Discounted Cash Flow (DCF) Analysis Unlevered

Bowlero Corp. (BOWL)

$14.38

+0.17 (+1.20%)
All numbers are in Millions, Currency in USD
Stock DCF: -8.98 | 14.38 | overvalue

Operating Data

Year
A/P
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 520.43395.23911.711,397.732,142.843,285.185,036.487,721.38
Revenue (%)
EBITDA 87.2553.21170.79228.11349.72536.15821.971,260.16
EBITDA (%)
EBIT -1.99-38.6463.84-14.71-22.54-34.56-52.99-81.23
EBIT (%)
Depreciation 89.2391.85106.96242.82372.26570.72874.961,341.39
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 140.71187.09132.24414.09634.84973.261,492.102,287.53
Total Cash (%)
Account Receivables 3.763.305.239.9315.2223.3335.7754.83
Account Receivables (%)
Inventories 8.178.3110.3122.3834.3052.5980.63123.61
Inventories (%)
Accounts Payable 16.9529.4938.2269.47106.50163.28250.32383.77
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 $ 14.38
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 3.532
Total Debt 1,267.66
Total Equity 2,240.94
Total Capital 3,508.60
Debt Weighting 36.13
Equity Weighting 63.87
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 520.43395.23911.711,397.732,142.843,285.185,036.487,721.38
EBITDA 87.2553.21170.79228.11349.72536.15821.971,260.16
EBIT -1.99-38.6463.84-14.71-22.54-34.56-52.99-81.23
Tax Rate -10.00%0.81%2.25%-2.31%-2.31%-2.31%-2.31%-2.31%
EBIAT -2.19-38.3362.40-15.04-23.07-35.36-54.21-83.11
Depreciation 89.2391.85106.96242.82372.26570.72874.961,341.39
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 -12.548.7331.2537.0356.7887.04133.45
Capital Expenditure -119.71-43.20-164.80-242.31-371.48-569.51-873.12-1,338.57
UFCF -32.6623.189.36-0.05-2.47-3.78-5.80-8.89
WACC
PV UFCF -0.05-2.47-3.61-5.27-7.70
SUM PV UFCF -17.35

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.89
Free cash flow (t + 1) -9.07
Terminal Value -313.73
Present Value of Terminal Value -247.11

Intrinsic Value

Enterprise Value -264.46
Net Debt 1,135.42
Equity Value -1,399.89
Shares Outstanding 155.84
Equity Value Per Share -8.98