Discounted Cash Flow (DCF) Analysis Levered

PaySign, Inc. (PAYS)

$1.9

-0.02 (-1.04%)

All numbers are in Millions, Currency in USD

Stock DCF: 8.78 | 1.9 | undervalue

Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	23.42	34.67	24.12	29.46	38.03	44.58	52.25	61.23	71.77	84.12
Revenue (%)
Operating Cash Flow	16	16.71	13.78	15.23	25.32	26.02	30.50	35.74	41.89	49.10
Operating Cash Flow (%)
Capital Expenditure	-1.59	-3.24	-3.34	-2.68	-4.09	-4.45	-5.21	-6.11	-7.16	-8.39
Capital Expenditure (%)
Free Cash Flow	14.40	13.48	10.43	12.55	21.23	21.57	25.29	29.64	34.74	40.71

Weighted Average Cost Of Capital

Share price	$ 1.9
Beta	0.992
Diluted Shares Outstanding	52.93
Cost of Debt
Tax Rate	9.47
After-tax Cost of Debt	19.49%
Risk-Free Rate
Market Risk Premium
Cost of Equity	9.242
Total Debt	3.67
Total Equity	100.57
Total Capital	104.25
Debt Weighting	3.52
Equity Weighting	96.48
Wacc

Build Up Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	23.42	34.67	24.12	29.46	38.03	44.58	52.25	61.23	71.77	84.12
Operating Cash Flow	16	16.71	13.78	15.23	25.32	26.02	30.50	35.74	41.89	49.10
Capital Expenditure	-1.59	-3.24	-3.34	-2.68	-4.09	-4.45	-5.21	-6.11	-7.16	-8.39
Free Cash Flow	14.40	13.48	10.43	12.55	21.23	21.57	25.29	29.64	34.74	40.71
WACC
PV LFCF						19.69	21.05	22.51	24.07	25.74
SUM PV LFCF										113.06

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	9.60
Free cash flow (t + 1)	41.53
Terminal Value	546.39
Present Value of Terminal Value	345.50

Intrinsic Value

Enterprise Value	458.56
Net Debt	-6.04
Equity Value	464.60
Shares Outstanding	52.93
Equity Value Per Share	8.78