Discounted Cash Flow (DCF) Analysis Unlevered

Agora, Inc. (API)

$3.27

+0.52 (+18.91%)
All numbers are in Millions, Currency in USD
Stock DCF: -76.57 | 3.27 | 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 43.6664.43133.56167.98160.67231.49333.51480.51692.30997.43
Revenue (%)
EBITDA 1.21-4.31-0.67-65.65-62.16-38.06-54.83-78.99-113.81-163.97
EBITDA (%)
EBIT 0.28-6.18-5.13-79.59-78.05-50.34-72.53-104.49-150.55-216.90
EBIT (%)
Depreciation 0.921.874.4613.9415.8812.2817.7025.5036.7452.93
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 109.98105.60635.44755.30427.71744.181,072.181,544.752,225.603,206.54
Total Cash (%)
Account Receivables 12.7717.0227.8433.5833.4454.3178.25112.74162.43234.03
Account Receivables (%)
Inventories 0.350.5000.880.841.211.752.523.635.23
Inventories (%)
Accounts Payable 2.774.097.725.3110.1012.9218.6226.8238.6455.68
Accounts Payable (%)
Capital Expenditure -2.26-4.80-12.88-12.47-209.87-74.23-106.94-154.07-221.98-319.82
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 3.27
Beta 0.078
Diluted Shares Outstanding 111.61
Cost of Debt
Tax Rate -0.55
After-tax Cost of Debt 424.12%
Risk-Free Rate
Market Risk Premium
Cost of Equity 4.690
Total Debt 2.27
Total Equity 364.95
Total Capital 367.23
Debt Weighting 0.62
Equity Weighting 99.38
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 43.6664.43133.56167.98160.67231.49333.51480.51692.30997.43
EBITDA 1.21-4.31-0.67-65.65-62.16-38.06-54.83-78.99-113.81-163.97
EBIT 0.28-6.18-5.13-79.59-78.05-50.34-72.53-104.49-150.55-216.90
Tax Rate 21.84%-14.91%-22.02%-1.17%-0.55%-3.36%-3.36%-3.36%-3.36%-3.36%
EBIAT 0.22-7.10-6.25-80.52-78.48-52.03-74.97-108.01-155.61-224.20
Depreciation 0.921.874.4613.9415.8812.2817.7025.5036.7452.93
Accounts Receivable --4.26-10.82-5.740.14-20.88-23.94-34.49-49.69-71.59
Inventories --0.150.50-0.880.04-0.37-0.53-0.77-1.11-1.60
Accounts Payable -1.323.63-2.414.792.825.708.2111.8217.03
Capital Expenditure -2.26-4.80-12.88-12.47-209.87-74.23-106.94-154.07-221.98-319.82
UFCF -1.12-13.12-21.36-88.09-267.49-132.40-182.99-263.64-379.83-547.25
WACC
PV UFCF -123.41-158.96-213.47-286.65-384.93
SUM PV UFCF -1,167.42

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.29
Free cash flow (t + 1) -558.19
Terminal Value -10,551.84
Present Value of Terminal Value -7,422.19

Intrinsic Value

Enterprise Value -8,589.61
Net Debt -43.40
Equity Value -8,546.21
Shares Outstanding 111.61
Equity Value Per Share -76.57