Discounted Cash Flow (DCF) Analysis Unlevered

Digital Turbine, Inc. (APPS)

$17.44

-1.38 (-7.33%)
All numbers are in Millions, Currency in USD
Stock DCF: -254.49 | 17.44 | 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 74.75103.57138.72313.58747.601,377.362,537.634,675.298,613.6915,869.74
Revenue (%)
EBITDA -49.08-1.655.9147.97109.90-90.91-167.49-308.58-568.53-1,047.45
EBITDA (%)
EBIT -51.74-4.423.5740.8552.44-140.14-258.19-475.69-876.40-1,614.66
EBIT (%)
Depreciation 2.662.772.347.1157.4549.2390.70167.10307.87567.22
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 12.7210.8921.5330.78126.77192.36354.41652.961,2032,216.39
Total Cash (%)
Account Receivables 17.0522.7133.1461.99263.14340.44627.231,155.602,129.063,922.54
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 19.9014.9131.5834.95167.86268.25494.22910.541,677.573,090.73
Accounts Payable (%)
Capital Expenditure -1.99-2.31-4.85-9.20-23.28-39.78-73.29-135.03-248.78-458.35
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 17.44
Beta 2.343
Diluted Shares Outstanding 102.64
Cost of Debt
Tax Rate 19.16
After-tax Cost of Debt 1.29%
Risk-Free Rate
Market Risk Premium
Cost of Equity 14.660
Total Debt 533.28
Total Equity 1,790.04
Total Capital 2,323.33
Debt Weighting 22.95
Equity Weighting 77.05
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 74.75103.57138.72313.58747.601,377.362,537.634,675.298,613.6915,869.74
EBITDA -49.08-1.655.9147.97109.90-90.91-167.49-308.58-568.53-1,047.45
EBIT -51.74-4.423.5740.8552.44-140.14-258.19-475.69-876.40-1,614.66
Tax Rate -155.99%-56.80%-255.95%-31.12%19.16%-96.14%-96.14%-96.14%-96.14%-96.14%
EBIAT -132.45-6.9312.6953.5742.39-274.87-506.42-933.01-1,718.97-3,167.01
Depreciation 2.662.772.347.1157.4549.2390.70167.10307.87567.22
Accounts Receivable --5.66-10.43-28.85-201.15-77.30-286.79-528.37-973.46-1,793.49
Inventories ----------
Accounts Payable --4.9816.673.37132.91100.39225.97416.32767.031,413.16
Capital Expenditure -1.99-2.31-4.84-9.20-23.28-39.78-73.29-135.03-248.78-458.35
UFCF -131.78-17.1216.43268.32-242.33-549.82-1,012.99-1,866.31-3,438.47
WACC
PV UFCF -217.16-441.54-729-1,203.60-1,987.18
SUM PV UFCF -4,578.49

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 11.59
Free cash flow (t + 1) -3,507.23
Terminal Value -36,571.79
Present Value of Terminal Value -21,135.86

Intrinsic Value

Enterprise Value -25,714.35
Net Debt 406.52
Equity Value -26,120.87
Shares Outstanding 102.64
Equity Value Per Share -254.49