Discounted Cash Flow (DCF) Analysis Levered

Corsair Gaming, Inc. (CRSR)

$16.92

0.00 (0.00%)

All numbers are in Millions, Currency in USD

Stock DCF: 6.77 | 16.92 | overvalue

Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	937.55	1,097.17	1,702.37	1,904.06	1,375.10	1,568.48	1,789.05	2,040.64	2,327.62	2,654.95
Revenue (%)
Operating Cash Flow	0.42	37.10	168.95	20.19	66.39	60.35	68.84	78.52	89.57	102.16
Operating Cash Flow (%)
Capital Expenditure	-8.34	-9.02	-8.99	-10.97	-26.32	-14.84	-16.93	-19.31	-22.02	-25.12
Capital Expenditure (%)
Free Cash Flow	-7.92	28.08	159.96	9.22	40.07	45.51	51.92	59.22	67.54	77.04

Weighted Average Cost Of Capital

Share price	$ 16.92
Beta	1.849
Diluted Shares Outstanding	96.28
Cost of Debt
Tax Rate	14.71
After-tax Cost of Debt	3.28%
Risk-Free Rate
Market Risk Premium
Cost of Equity	12.106
Total Debt	238.66
Total Equity	1,629.06
Total Capital	1,867.72
Debt Weighting	12.78
Equity Weighting	87.22
Wacc

Build Up Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	937.55	1,097.17	1,702.37	1,904.06	1,375.10	1,568.48	1,789.05	2,040.64	2,327.62	2,654.95
Operating Cash Flow	0.42	37.10	168.95	20.19	66.39	60.35	68.84	78.52	89.57	102.16
Capital Expenditure	-8.34	-9.02	-8.99	-10.97	-26.32	-14.84	-16.93	-19.31	-22.02	-25.12
Free Cash Flow	-7.92	28.08	159.96	9.22	40.07	45.51	51.92	59.22	67.54	77.04
WACC
PV LFCF						41.01	42.15	43.32	44.53	45.76
SUM PV LFCF										216.77

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	10.98
Free cash flow (t + 1)	78.58
Terminal Value	875.09
Present Value of Terminal Value	519.79

Intrinsic Value

Enterprise Value	736.56
Net Debt	84.84
Equity Value	651.72
Shares Outstanding	96.28
Equity Value Per Share	6.77