Discounted Cash Flow (DCF) Analysis Levered

PaySign, Inc. (PAYS)

$2.15

+0.04 (+1.90%)

All numbers are in Millions, Currency in USD

Stock DCF: 13.78 | 2.15 | 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	15.23	23.42	34.67	24.12	29.46	36.35	44.85	55.33	68.26	84.22
Revenue (%)
Operating Cash Flow	7.15	16	16.71	13.78	16.25	20.04	24.73	30.51	37.64	46.44
Operating Cash Flow (%)
Capital Expenditure	-1.52	-1.59	-3.24	-3.34	-2.95	-3.63	-4.48	-5.53	-6.82	-8.42
Capital Expenditure (%)
Free Cash Flow	5.63	14.40	13.48	10.43	13.30	16.41	20.25	24.98	30.82	38.02

Weighted Average Cost Of Capital

Share price	$ 2.15
Beta	0.896
Diluted Shares Outstanding	50.35
Cost of Debt
Tax Rate	-0.38
After-tax Cost of Debt	0.71%
Risk-Free Rate
Market Risk Premium
Cost of Equity	6.995
Total Debt	4.01
Total Equity	108.26
Total Capital	112.27
Debt Weighting	3.57
Equity Weighting	96.43
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	15.23	23.42	34.67	24.12	29.46	36.35	44.85	55.33	68.26	84.22
Operating Cash Flow	7.15	16	16.71	13.78	16.25	20.04	24.73	30.51	37.64	46.44
Capital Expenditure	-1.52	-1.59	-3.24	-3.34	-2.95	-3.63	-4.48	-5.53	-6.82	-8.42
Free Cash Flow	5.63	14.40	13.48	10.43	13.30	16.41	20.25	24.98	30.82	38.02
WACC
PV LFCF						11.08	12.80	14.79	17.09	19.75
SUM PV LFCF										104.76

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	6.77
Free cash flow (t + 1)	38.78
Terminal Value	812.97
Present Value of Terminal Value	585.90

Intrinsic Value

Enterprise Value	690.67
Net Debt	-3.37
Equity Value	694.04
Shares Outstanding	50.35
Equity Value Per Share	13.78