Discounted Cash Flow (DCF) Analysis Levered
Iris Energy Limited (IREN)
$3.32
+0.30 (+9.93%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 2.17 | 7.84 | 59.04 | 328.76 | 1,830.80 | 10,195.27 | 56,774.97 | 316,165.92 |
|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||
| Operating Cash Flow | -0.99 | -3.56 | -26.80 | -149.26 | -831.19 | -4,628.67 | -25,775.94 | -143,539.91 |
| Operating Cash Flow (%) | ||||||||
| Capital Expenditure | -4.07 | -81.22 | -294.25 | -1,887.20 | -10,509.34 | -58,523.92 | -325,905.40 | -1,814,887.51 |
| Capital Expenditure (%) | ||||||||
| Free Cash Flow | -5.06 | -84.78 | -321.05 | -2,036.46 | -11,340.52 | -63,152.59 | -351,681.34 | -1,958,427.42 |
Weighted Average Cost Of Capital
| Share price | $ 3.32 |
|---|---|
| Beta | 0.000 |
| Diluted Shares Outstanding | 40.94 |
| Cost of Debt | |
| Tax Rate | -0.65 |
| After-tax Cost of Debt | 29.73% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 3.606 |
| Total Debt | 108.29 |
| Total Equity | 135.92 |
| Total Capital | 244.21 |
| Debt Weighting | 44.34 |
| Equity Weighting | 55.66 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 2.17 | 7.84 | 59.04 | 328.76 | 1,830.80 | 10,195.27 | 56,774.97 | 316,165.92 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -0.99 | -3.56 | -26.80 | -149.26 | -831.19 | -4,628.67 | -25,775.94 | -143,539.91 |
| Capital Expenditure | -4.07 | -81.22 | -294.25 | -1,887.20 | -10,509.34 | -58,523.92 | -325,905.40 | -1,814,887.51 |
| Free Cash Flow | -5.06 | -84.78 | -321.05 | -2,036.46 | -11,340.52 | -63,152.59 | -351,681.34 | -1,958,427.42 |
| WACC | ||||||||
| PV LFCF | -1,767.91 | -8,546.80 | -41,318.72 | -199,751.58 | -965,680.78 | |||
| SUM PV LFCF | -1,217,065.79 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 15.19 |
| Free cash flow (t + 1) | -1,997,595.97 |
| Terminal Value | -15,144,776.11 |
| Present Value of Terminal Value | -7,467,736.17 |
Intrinsic Value
| Enterprise Value | -8,684,801.95 |
|---|---|
| Net Debt | -1.68 |
| Equity Value | -8,684,800.27 |
| Shares Outstanding | 40.94 |
| Equity Value Per Share | -212,129.27 |