Discounted Cash Flow (DCF) Analysis Levered

Freshii Inc. (FRII.TO)

$2.29

0.00 (0.00%)

All numbers are in Millions, Currency in USD

Stock DCF: 1.36 | 2.29 | overvalue

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	18.25	21.65	22.23	13.68	23.57	26.83	30.53	34.74	39.53	44.99
Revenue (%)
Operating Cash Flow	-1.09	4.07	5.77	0.37	-0.20	2.18	2.48	2.82	3.21	3.66
Operating Cash Flow (%)
Capital Expenditure	-0.23	-3.83	-0.95	-0.52	-1.19	-1.72	-1.95	-2.22	-2.53	-2.88
Capital Expenditure (%)
Free Cash Flow	-1.31	0.24	4.82	-0.15	-1.39	0.46	0.53	0.60	0.68	0.78

Weighted Average Cost Of Capital

Share price	$ 2.29
Beta	0.506
Diluted Shares Outstanding	30.95
Cost of Debt
Tax Rate	-101.91
After-tax Cost of Debt	3.50%
Risk-Free Rate
Market Risk Premium
Cost of Equity	5.768
Total Debt	8.45
Total Equity	70.87
Total Capital	79.32
Debt Weighting	10.65
Equity Weighting	89.35
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	18.25	21.65	22.23	13.68	23.57	26.83	30.53	34.74	39.53	44.99
Operating Cash Flow	-1.09	4.07	5.77	0.37	-0.20	2.18	2.48	2.82	3.21	3.66
Capital Expenditure	-0.23	-3.83	-0.95	-0.52	-1.19	-1.72	-1.95	-2.22	-2.53	-2.88
Free Cash Flow	-1.31	0.24	4.82	-0.15	-1.39	0.46	0.53	0.60	0.68	0.78
WACC
PV LFCF						0.42	0.45	0.48	0.52	0.56
SUM PV LFCF										2.57

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	5.53
Free cash flow (t + 1)	0.79
Terminal Value	22.49
Present Value of Terminal Value	17.18

Intrinsic Value

Enterprise Value	19.76
Net Debt	-22.30
Equity Value	42.06
Shares Outstanding	30.95
Equity Value Per Share	1.36