Discounted Cash Flow (DCF) Analysis Unlevered

Celsius Holdings, Inc. (CELH)

$100.98

+2.36 (+2.39%)
All numbers are in Millions, Currency in USD
Stock DCF: -84.18 | 100.98 | overvalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 36.1652.6075.15130.73314.27552.08969.841,703.712,992.905,257.63
Revenue (%)
EBITDA -8.06-10.9512.2611.40-2.79-20.92-36.75-64.56-113.40-199.22
EBITDA (%)
EBIT -8.08-11.0211.369.66-4.05-24.36-42.79-75.17-132.05-231.97
EBIT (%)
Depreciation 0.020.070.891.741.263.446.0410.6118.6432.75
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 14.197.7423.0943.2516.25135.74238.45418.88735.841,292.65
Total Cash (%)
Account Receivables 6.3812.988.9616.8741.3388.64155.72273.55480.54844.17
Account Receivables (%)
Inventories 5.3111.4815.2918.40191.22145.50255.60449.01788.771,385.63
Inventories (%)
Accounts Payable 35.8310.1611.8535.8258.92103.51181.83319.43561.14
Accounts Payable (%)
Capital Expenditure -0.05-0.11-0.08-0.57-3.15-2.09-3.67-6.45-11.32-19.89
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 100.98
Beta 1.874
Diluted Shares Outstanding 74.44
Cost of Debt
Tax Rate 197.01
After-tax Cost of Debt -0.53%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.628
Total Debt 1.37
Total Equity 7,517.31
Total Capital 7,518.69
Debt Weighting 0.02
Equity Weighting 99.98
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 36.1652.6075.15130.73314.27552.08969.841,703.712,992.905,257.63
EBITDA -8.06-10.9512.2611.40-2.79-20.92-36.75-64.56-113.40-199.22
EBIT -8.08-11.0211.369.66-4.05-24.36-42.79-75.17-132.05-231.97
Tax Rate 0.00%0.00%0.00%1.34%197.01%39.67%39.67%39.67%39.67%39.67%
EBIAT -8.08-11.0211.369.533.93-14.69-25.81-45.35-79.66-139.94
Depreciation 0.020.070.891.741.263.446.0410.6118.6432.75
Accounts Receivable --6.604.02-7.92-24.46-47.31-67.08-117.83-206.99-363.63
Inventories --6.18-3.81-3.11-172.8245.72-110.10-193.41-339.76-596.86
Accounts Payable -2.824.331.6923.9723.1044.5978.33137.59241.71
Capital Expenditure -0.05-0.11-0.08-0.57-3.15-2.09-3.67-6.45-11.32-19.89
UFCF -8.11-21.0216.731.37-171.278.17-156.03-274.10-481.51-845.86
WACC
PV UFCF 7.32-125.21-197.04-310.08-487.97
SUM PV UFCF -1,112.99

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 11.63
Free cash flow (t + 1) -862.78
Terminal Value -8,959.27
Present Value of Terminal Value -5,168.54

Intrinsic Value

Enterprise Value -6,281.53
Net Debt -14.88
Equity Value -6,266.65
Shares Outstanding 74.44
Equity Value Per Share -84.18