Discounted Cash Flow (DCF) Analysis Levered

Party City Holdco Inc. (PRTY)

$0.3742

0.00 (0.00%)

All numbers are in Millions, Currency in USD

Stock DCF: -3.91 | 0.3742 | overvalue

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	2,371.57	2,427.52	2,348.79	1,850.69	2,171.06	2,145.12	2,119.48	2,094.16	2,069.13	2,044.41
Revenue (%)
Operating Cash Flow	267.92	101.86	43.69	77.20	51.93	102.61	101.38	100.17	98.97	97.79
Operating Cash Flow (%)
Capital Expenditure	-66.97	-85.66	-61.73	-51.13	-79.22	-66.04	-65.25	-64.47	-63.70	-62.94
Capital Expenditure (%)
Free Cash Flow	200.95	16.19	-18.04	26.07	-27.29	36.57	36.13	35.70	35.28	34.85

Weighted Average Cost Of Capital

Share price	$ 0.3,742
Beta	0.000
Diluted Shares Outstanding	100.80
Cost of Debt
Tax Rate	-653.09
After-tax Cost of Debt	10.18%
Risk-Free Rate
Market Risk Premium
Cost of Equity	4.480
Total Debt	856.49
Total Equity	37.72
Total Capital	894.21
Debt Weighting	95.78
Equity Weighting	4.22
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	2,371.57	2,427.52	2,348.79	1,850.69	2,171.06	2,145.12	2,119.48	2,094.16	2,069.13	2,044.41
Operating Cash Flow	267.92	101.86	43.69	77.20	51.93	102.61	101.38	100.17	98.97	97.79
Capital Expenditure	-66.97	-85.66	-61.73	-51.13	-79.22	-66.04	-65.25	-64.47	-63.70	-62.94
Free Cash Flow	200.95	16.19	-18.04	26.07	-27.29	36.57	36.13	35.70	35.28	34.85
WACC
PV LFCF						33.26	29.90	26.87	24.15	21.70
SUM PV LFCF										135.88

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	9.94
Free cash flow (t + 1)	35.55
Terminal Value	447.75
Present Value of Terminal Value	278.78

Intrinsic Value

Enterprise Value	414.65
Net Debt	808.58
Equity Value	-393.92
Shares Outstanding	100.80
Equity Value Per Share	-3.91