Discounted Cash Flow (DCF) Analysis Levered

i3 Verticals, Inc. (IIIV)

$19.86

-0.29 (-1.44%)
All numbers are in Millions, Currency in USD
Stock DCF: 10.42 | 19.86 | 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 262.57323.51376.31150.13224.12240.21257.45275.93295.73316.95
Revenue (%)
Operating Cash Flow 7.7318.0826.6023.7217.5918.8620.2121.6623.2124.88
Operating Cash Flow (%)
Capital Expenditure -2.10-4.49-3.11-5.9547.276.787.277.798.358.95
Capital Expenditure (%)
Free Cash Flow 5.6313.5923.4917.7764.8725.6427.4829.4531.5633.83

Weighted Average Cost Of Capital

Share price $ 19.86
Beta 1.294
Diluted Shares Outstanding 31.71
Cost of Debt
Tax Rate 38.23
After-tax Cost of Debt 28.07%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.072
Total Debt 21.56
Total Equity 629.84
Total Capital 651.41
Debt Weighting 3.31
Equity Weighting 96.69
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 262.57323.51376.31150.13224.12240.21257.45275.93295.73316.95
Operating Cash Flow 7.7318.0826.6023.7217.5918.8620.2121.6623.2124.88
Capital Expenditure -2.10-4.49-3.11-5.9547.276.787.277.798.358.95
Free Cash Flow 5.6313.5923.4917.7764.8725.6427.4829.4531.5633.83
WACC
PV LFCF 23.1722.4421.7321.0420.38
SUM PV LFCF 108.75

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.67
Free cash flow (t + 1) 34.51
Terminal Value 397.99
Present Value of Terminal Value 239.73

Intrinsic Value

Enterprise Value 348.48
Net Debt 17.92
Equity Value 330.55
Shares Outstanding 31.71
Equity Value Per Share 10.42