Discounted Cash Flow (DCF) Analysis Levered

Gaia, Inc. (GAIA)

$2.54

+0.07 (+2.83%)

All numbers are in Millions, Currency in USD

Stock DCF: -50.72 | 2.54 | 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	43.84	53.98	66.83	79.57	82.03	96.20	112.82	132.31	155.16	181.96
Revenue (%)
Operating Cash Flow	-21.38	-2.57	11.65	20.87	11.52	0.80	0.94	1.10	1.29	1.51
Operating Cash Flow (%)
Capital Expenditure	-18.86	-18.70	-13.33	-17.34	-18.26	-27.25	-31.96	-37.48	-43.96	-51.55
Capital Expenditure (%)
Free Cash Flow	-40.24	-21.27	-1.68	3.53	-6.74	-26.45	-31.02	-36.38	-42.67	-50.03

Weighted Average Cost Of Capital

Share price	$ 2.54
Beta	0.994
Diluted Shares Outstanding	20.72
Cost of Debt
Tax Rate	-22.19
After-tax Cost of Debt	1.20%
Risk-Free Rate
Market Risk Premium
Cost of Equity	8.392
Total Debt	22.34
Total Equity	52.62
Total Capital	74.96
Debt Weighting	29.80
Equity Weighting	70.20
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	43.84	53.98	66.83	79.57	82.03	96.20	112.82	132.31	155.16	181.96
Operating Cash Flow	-21.38	-2.57	11.65	20.87	11.52	0.80	0.94	1.10	1.29	1.51
Capital Expenditure	-18.86	-18.70	-13.33	-17.34	-18.26	-27.25	-31.96	-37.48	-43.96	-51.55
Free Cash Flow	-40.24	-21.27	-1.68	3.53	-6.74	-26.45	-31.02	-36.38	-42.67	-50.03
WACC
PV LFCF						-18.39	-20.29	-22.40	-24.72	-27.29
SUM PV LFCF										-153.14

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	6.25
Free cash flow (t + 1)	-51.04
Terminal Value	-1,200.84
Present Value of Terminal Value	-886.83

Intrinsic Value

Enterprise Value	-1,039.97
Net Debt	10.78
Equity Value	-1,050.75
Shares Outstanding	20.72
Equity Value Per Share	-50.72