Discounted Cash Flow (DCF) Analysis Unlevered

Cosmos Health Inc. (COSM)

$6.54

-0.28 (-4.11%)
All numbers are in Millions, Currency in USD
Stock DCF: -275.35 | 6.54 | 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 30.0137.0839.6855.4156.2466.3278.2192.23108.76128.25
Revenue (%)
EBITDA -4.54-2.19-0.994.39-12.21-4.95-5.84-6.88-8.12-9.57
EBITDA (%)
EBIT -4.57-2.24-1.383.99-12.66-5.31-6.26-7.38-8.71-10.27
EBIT (%)
Depreciation 0.030.040.390.400.450.360.420.500.590.70
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 0.783.580.280.850.291.992.352.773.273.86
Total Cash (%)
Account Receivables 1.434.949.2726.9126.8618.2721.5525.4129.9735.34
Account Receivables (%)
Inventories 3.093.203.473.293.155.206.147.248.5410.06
Inventories (%)
Accounts Payable 1.785.938.5611.9712.1311.5013.5615.9918.8522.23
Accounts Payable (%)
Capital Expenditure -0.06-0.50-0.67-0.12-0.58-0.59-0.70-0.83-0.98-1.15
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 6.54
Beta 3.076
Diluted Shares Outstanding 0.53
Cost of Debt
Tax Rate -98.72
After-tax Cost of Debt 11.37%
Risk-Free Rate
Market Risk Premium
Cost of Equity 18.035
Total Debt 24.83
Total Equity 3.48
Total Capital 28.31
Debt Weighting 87.70
Equity Weighting 12.30
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 30.0137.0839.6855.4156.2466.3278.2192.23108.76128.25
EBITDA -4.54-2.19-0.994.39-12.21-4.95-5.84-6.88-8.12-9.57
EBIT -4.57-2.24-1.383.99-12.66-5.31-6.26-7.38-8.71-10.27
Tax Rate -0.05%-0.19%-5.87%31.51%-98.72%-14.66%-14.66%-14.66%-14.66%-14.66%
EBIAT -4.57-2.24-1.462.74-25.15-6.09-7.18-8.47-9.99-11.78
Depreciation 0.030.040.390.400.450.360.420.500.590.70
Accounts Receivable --3.52-4.32-17.640.058.58-3.28-3.86-4.55-5.37
Inventories --0.11-0.270.180.15-2.06-0.93-1.10-1.30-1.53
Accounts Payable -4.162.633.410.15-0.632.062.432.873.38
Capital Expenditure -0.06-0.50-0.67-0.12-0.58-0.59-0.70-0.83-0.98-1.15
UFCF -4.60-2.17-3.71-11.03-24.93-0.43-9.60-11.33-13.36-15.75
WACC
PV UFCF -0.38-7.63-8.02-8.43-8.86
SUM PV UFCF -33.32

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 12.19
Free cash flow (t + 1) -16.07
Terminal Value -157.66
Present Value of Terminal Value -88.71

Intrinsic Value

Enterprise Value -122.03
Net Debt 24.54
Equity Value -146.57
Shares Outstanding 0.53
Equity Value Per Share -275.35