Discounted Cash Flow (DCF) Analysis Levered

GreenSky, Inc. (GSKY)

$10.2

+0.16 (+1.59%)

All numbers are in Millions, Currency in USD

Stock DCF: 244.42 | 10.2 | 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	325.89	414.67	529.65	525.65	518.07	586.43	663.80	751.38	850.51	962.73
Revenue (%)
Operating Cash Flow	160.39	256.43	153.33	-468.10	630.90	202.59	229.32	259.57	293.82	332.59
Operating Cash Flow (%)
Capital Expenditure	-4.14	-6.58	-15.38	-14.57	-15.60	-13.54	-15.32	-17.35	-19.63	-22.22
Capital Expenditure (%)
Free Cash Flow	156.26	249.84	137.95	-482.67	615.30	189.05	213.99	242.23	274.19	310.36

Weighted Average Cost Of Capital

Share price	$ 10.2
Beta	0.000
Diluted Shares Outstanding	103.05
Cost of Debt
Tax Rate	68.00
After-tax Cost of Debt	1.81%
Risk-Free Rate
Market Risk Premium
Cost of Equity	3.693
Total Debt	464.06
Total Equity	1,051.06
Total Capital	1,515.12
Debt Weighting	30.63
Equity Weighting	69.37
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	325.89	414.67	529.65	525.65	518.07	586.43	663.80	751.38	850.51	962.73
Operating Cash Flow	160.39	256.43	153.33	-468.10	630.90	202.59	229.32	259.57	293.82	332.59
Capital Expenditure	-4.14	-6.58	-15.38	-14.57	-15.60	-13.54	-15.32	-17.35	-19.63	-22.22
Free Cash Flow	156.26	249.84	137.95	-482.67	615.30	189.05	213.99	242.23	274.19	310.36
WACC
PV LFCF						183.33	201.24	220.90	242.48	266.17
SUM PV LFCF										1,114.11

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	3.12
Free cash flow (t + 1)	316.57
Terminal Value	28,264.99
Present Value of Terminal Value	24,240.10

Intrinsic Value

Enterprise Value	25,354.21
Net Debt	167.65
Equity Value	25,186.56
Shares Outstanding	103.05
Equity Value Per Share	244.42