Discounted Cash Flow (DCF) Analysis Unlevered

Boxed, Inc. (BOXD)

$2.06

-0.35 (-14.52%)
All numbers are in Millions, Currency in USD
Stock DCF: - | 2.06 | undervalue

Operating Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 173.99187.17177.27179.29181.34183.41185.50187.62
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 4.384.794.504.554.604.654.714.76
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 12.8930.04105.0349.4349.9950.5651.1451.72
Total Cash (%)
Account Receivables 3.662.914.843.823.863.913.953.99
Account Receivables (%)
Inventories 14.0413.9611.4313.1313.2813.4413.5913.74
Inventories (%)
Accounts Payable 16.599.0728.9418.3518.5618.7718.9919.20
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 173.99187.17177.27179.29181.34183.41185.50187.62
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 4.384.794.504.554.604.654.714.76
Accounts Receivable -0.75-1.931.02-0.04-0.04-0.04-0.05
Inventories -0.082.54-1.71-0.15-0.15-0.15-0.16
Accounts Payable --7.5219.86-10.590.210.210.210.22
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 -