Discounted Cash Flow (DCF) Analysis Unlevered

ChargePoint Holdings, Inc. (CHPT)

$2.01

+0.05 (+2.55%)
All numbers are in Millions, Currency in USD
Stock DCF: -123.06 | 2.01 | overvalue

Operating Data

Year
A/P
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 144.51146.49242.34468.09717.671,100.321,686.992,586.453,965.49
Revenue (%)
EBITDA -121.99-110.37-251.66-312.77-592.82-908.90-1,393.51-2,136.49-3,275.63
EBITDA (%)
EBIT -129.68-120.45-269.06-337.82-637.21-976.95-1,497.84-2,296.46-3,520.89
EBIT (%)
Depreciation 7.7010.0817.4025.0544.3968.05104.34159.97245.26
Depreciation (%)

Balance Sheet Data

Year
A/P
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Total Cash 119.79145.49315.24369.13701.791,075.961,649.652,529.203,877.72
Total Cash (%)
Account Receivables 38.4935.0876.44164.89210.54322.79494.90758.761,163.32
Account Receivables (%)
Inventories 25.4233.5935.3868.73125.24192.01294.39451.35692
Inventories (%)
Accounts Payable 19.6319.7827.6862.0892.89142.42218.35334.77513.27
Accounts Payable (%)
Capital Expenditure -14.89-11.48-16.41-18.56-51.81-79.43-121.79-186.72-286.27
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 2.01
Beta 1.622
Diluted Shares Outstanding 338.49
Cost of Debt
Tax Rate 0.81
After-tax Cost of Debt 4.29%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.978
Total Debt 316.78
Total Equity 680.36
Total Capital 997.14
Debt Weighting 31.77
Equity Weighting 68.23
Wacc

Build Up Free Cash

Year
A/P
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 144.51146.49242.34468.09717.671,100.321,686.992,586.453,965.49
EBITDA -121.99-110.37-251.66-312.77-592.82-908.90-1,393.51-2,136.49-3,275.63
EBIT -129.68-120.45-269.06-337.82-637.21-976.95-1,497.84-2,296.46-3,520.89
Tax Rate -0.17%-0.10%2.60%0.81%0.79%0.79%0.79%0.79%0.79%
EBIAT -129.90-120.57-262.06-335.08-632.20-969.27-1,486.07-2,278.41-3,493.21
Depreciation 7.7010.0817.4025.0544.3968.05104.34159.97245.26
Accounts Receivable -3.41-41.36-88.45-45.64-112.25-172.11-263.87-404.56
Inventories --8.17-1.79-33.35-56.51-66.77-102.38-156.96-240.65
Accounts Payable -0.157.9034.3930.8149.5375.93116.42178.49
Capital Expenditure -14.88-11.48-16.41-18.56-51.81-79.43-121.79-186.72-286.27
UFCF -137.09-126.58-296.33-416-710.96-1,110.16-1,702.07-2,609.57-4,000.94
WACC
PV UFCF -710.96-1,013.56-1,418.76-1,985.96-2,779.90
SUM PV UFCF -7,220.99

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.53
Free cash flow (t + 1) -4,080.96
Terminal Value -54,196
Present Value of Terminal Value -34,379.68

Intrinsic Value

Enterprise Value -41,600.67
Net Debt 52.62
Equity Value -41,653.28
Shares Outstanding 338.49
Equity Value Per Share -123.06