Discounted Cash Flow (DCF) Analysis Unlevered
Blade Air Mobility, Inc. (BLDE)
$3.28
+0.07 (+2.18%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 31.20 | 23.43 | 50.53 | 146.12 | 282.46 | 546.02 | 1,055.51 | 2,040.40 | 3,944.27 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | |||||||||
| EBITDA | -11.07 | -9.63 | -4.03 | -69.87 | -93.48 | -180.71 | -349.33 | -675.28 | -1,305.37 |
| EBITDA (%) | |||||||||
| EBIT | -11.54 | -10.16 | -4.63 | -75.59 | -99.74 | -192.80 | -372.69 | -720.45 | -1,392.69 |
| EBIT (%) | |||||||||
| Depreciation | 0.47 | 0.53 | 0.60 | 5.73 | 6.25 | 12.09 | 23.37 | 45.17 | 87.32 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Total Cash | 276.26 | 12.16 | 281.97 | 194.04 | 1,149.85 | 2,222.77 | 4,296.80 | 8,306.09 | 16,056.38 |
|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | |||||||||
| Account Receivables | - | 1.09 | 5.55 | 10.88 | 21.73 | 42.02 | 81.22 | 157 | 303.50 |
| Account Receivables (%) | |||||||||
| Inventories | - | 0.11 | 0.87 | 1.13 | 2.81 | 5.43 | 10.50 | 20.31 | 39.25 |
| Inventories (%) | |||||||||
| Accounts Payable | - | 0.78 | 4.45 | 16.54 | 22.06 | 42.64 | 82.43 | 159.34 | 308.02 |
| Accounts Payable (%) | |||||||||
| Capital Expenditure | -0.85 | -0.38 | -0.80 | -0.73 | -4.54 | -8.78 | -16.97 | -32.81 | -63.42 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 3.28 |
|---|---|
| Beta | -0.210 |
| Diluted Shares Outstanding | 71.24 |
| Cost of Debt | |
| Tax Rate | 2.75 |
| After-tax Cost of Debt | 4.14% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 3.264 |
| Total Debt | 18.33 |
| Total Equity | 233.66 |
| Total Capital | 251.99 |
| Debt Weighting | 7.27 |
| Equity Weighting | 92.73 |
| Wacc |
Build Up Free Cash
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 31.20 | 23.43 | 50.53 | 146.12 | 282.46 | 546.02 | 1,055.51 | 2,040.40 | 3,944.27 |
|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -11.07 | -9.63 | -4.03 | -69.87 | -93.48 | -180.71 | -349.33 | -675.28 | -1,305.37 |
| EBIT | -11.54 | -10.16 | -4.63 | -75.59 | -99.74 | -192.80 | -372.69 | -720.45 | -1,392.69 |
| Tax Rate | 0.00% | 0.00% | 8.34% | 2.75% | 2.77% | 2.77% | 2.77% | 2.77% | 2.77% |
| EBIAT | -11.54 | -10.16 | -4.24 | -73.51 | -96.97 | -187.45 | -362.36 | -700.47 | -1,354.08 |
| Depreciation | 0.47 | 0.53 | 0.60 | 5.73 | 6.25 | 12.09 | 23.37 | 45.17 | 87.32 |
| Accounts Receivable | - | - | -4.46 | -5.33 | -10.86 | -20.28 | -39.20 | -75.78 | -146.50 |
| Inventories | - | - | -0.76 | -0.25 | -1.68 | -2.62 | -5.07 | -9.80 | -18.95 |
| Accounts Payable | - | - | 3.67 | 12.09 | 5.52 | 20.58 | 39.79 | 76.91 | 148.68 |
| Capital Expenditure | -0.85 | -0.38 | -0.80 | -0.73 | -4.54 | -8.78 | -16.97 | -32.81 | -63.42 |
| UFCF | -11.92 | -10.01 | -5.99 | -62.01 | -102.28 | -186.46 | -360.45 | -696.78 | -1,346.94 |
| WACC | |||||||||
| PV UFCF | -102.28 | -180.45 | -337.59 | -631.57 | -1,181.53 | ||||
| SUM PV UFCF | -2,355 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 3.33 |
| Free cash flow (t + 1) | -1,373.88 |
| Terminal Value | -103,299.32 |
| Present Value of Terminal Value | -87,693.08 |
Intrinsic Value
| Enterprise Value | -90,048.07 |
|---|---|
| Net Debt | -24.96 |
| Equity Value | -90,023.11 |
| Shares Outstanding | 71.24 |
| Equity Value Per Share | -1,263.69 |