Discounted Cash Flow (DCF) Analysis Unlevered

Celsius Holdings, Inc. (CELH)

$64.05

-0.08 (-0.12%)
All numbers are in Millions, Currency in USD
Stock DCF: -88.91 | 64.05 | overvalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 52.6075.15130.73314.27653.601,250.332,391.874,575.618,753.0816,744.51
Revenue (%)
EBITDA -10.64-1.109.88-2.51-150.35-94.87-181.48-347.16-664.11-1,270.44
EBITDA (%)
EBIT -10.71-1.998.14-3.77-152.27-103.25-197.51-377.83-722.78-1,382.68
EBIT (%)
Depreciation 0.070.891.741.261.928.3816.0330.6758.67112.24
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 7.7423.0943.2516.25614.16444.29849.921,625.883,110.275,949.91
Total Cash (%)
Account Receivables 12.988.9616.8741.3366.29182.03348.22666.141,274.322,437.76
Account Receivables (%)
Inventories 11.4815.2918.40191.22173.29359.13687.021,314.262,514.164,809.54
Inventories (%)
Accounts Payable 14.8517.2911.8535.8236.25193.16369.52706.881,352.252,586.84
Accounts Payable (%)
Capital Expenditure -0.11-0.08-0.57-3.15-8.26-7.55-14.44-27.63-52.86-101.12
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 64.05
Beta 1.720
Diluted Shares Outstanding 226.95
Cost of Debt
Tax Rate -22.68
After-tax Cost of Debt 434.13%
Risk-Free Rate
Market Risk Premium
Cost of Equity 12.403
Total Debt 1.22
Total Equity 14,535.96
Total Capital 14,537.17
Debt Weighting 0.01
Equity Weighting 99.99
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 52.6075.15130.73314.27653.601,250.332,391.874,575.618,753.0816,744.51
EBITDA -10.64-1.109.88-2.51-150.35-94.87-181.48-347.16-664.11-1,270.44
EBIT -10.71-1.998.14-3.77-152.27-103.25-197.51-377.83-722.78-1,382.68
Tax Rate 0.00%0.00%1.34%197.01%-22.68%35.14%35.14%35.14%35.14%35.14%
EBIAT -10.71-1.998.033.66-186.80-66.97-128.11-245.07-468.82-896.85
Depreciation 0.070.891.741.261.928.3816.0330.6758.67112.24
Accounts Receivable -4.02-7.92-24.46-24.96-115.74-166.19-317.92-608.18-1,163.44
Inventories --3.81-3.11-172.8217.93-185.85-327.88-627.24-1,199.90-2,295.39
Accounts Payable -2.45-5.4423.970.43156.91176.35337.36645.371,234.59
Capital Expenditure -0.11-0.08-0.57-3.15-8.26-7.55-14.44-27.63-52.86-101.12
UFCF -10.751.49-7.27-171.53-199.75-210.81-444.24-849.83-1,625.71-3,109.97
WACC
PV UFCF -187.49-351.38-597.82-1,017.09-1,730.42
SUM PV UFCF -3,884.20

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 12.44
Free cash flow (t + 1) -3,172.17
Terminal Value -30,384.72
Present Value of Terminal Value -16,906.40

Intrinsic Value

Enterprise Value -20,790.60
Net Debt -612.94
Equity Value -20,177.66
Shares Outstanding 226.95
Equity Value Per Share -88.91