Discounted Cash Flow (DCF) Analysis Levered

Symbolic Logic, Inc. (EVOL)

$0.85

0.00 (0.00%)

All numbers are in Millions, Currency in USD

Stock DCF: 4.55 | 0.85 | undervalue

Free Cash Flow

Year A/P	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Projected	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Revenue	28.81	30.64	25.75	26.35	25.71	25.09	24.48	23.89	23.31	22.74
Revenue (%)
Operating Cash Flow	3.46	2.57	1.08	1.43	0	1.51	1.47	1.43	1.40	1.36
Operating Cash Flow (%)
Capital Expenditure	-0.08	-0.19	-0.38	-0.27	-0	-0.17	-0.17	-0.16	-0.16	-0.15
Capital Expenditure (%)
Free Cash Flow	3.38	2.38	0.70	1.16	0	1.34	1.30	1.27	1.24	1.21

Weighted Average Cost Of Capital

Share price	$ 0.85
Beta	1.127
Diluted Shares Outstanding	12.27
Cost of Debt
Tax Rate	608.30
After-tax Cost of Debt	-25.42%
Risk-Free Rate
Market Risk Premium
Cost of Equity	9.009
Total Debt	-
Total Equity	10.43
Total Capital	10.43
Debt Weighting	0.00
Equity Weighting	100.00
Wacc

Build Up Free Cash Flow

Year A/P	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Projected	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Revenue	28.81	30.64	25.75	26.35	25.71	25.09	24.48	23.89	23.31	22.74
Operating Cash Flow	3.46	2.57	1.08	1.43	0	1.51	1.47	1.43	1.40	1.36
Capital Expenditure	-0.08	-0.19	-0.38	-0.27	-0	-0.17	-0.17	-0.16	-0.16	-0.15
Free Cash Flow	3.38	2.38	0.70	1.16	0	1.34	1.30	1.27	1.24	1.21
WACC
PV LFCF					0	1.22	1.10	0.98	0.88	0.79
SUM PV LFCF										4.97

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	9.01
Free cash flow (t + 1)	1.23
Terminal Value	17.61
Present Value of Terminal Value	11.44

Intrinsic Value

Enterprise Value	16.41
Net Debt	-39.45
Equity Value	55.85
Shares Outstanding	12.27
Equity Value Per Share	4.55