Discounted Cash Flow (DCF) Analysis Levered

ShiftPixy, Inc. (PIXY)

$0.8

-0.25 (-23.81%)

All numbers are in Millions, Currency in USD

Stock DCF: 42,112.88 | 0.8 | 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	34.96	53.44	8.64	23.42	36	53.44	79.33	117.75	174.79	259.45
Revenue (%)
Operating Cash Flow	-9.54	-2.09	-16.88	-21.51	-17.52	-39.23	-58.24	-86.44	-128.32	-190.47
Operating Cash Flow (%)
Capital Expenditure	-3.02	-1.17	-0.24	-2.57	-0.49	-2.76	-4.10	-6.09	-9.04	-13.42
Capital Expenditure (%)
Free Cash Flow	-12.56	-3.25	-17.12	-24.08	-18.01	-42	-62.34	-92.54	-137.36	-203.89

Weighted Average Cost Of Capital

Share price	$ 0.8
Beta	1.142
Diluted Shares Outstanding	0.40
Cost of Debt
Tax Rate	0.09
After-tax Cost of Debt	0.03%
Risk-Free Rate
Market Risk Premium
Cost of Equity	9.989
Total Debt	3.54
Total Equity	0.32
Total Capital	3.86
Debt Weighting	91.66
Equity Weighting	8.34
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	34.96	53.44	8.64	23.42	36	53.44	79.33	117.75	174.79	259.45
Operating Cash Flow	-9.54	-2.09	-16.88	-21.51	-17.52	-39.23	-58.24	-86.44	-128.32	-190.47
Capital Expenditure	-3.02	-1.17	-0.24	-2.57	-0.49	-2.76	-4.10	-6.09	-9.04	-13.42
Free Cash Flow	-12.56	-3.25	-17.12	-24.08	-18.01	-42	-62.34	-92.54	-137.36	-203.89
WACC
PV LFCF						-41.64	-61.28	-90.19	-132.73	-195.35
SUM PV LFCF										-521.19

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	0.86
Free cash flow (t + 1)	-207.97
Terminal Value	18,242.99
Present Value of Terminal Value	17,478.38

Intrinsic Value

Enterprise Value	16,957.19
Net Debt	2.92
Equity Value	16,954.27
Shares Outstanding	0.40
Equity Value Per Share	42,112.88