Discounted Cash Flow (DCF) Analysis Levered

Fluent, Inc. (FLNT)

$0.65

+0.01 (+2.20%)

All numbers are in Millions, Currency in USD

Stock DCF: 2.99 | 0.65 | undervalue

Free Cash Flow

Year A/P	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected	2028 Projected
Revenue	281.68	310.72	329.25	361.13	392.38	426.33	463.21	503.29	546.83	594.14
Revenue (%)
Operating Cash Flow	26.02	20.30	12.42	1.96	19.70	21.41	23.26	25.27	27.46	29.84
Operating Cash Flow (%)
Capital Expenditure	-4.71	-2.85	-2.99	-0.02	-3.44	-3.73	-4.06	-4.41	-4.79	-5.20
Capital Expenditure (%)
Free Cash Flow	21.31	17.45	9.43	1.95	16.27	17.68	19.20	20.87	22.67	24.63

Weighted Average Cost Of Capital

Share price	$ 0.65
Beta	2.359
Diluted Shares Outstanding	81.41
Cost of Debt
Tax Rate	-1.46
After-tax Cost of Debt	5.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity	14.858
Total Debt	44.99
Total Equity	52.92
Total Capital	97.91
Debt Weighting	45.95
Equity Weighting	54.05
Wacc

Build Up Free Cash Flow

Year A/P	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected	2028 Projected
Revenue	281.68	310.72	329.25	361.13	392.38	426.33	463.21	503.29	546.83	594.14
Operating Cash Flow	26.02	20.30	12.42	1.96	19.70	21.41	23.26	25.27	27.46	29.84
Capital Expenditure	-4.71	-2.85	-2.99	-0.02	-3.44	-3.73	-4.06	-4.41	-4.79	-5.20
Free Cash Flow	21.31	17.45	9.43	1.95	16.27	17.68	19.20	20.87	22.67	24.63
WACC
PV LFCF					9.95	9.80	9.65	9.50	9.36	9.22
SUM PV LFCF										77.70

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	10.33
Free cash flow (t + 1)	25.13
Terminal Value	301.62
Present Value of Terminal Value	184.50

Intrinsic Value

Enterprise Value	262.20
Net Debt	18.43
Equity Value	243.77
Shares Outstanding	81.41
Equity Value Per Share	2.99