Discounted Cash Flow (DCF) Analysis Unlevered

Agora, Inc. (API)

$3.95

-0.10 (-2.47%)
All numbers are in Millions, Currency in USD
Stock DCF: - | 3.95 | undervalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 43.6664.43133.56167.98269.14431.21690.871,106.891,773.44
Revenue (%)
EBITDA 1.40-3.511.91-57.58-23.60-37.81-60.59-97.07-155.52
EBITDA (%)
EBIT 0.48-5.38-2.55-71.52-34.80-55.76-89.34-143.14-229.34
EBIT (%)
Depreciation 0.921.874.4613.9411.2017.9528.7646.0773.82
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 109.98105.60635.44755.30902.421,445.842,316.493,711.435,946.37
Total Cash (%)
Account Receivables 12.7717.0231.2533.5866.65106.79171.09274.12439.18
Account Receivables (%)
Inventories ---------
Inventories (%)
Accounts Payable 2.774.097.725.3114.5523.3137.3559.8395.86
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 $ 3.95
Beta 0.074
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 4.228
Total Debt 7.41
Total Equity 265.49
Total Capital 272.90
Debt Weighting 2.71
Equity Weighting 97.29
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 43.6664.43133.56167.98269.14431.21690.871,106.891,773.44
EBITDA 1.40-3.511.91-57.58-23.60-37.81-60.59-97.07-155.52
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 0.921.874.4613.9411.2017.9528.7646.0773.82
Accounts Receivable --4.26-14.23-2.33-33.07-40.14-64.30-103.03-165.07
Inventories ---------
Accounts Payable -1.323.63-2.419.248.7614.0422.4936.03
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 -