Discounted Cash Flow (DCF) Analysis Levered

Swvl Holdings Corp. (SWVL)

$1.3

+0.11 (+9.24%)

All numbers are in Millions, Currency in USD

Stock DCF: 201,807.36 | 1.3 | undervalue

Free Cash Flow

Year A/P	2019 Actual	2020 Actual	2021 Actual	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Revenue	12.35	17.31	38.35	69.34	125.38	226.73	409.98	741.36
Revenue (%)
Operating Cash Flow	-39.99	-30.55	-62.13	-153.06	-276.77	-500.48	-905	-1,636.48
Operating Cash Flow (%)
Capital Expenditure	-0.39	-0.21	-0.32	-1.21	-2.18	-3.94	-7.13	-12.89
Capital Expenditure (%)
Free Cash Flow	-40.38	-30.76	-62.46	-154.26	-278.95	-504.42	-912.13	-1,649.37

Weighted Average Cost Of Capital

Share price	$ 1.3
Beta	-0.456
Diluted Shares Outstanding	4.74
Cost of Debt
Tax Rate	3.28
After-tax Cost of Debt	1.88%
Risk-Free Rate
Market Risk Premium
Cost of Equity	1.377
Total Debt	79.65
Total Equity	6.16
Total Capital	85.81
Debt Weighting	92.82
Equity Weighting	7.18
Wacc

Build Up Free Cash Flow

Year A/P	2019 Actual	2020 Actual	2021 Actual	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Revenue	12.35	17.31	38.35	69.34	125.38	226.73	409.98	741.36
Operating Cash Flow	-39.99	-30.55	-62.13	-153.06	-276.77	-500.48	-905	-1,636.48
Capital Expenditure	-0.39	-0.21	-0.32	-1.21	-2.18	-3.94	-7.13	-12.89
Free Cash Flow	-40.38	-30.76	-62.46	-154.26	-278.95	-504.42	-912.13	-1,649.37
WACC
PV LFCF				-157.10	-278.95	-495.30	-879.46	-1,561.58
SUM PV LFCF								-3,251.64

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	1.84
Free cash flow (t + 1)	-1,682.36
Terminal Value	1,051,474.07
Present Value of Terminal Value	959,857.17

Intrinsic Value

Enterprise Value	956,605.53
Net Debt	70.12
Equity Value	956,535.42
Shares Outstanding	4.74
Equity Value Per Share	201,807.36