Discounted Cash Flow (DCF) Analysis Unlevered

The Beachbody Company, Inc. (BODY)

$0.6959

-0.00 (-0.59%)
All numbers are in Millions, Currency in USD
Stock DCF: -38.18 | 0.6959 | overvalue

Operating Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 755.78863.58873.65941.041,013.641,091.841,176.071,266.80
Revenue (%)
EBITDA 72.8546.11-183.79-19.01-20.47-22.05-23.75-25.59
EBITDA (%)
EBIT 19.70-5.64-243.39-81.26-87.53-94.28-101.55-109.39
EBIT (%)
Depreciation 53.1551.7459.6062.2567.0672.2377.8083.80
Depreciation (%)

Balance Sheet Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 41.5656.83104.0575.2581.0687.3194.05101.30
Total Cash (%)
Account Receivables 1.520.851.221.381.491.601.731.86
Account Receivables (%)
Inventories 39.7365.35132.7387.8894.66101.97109.83118.31
Inventories (%)
Accounts Payable 16.5228.9848.3834.7537.4340.3243.4346.78
Accounts Payable (%)
Capital Expenditure -23.81-37.93-77.91-51.63-55.62-59.91-64.53-69.51
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 0.6,959
Beta 0.000
Diluted Shares Outstanding 304.43
Cost of Debt
Tax Rate 6.37
After-tax Cost of Debt 7.04%
Risk-Free Rate
Market Risk Premium
Cost of Equity 3.561
Total Debt 7.13
Total Equity 211.85
Total Capital 218.98
Debt Weighting 3.26
Equity Weighting 96.74
Wacc

Build Up Free Cash

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 755.78863.58873.65941.041,013.641,091.841,176.071,266.80
EBITDA 72.8546.11-183.79-19.01-20.47-22.05-23.75-25.59
EBIT 19.70-5.64-243.39-81.26-87.53-94.28-101.55-109.39
Tax Rate -70.83%-247.75%6.37%-104.07%-104.07%-104.07%-104.07%-104.07%
EBIAT 33.64-19.60-227.88-165.83-178.62-192.40-207.24-223.23
Depreciation 53.1551.7459.6062.2567.0672.2377.8083.80
Accounts Receivable -0.66-0.37-0.16-0.11-0.11-0.12-0.13
Inventories --25.63-67.3844.85-6.78-7.30-7.87-8.47
Accounts Payable -12.4719.40-13.632.682.893.113.35
Capital Expenditure -23.81-37.93-77.91-51.63-55.62-59.91-64.53-69.51
UFCF 62.99-18.29-294.54-124.14-171.39-184.61-198.85-214.19
WACC
PV UFCF -128.70-171.39-178.07-185.02-192.24
SUM PV UFCF -795.93

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 3.67
Free cash flow (t + 1) -218.47
Terminal Value -13,082.30
Present Value of Terminal Value -10,924.93

Intrinsic Value

Enterprise Value -11,720.86
Net Debt -96.92
Equity Value -11,623.93
Shares Outstanding 304.43
Equity Value Per Share -38.18