Discounted Cash Flow (DCF) Analysis Unlevered

Accolade, Inc. (ACCD)

$11.61

-0.96 (-7.64%)
All numbers are in Millions, Currency in USD
Stock DCF: -126.19 | 11.61 | overvalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 76.8394.81132.51170.36310.02444.66637.77914.741,311.991,881.77
Revenue (%)
EBITDA -51.51-44.68-39.80-38.71-83.25-172.32-247.16-354.50-508.45-729.26
EBITDA (%)
EBIT -59.49-54.07-48.31-46.92-125.86-212.60-304.92-437.34-627.28-899.69
EBIT (%)
Depreciation 7.989.398.528.2142.6140.2757.7682.85118.83170.43
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 13.5342.7084.32433.88365.85443.76636.47912.881,309.331,877.96
Total Cash (%)
Account Receivables 6.960.441.1911.8430.8024.2834.8249.9471.63102.73
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 1.632.455.277.397.8413.8319.8428.4640.8258.55
Accounts Payable (%)
Capital Expenditure -7.15-3.12-3.32-2.37-3.62-15.70-22.52-32.30-46.33-66.45
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 11.61
Beta 2.291
Diluted Shares Outstanding 63.82
Cost of Debt
Tax Rate 4.38
After-tax Cost of Debt 0.87%
Risk-Free Rate
Market Risk Premium
Cost of Equity 13.700
Total Debt 319.74
Total Equity 740.99
Total Capital 1,060.73
Debt Weighting 30.14
Equity Weighting 69.86
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 76.8394.81132.51170.36310.02444.66637.77914.741,311.991,881.77
EBITDA -51.51-44.68-39.80-38.71-83.25-172.32-247.16-354.50-508.45-729.26
EBIT -59.49-54.07-48.31-46.92-125.86-212.60-304.92-437.34-627.28-899.69
Tax Rate 0.00%-0.10%-0.25%-0.01%4.38%0.80%0.80%0.80%0.80%0.80%
EBIAT -59.49-54.12-48.43-46.93-120.35-210.89-302.47-433.83-622.23-892.45
Depreciation 7.989.398.528.2142.6140.2757.7682.85118.83170.43
Accounts Receivable -6.52-0.75-10.65-18.966.53-10.54-15.12-21.69-31.11
Inventories ----------
Accounts Payable -0.822.822.120.4566.018.6212.3617.73
Capital Expenditure -7.15-3.12-3.31-2.37-3.62-15.70-22.52-32.30-46.33-66.45
UFCF -58.66-40.50-41.17-49.61-99.87-173.79-271.76-389.78-559.06-801.85
WACC
PV UFCF -158.24-225.29-294.21-384.21-501.75
SUM PV UFCF -1,563.70

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.83
Free cash flow (t + 1) -817.89
Terminal Value -10,445.54
Present Value of Terminal Value -6,536.21

Intrinsic Value

Enterprise Value -8,099.91
Net Debt -46.11
Equity Value -8,053.80
Shares Outstanding 63.82
Equity Value Per Share -126.19