Discounted Cash Flow (DCF) Analysis Levered

Park City Group, Inc. (PCYG)

$9.8

+0.06 (+0.62%)

All numbers are in Millions, Currency in USD

Stock DCF: 4.27 | 9.8 | 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	21.17	20.04	21.01	18.05	19.10	18.68	18.27	17.87	17.48	17.09
Revenue (%)
Operating Cash Flow	4.58	4.20	5.40	6.10	8.86	5.55	5.43	5.31	5.19	5.08
Operating Cash Flow (%)
Capital Expenditure	-1.45	-0.65	-0.32	-0.05	-0.90	-0.62	-0.61	-0.59	-0.58	-0.57
Capital Expenditure (%)
Free Cash Flow	3.13	3.55	5.08	6.05	7.96	4.93	4.82	4.71	4.61	4.51

Weighted Average Cost Of Capital

Share price	$ 9.8
Beta	1.125
Diluted Shares Outstanding	18.77
Cost of Debt
Tax Rate	5.44
After-tax Cost of Debt	7.72%
Risk-Free Rate
Market Risk Premium
Cost of Equity	9.552
Total Debt	0.75
Total Equity	183.91
Total Capital	184.65
Debt Weighting	0.40
Equity Weighting	99.60
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	21.17	20.04	21.01	18.05	19.10	18.68	18.27	17.87	17.48	17.09
Operating Cash Flow	4.58	4.20	5.40	6.10	8.86	5.55	5.43	5.31	5.19	5.08
Capital Expenditure	-1.45	-0.65	-0.32	-0.05	-0.90	-0.62	-0.61	-0.59	-0.58	-0.57
Free Cash Flow	3.13	3.55	5.08	6.05	7.96	4.93	4.82	4.71	4.61	4.51
WACC
PV LFCF						4.50	4.02	3.59	3.20	2.86
SUM PV LFCF										18.16

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	9.54
Free cash flow (t + 1)	4.60
Terminal Value	60.99
Present Value of Terminal Value	38.67

Intrinsic Value

Enterprise Value	56.83
Net Debt	-23.24
Equity Value	80.08
Shares Outstanding	18.77
Equity Value Per Share	4.27