Discounted Cash Flow (DCF) Analysis Levered

Elevate Credit, Inc. (ELVT)

$1.87

+0.01 (+0.54%)

All numbers are in Millions, Currency in USD

Stock DCF: 49.65 | 1.87 | undervalue

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	673.13	786.68	746.96	465.35	416.64	378.78	344.36	313.06	284.61	258.75
Revenue (%)
Operating Cash Flow	308.69	362.28	370.34	211.35	156.16	169.99	154.54	140.50	127.73	116.12
Operating Cash Flow (%)
Capital Expenditure	-16.76	-27.49	-24.69	-16.07	-17.28	-12.79	-11.63	-10.58	-9.61	-8.74
Capital Expenditure (%)
Free Cash Flow	291.93	334.79	345.65	195.28	138.88	157.19	142.91	129.92	118.11	107.38

Weighted Average Cost Of Capital

Share price	$ 1.87
Beta	2.065
Diluted Shares Outstanding	34.26
Cost of Debt
Tax Rate	18.81
After-tax Cost of Debt	6.07%
Risk-Free Rate
Market Risk Premium
Cost of Equity	13.904
Total Debt	514.45
Total Equity	64.07
Total Capital	578.52
Debt Weighting	88.93
Equity Weighting	11.07
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	673.13	786.68	746.96	465.35	416.64	378.78	344.36	313.06	284.61	258.75
Operating Cash Flow	308.69	362.28	370.34	211.35	156.16	169.99	154.54	140.50	127.73	116.12
Capital Expenditure	-16.76	-27.49	-24.69	-16.07	-17.28	-12.79	-11.63	-10.58	-9.61	-8.74
Free Cash Flow	291.93	334.79	345.65	195.28	138.88	157.19	142.91	129.92	118.11	107.38
WACC
PV LFCF						146.99	124.96	106.23	90.31	76.78
SUM PV LFCF										545.27

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	6.94
Free cash flow (t + 1)	109.53
Terminal Value	2,217.17
Present Value of Terminal Value	1,585.25

Intrinsic Value

Enterprise Value	2,130.52
Net Debt	429.47
Equity Value	1,701.05
Shares Outstanding	34.26
Equity Value Per Share	49.65