Discounted Cash Flow (DCF) Analysis Unlevered
Boxed, Inc. (BOXD)
$2.06
-0.35 (-14.52%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 173.99 | 187.17 | 177.27 | 179.29 | 181.34 | 183.41 | 185.50 | 187.62 |
|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||
| EBITDA | -61.02 | -29.65 | -64.73 | -52.25 | -52.85 | -53.45 | -54.06 | -54.68 |
| EBITDA (%) | ||||||||
| EBIT | -65.40 | -34.44 | -69.22 | -56.80 | -57.45 | -58.10 | -58.76 | -59.43 |
| EBIT (%) | ||||||||
| Depreciation | 4.38 | 4.79 | 4.50 | 4.55 | 4.60 | 4.65 | 4.71 | 4.76 |
| 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 | 12.89 | 30.04 | 105.03 | 49.43 | 49.99 | 50.56 | 51.14 | 51.72 |
|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||
| Account Receivables | 3.66 | 2.91 | 4.84 | 3.82 | 3.86 | 3.91 | 3.95 | 3.99 |
| Account Receivables (%) | ||||||||
| Inventories | 14.04 | 13.96 | 11.43 | 13.13 | 13.28 | 13.44 | 13.59 | 13.74 |
| Inventories (%) | ||||||||
| Accounts Payable | 16.59 | 9.07 | 28.94 | 18.35 | 18.56 | 18.77 | 18.99 | 19.20 |
| Accounts Payable (%) | ||||||||
| Capital Expenditure | -3.86 | -1.54 | -1.07 | -2.18 | -2.20 | -2.23 | -2.25 | -2.28 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 2.06 |
|---|---|
| Beta | 0.000 |
| Diluted Shares Outstanding | 13.06 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | -% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 3.206 |
| Total Debt | 120.33 |
| Total Equity | 26.91 |
| Total Capital | 147.24 |
| Debt Weighting | 81.72 |
| Equity Weighting | 18.28 |
| 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 | 173.99 | 187.17 | 177.27 | 179.29 | 181.34 | 183.41 | 185.50 | 187.62 |
|---|---|---|---|---|---|---|---|---|
| EBITDA | -61.02 | -29.65 | -64.73 | -52.25 | -52.85 | -53.45 | -54.06 | -54.68 |
| EBIT | -65.40 | -34.44 | -69.22 | -56.80 | -57.45 | -58.10 | -58.76 | -59.43 |
| Tax Rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| EBIAT | -65.40 | -34.44 | -69.22 | -56.80 | -57.45 | -58.10 | -58.76 | -59.43 |
| Depreciation | 4.38 | 4.79 | 4.50 | 4.55 | 4.60 | 4.65 | 4.71 | 4.76 |
| Accounts Receivable | - | 0.75 | -1.93 | 1.02 | -0.04 | -0.04 | -0.04 | -0.05 |
| Inventories | - | 0.08 | 2.54 | -1.71 | -0.15 | -0.15 | -0.15 | -0.16 |
| Accounts Payable | - | -7.52 | 19.86 | -10.59 | 0.21 | 0.21 | 0.21 | 0.22 |
| Capital Expenditure | -3.86 | -1.54 | -1.07 | -2.18 | -2.20 | -2.23 | -2.25 | -2.28 |
| UFCF | -64.88 | -37.88 | -45.32 | -65.70 | -55.03 | -55.66 | -56.30 | -56.94 |
| WACC | ||||||||
| PV UFCF | - | -55.03 | - | - | - | |||
| SUM PV UFCF | - |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | - |
| Free cash flow (t + 1) | -58.08 |
| Terminal Value | - |
| Present Value of Terminal Value | - |
Intrinsic Value
| Enterprise Value | - |
|---|---|
| Net Debt | 15.31 |
| Equity Value | - |
| Shares Outstanding | 13.06 |
| Equity Value Per Share | - |