Discounted Cash Flow (DCF) Analysis Unlevered
Agora, Inc. (API)
$5.07
-0.13 (-2.50%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 43.66 | 64.43 | 133.56 | 167.98 | 269.14 | 431.21 | 690.87 | 1,106.89 | 1,773.44 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | |||||||||
| EBITDA | 1.40 | -3.51 | 1.91 | -57.58 | -23.60 | -37.81 | -60.59 | -97.07 | -155.52 |
| EBITDA (%) | |||||||||
| EBIT | 0.48 | -5.38 | -2.55 | -71.52 | -34.80 | -55.76 | -89.34 | -143.14 | -229.34 |
| EBIT (%) | |||||||||
| Depreciation | 0.92 | 1.87 | 4.46 | 13.94 | 11.20 | 17.95 | 28.76 | 46.07 | 73.82 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Total Cash | 109.98 | 105.60 | 635.44 | 755.30 | 902.42 | 1,445.84 | 2,316.49 | 3,711.43 | 5,946.37 |
|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | |||||||||
| Account Receivables | 12.77 | 17.02 | 31.25 | 33.58 | 66.65 | 106.79 | 171.09 | 274.12 | 439.18 |
| Account Receivables (%) | |||||||||
| Inventories | - | - | - | - | - | - | - | - | - |
| Inventories (%) | |||||||||
| Accounts Payable | 2.77 | 4.09 | 7.72 | 5.31 | 14.55 | 23.31 | 37.35 | 59.83 | 95.86 |
| Accounts Payable (%) | |||||||||
| Capital Expenditure | -2.26 | -4.80 | -12.88 | -12.47 | -19.98 | -32.02 | -51.30 | -82.19 | -131.68 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 5.07 |
|---|---|
| Beta | 0.265 |
| Diluted Shares Outstanding | 67.21 |
| Cost of Debt | |
| Tax Rate | -0.71 |
| After-tax Cost of Debt | -% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 4.016 |
| Total Debt | 7.41 |
| Total Equity | 340.77 |
| Total Capital | 348.18 |
| Debt Weighting | 2.13 |
| Equity Weighting | 97.87 |
| Wacc |
Build Up Free Cash
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 43.66 | 64.43 | 133.56 | 167.98 | 269.14 | 431.21 | 690.87 | 1,106.89 | 1,773.44 |
|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 1.40 | -3.51 | 1.91 | -57.58 | -23.60 | -37.81 | -60.59 | -97.07 | -155.52 |
| EBIT | 0.48 | -5.38 | -2.55 | -71.52 | -34.80 | -55.76 | -89.34 | -143.14 | -229.34 |
| Tax Rate | 21.84% | -14.91% | -22.00% | -0.71% | -3.95% | -3.95% | -3.95% | -3.95% | -3.95% |
| EBIAT | 0.38 | -6.18 | -3.11 | -72.02 | -36.18 | -57.96 | -92.87 | -148.79 | -238.39 |
| Depreciation | 0.92 | 1.87 | 4.46 | 13.94 | 11.20 | 17.95 | 28.76 | 46.07 | 73.82 |
| Accounts Receivable | - | -4.26 | -14.23 | -2.33 | -33.07 | -40.14 | -64.30 | -103.03 | -165.07 |
| Inventories | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 1.32 | 3.63 | -2.41 | 9.24 | 8.76 | 14.04 | 22.49 | 36.03 |
| Capital Expenditure | -2.26 | -4.80 | -12.88 | -12.47 | -19.98 | -32.02 | -51.30 | -82.19 | -131.68 |
| UFCF | -0.96 | -12.04 | -22.13 | -75.30 | -68.79 | -103.41 | -165.68 | -265.44 | -425.29 |
| WACC | |||||||||
| PV UFCF | -68.79 | - | - | - | - | ||||
| SUM PV UFCF | - |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | - |
| Free cash flow (t + 1) | -433.80 |
| Terminal Value | - |
| Present Value of Terminal Value | - |
Intrinsic Value
| Enterprise Value | - |
|---|---|
| Net Debt | -278.26 |
| Equity Value | - |
| Shares Outstanding | 67.21 |
| Equity Value Per Share | - |