Discounted Cash Flow (DCF) Analysis Unlevered
AFC Gamma, Inc. (AFCG)
$12.27
+0.22 (+1.83%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 38.08 | 71.54 | 134.39 | 252.47 | 474.27 | 890.93 | 1,673.66 |
|---|---|---|---|---|---|---|---|
| Revenue (%) | |||||||
| EBITDA | - | - | - | - | - | - | - |
| EBITDA (%) | |||||||
| EBIT | - | - | - | - | - | - | - |
| EBIT (%) | |||||||
| Depreciation | - | - | - | - | - | - | - |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Total Cash | - | - | - | - | - | - | - |
|---|---|---|---|---|---|---|---|
| Total Cash (%) | |||||||
| Account Receivables | 4.41 | 5.26 | 12.72 | 23.90 | 44.90 | 84.36 | 158.47 |
| Account Receivables (%) | |||||||
| Inventories | - | - | - | - | - | - | - |
| Inventories (%) | |||||||
| Accounts Payable | 7.30 | 5.07 | 17.65 | 33.16 | 62.29 | 117.02 | 219.83 |
| Accounts Payable (%) | |||||||
| Capital Expenditure | - | - | - | - | - | - | - |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 12.27 |
|---|---|
| Beta | 1.088 |
| Diluted Shares Outstanding | 19.96 |
| Cost of Debt | |
| Tax Rate | 2.78 |
| After-tax Cost of Debt | 4.22% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.517 |
| Total Debt | 157.13 |
| Total Equity | 244.88 |
| Total Capital | 402.01 |
| Debt Weighting | 39.09 |
| Equity Weighting | 60.91 |
| Wacc |
Build Up Free Cash
Year A/P | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 38.08 | 71.54 | 134.39 | 252.47 | 474.27 | 890.93 | 1,673.66 |
|---|---|---|---|---|---|---|---|
| EBITDA | - | - | - | - | - | - | - |
| EBIT | - | - | - | - | - | - | - |
| Tax Rate | 0.17% | 2.78% | 1.47% | 1.47% | 1.47% | 1.47% | 1.47% |
| EBIAT | - | - | - | - | - | - | - |
| Depreciation | - | - | - | - | - | - | - |
| Accounts Receivable | - | -0.84 | -7.47 | -11.18 | -21 | -39.45 | -74.11 |
| Inventories | - | - | - | - | - | - | - |
| Accounts Payable | - | -2.23 | 12.58 | 15.51 | 29.13 | 54.73 | 102.81 |
| Capital Expenditure | - | - | - | - | - | - | - |
| UFCF | - | - | 5.11 | 4.33 | 8.13 | 15.28 | 28.70 |
| WACC | |||||||
| PV UFCF | 5.83 | 4.63 | 8.13 | 14.30 | 25.14 | ||
| SUM PV UFCF | 47.58 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.84 |
| Free cash flow (t + 1) | 29.27 |
| Terminal Value | 604.80 |
| Present Value of Terminal Value | 434.45 |
Intrinsic Value
| Enterprise Value | 482.04 |
|---|---|
| Net Debt | 16.76 |
| Equity Value | 465.28 |
| Shares Outstanding | 19.96 |
| Equity Value Per Share | 23.31 |