Discounted Cash Flow (DCF) Analysis Levered
B. Riley Financial, Inc. (RILYL)
$19.4
+0.31 (+1.62%)
All numbers are in Millions, Currency in USD
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 | 422.99 | 652.11 | 902.72 | 1,740.56 | 1,080.67 | 1,479.16 | 2,024.59 | 2,771.15 | 3,792.99 | 5,191.63 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -104.81 | -30.39 | 57.69 | 50.89 | 6.65 | -57.72 | -79 | -108.13 | -148 | -202.57 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -5.43 | -3.46 | -2.04 | -0.68 | -3.92 | -7.23 | -9.89 | -13.54 | -18.53 | -25.36 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -110.25 | -33.85 | 55.64 | 50.22 | 2.74 | -64.94 | -88.89 | -121.67 | -166.53 | -227.94 |
Weighted Average Cost Of Capital
| Share price | $ 19.4 |
|---|---|
| Beta | 1.619 |
| Diluted Shares Outstanding | 29.01 |
| Cost of Debt | |
| Tax Rate | 28.97 |
| After-tax Cost of Debt | 3.94% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 11.897 |
| Total Debt | 2,545.89 |
| Total Equity | 562.71 |
| Total Capital | 3,108.60 |
| Debt Weighting | 81.90 |
| Equity Weighting | 18.10 |
| 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 | 422.99 | 652.11 | 902.72 | 1,740.56 | 1,080.67 | 1,479.16 | 2,024.59 | 2,771.15 | 3,792.99 | 5,191.63 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -104.81 | -30.39 | 57.69 | 50.89 | 6.65 | -57.72 | -79 | -108.13 | -148 | -202.57 |
| Capital Expenditure | -5.43 | -3.46 | -2.04 | -0.68 | -3.92 | -7.23 | -9.89 | -13.54 | -18.53 | -25.36 |
| Free Cash Flow | -110.25 | -33.85 | 55.64 | 50.22 | 2.74 | -64.94 | -88.89 | -121.67 | -166.53 | -227.94 |
| WACC | ||||||||||
| PV LFCF | -61.63 | -80.04 | -103.97 | -135.04 | -175.40 | |||||
| SUM PV LFCF | -556.08 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.38 |
| Free cash flow (t + 1) | -232.50 |
| Terminal Value | -6,878.60 |
| Present Value of Terminal Value | -5,293.09 |
Intrinsic Value
| Enterprise Value | -5,849.16 |
|---|---|
| Net Debt | 2,277.28 |
| Equity Value | -8,126.44 |
| Shares Outstanding | 29.01 |
| Equity Value Per Share | -280.17 |