Discounted Cash Flow (DCF) Analysis Unlevered
Bowlero Corp. (BOWL)
$14.99
-0.10 (-0.66%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 520.43 | 395.23 | 911.71 | 1,397.73 | 2,142.84 | 3,285.18 | 5,036.48 | 7,721.38 |
|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||
| EBITDA | 87.25 | 53.21 | 170.79 | 228.11 | 349.72 | 536.15 | 821.97 | 1,260.16 |
| EBITDA (%) | ||||||||
| EBIT | -1.99 | -38.64 | 63.84 | -14.71 | -22.54 | -34.56 | -52.99 | -81.23 |
| EBIT (%) | ||||||||
| Depreciation | 89.23 | 91.85 | 106.96 | 242.82 | 372.26 | 570.72 | 874.96 | 1,341.39 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Total Cash | 140.71 | 187.09 | 132.24 | 414.09 | 634.84 | 973.26 | 1,492.10 | 2,287.53 |
|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||
| Account Receivables | 3.76 | 3.30 | 5.23 | 9.93 | 15.22 | 23.33 | 35.77 | 54.83 |
| Account Receivables (%) | ||||||||
| Inventories | 8.17 | 8.31 | 10.31 | 22.38 | 34.30 | 52.59 | 80.63 | 123.61 |
| Inventories (%) | ||||||||
| Accounts Payable | 16.95 | 29.49 | 38.22 | 69.47 | 106.50 | 163.28 | 250.32 | 383.77 |
| Accounts Payable (%) | ||||||||
| Capital Expenditure | -119.71 | -43.20 | -164.80 | -242.31 | -371.48 | -569.51 | -873.12 | -1,338.57 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 14.99 |
|---|---|
| Beta | 0.000 |
| Diluted Shares Outstanding | 155.84 |
| Cost of Debt | |
| Tax Rate | 2.25 |
| After-tax Cost of Debt | 7.28% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 3.481 |
| Total Debt | 1,267.66 |
| Total Equity | 2,336 |
| Total Capital | 3,603.66 |
| Debt Weighting | 35.18 |
| Equity Weighting | 64.82 |
| Wacc |
Build Up Free Cash
Year A/P | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 520.43 | 395.23 | 911.71 | 1,397.73 | 2,142.84 | 3,285.18 | 5,036.48 | 7,721.38 |
|---|---|---|---|---|---|---|---|---|
| EBITDA | 87.25 | 53.21 | 170.79 | 228.11 | 349.72 | 536.15 | 821.97 | 1,260.16 |
| EBIT | -1.99 | -38.64 | 63.84 | -14.71 | -22.54 | -34.56 | -52.99 | -81.23 |
| Tax Rate | -10.00% | 0.81% | 2.25% | -2.31% | -2.31% | -2.31% | -2.31% | -2.31% |
| EBIAT | -2.19 | -38.33 | 62.40 | -15.04 | -23.07 | -35.36 | -54.21 | -83.11 |
| Depreciation | 89.23 | 91.85 | 106.96 | 242.82 | 372.26 | 570.72 | 874.96 | 1,341.39 |
| Accounts Receivable | - | 0.46 | -1.93 | -4.70 | -5.29 | -8.11 | -12.44 | -19.07 |
| Inventories | - | -0.14 | -2 | -12.07 | -11.93 | -18.29 | -28.04 | -42.98 |
| Accounts Payable | - | 12.54 | 8.73 | 31.25 | 37.03 | 56.78 | 87.04 | 133.45 |
| Capital Expenditure | -119.71 | -43.20 | -164.80 | -242.31 | -371.48 | -569.51 | -873.12 | -1,338.57 |
| UFCF | -32.66 | 23.18 | 9.36 | -0.05 | -2.47 | -3.78 | -5.80 | -8.89 |
| WACC | ||||||||
| PV UFCF | -0.05 | -2.47 | -3.61 | -5.28 | -7.72 | |||
| SUM PV UFCF | -17.40 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.82 |
| Free cash flow (t + 1) | -9.07 |
| Terminal Value | -321.52 |
| Present Value of Terminal Value | -254.09 |
Intrinsic Value
| Enterprise Value | -271.49 |
|---|---|
| Net Debt | 1,135.42 |
| Equity Value | -1,406.91 |
| Shares Outstanding | 155.84 |
| Equity Value Per Share | -9.03 |