Discounted Cash Flow (DCF) Analysis Levered

i3 Verticals, Inc. (IIIV)

$22.35

+0.84 (+3.91%)
All numbers are in Millions, Currency in USD
Stock DCF: 17.48 | 22.35 | overvalue

Free Cash Flow

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 376.31150.13224.12317.86370.24414.19463.35518.35579.89648.72
Revenue (%)
Operating Cash Flow 26.6023.7246.7745.8534.5055.9062.5369.9678.2687.55
Operating Cash Flow (%)
Capital Expenditure -3.11-5.95-8.20-12.45-16.38-13.91-15.56-17.41-19.47-21.78
Capital Expenditure (%)
Free Cash Flow 23.4917.7738.5733.4018.1341.9946.9752.5558.7965.77

Weighted Average Cost Of Capital

Share price $ 22.35
Beta 1.531
Diluted Shares Outstanding 33.25
Cost of Debt
Tax Rate 78.96
After-tax Cost of Debt 1.32%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.511
Total Debt 400.02
Total Equity 743.07
Total Capital 1,143.09
Debt Weighting 34.99
Equity Weighting 65.01
Wacc

Build Up Free Cash Flow

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 376.31150.13224.12317.86370.24414.19463.35518.35579.89648.72
Operating Cash Flow 26.6023.7246.7745.8534.5055.9062.5369.9678.2687.55
Capital Expenditure -3.11-5.95-8.20-12.45-16.38-13.91-15.56-17.41-19.47-21.78
Free Cash Flow 23.4917.7738.5733.4018.1341.9946.9752.5558.7965.77
WACC
PV LFCF 38.9040.3141.7743.2944.86
SUM PV LFCF 209.14

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.95
Free cash flow (t + 1) 67.08
Terminal Value 1,127.43
Present Value of Terminal Value 769.09

Intrinsic Value

Enterprise Value 978.23
Net Debt 396.91
Equity Value 581.32
Shares Outstanding 33.25
Equity Value Per Share 17.48