.39	-316.40
SUM PV LFCF								-774.28

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	4.85
Free cash flow (t + 1)	-371.99
Terminal Value	-13,052.41
Present Value of Terminal Value	-10,300.26

Intrinsic Value

Enterprise Value	-11,074.54
Net Debt	1,135.42
Equity Value	-12,209.96
Shares Outstanding	155.84
Equity Value Per Share	-78.35