Discounted Cash Flow (DCF) Analysis Unlevered

Corsair Gaming, Inc. (CRSR)

$16.83

+0.30 (+1.81%)
All numbers are in Millions, Currency in USD
Stock DCF: 7.12 | 16.83 | 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 937.551,097.171,702.371,904.061,375.101,568.481,789.052,040.642,327.622,654.95
Revenue (%)
EBITDA 58.5459.66200.41177.33-24.6597.16110.83126.41144.19164.47
EBITDA (%)
EBIT 21.9722.15157.18132.23-35.3856.3664.2973.3383.6495.40
EBIT (%)
Depreciation 36.5637.5143.2345.0910.7340.8046.5453.0860.5569.06
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 25.6448.16129.5465.15153.8392.05104.99119.75136.60155.80
Total Cash (%)
Account Receivables 122.04202.33293.63291.29235.66254.54290.34331.16377.74430.86
Account Receivables (%)
Inventories 149.02151.06226.01298.32192.72227.81259.85296.39338.07385.61
Inventories (%)
Accounts Payable 154.84182.02299.64236.12172.03237.21270.57308.62352.02401.53
Accounts Payable (%)
Capital Expenditure -8.34-9.02-8.99-10.97-26.32-14.84-16.93-19.31-22.02-25.12
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 16.83
Beta 1.849
Diluted Shares Outstanding 96.28
Cost of Debt
Tax Rate 14.71
After-tax Cost of Debt 3.28%
Risk-Free Rate
Market Risk Premium
Cost of Equity 12.332
Total Debt 238.66
Total Equity 1,620.39
Total Capital 1,859.06
Debt Weighting 12.84
Equity Weighting 87.16
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 937.551,097.171,702.371,904.061,375.101,568.481,789.052,040.642,327.622,654.95
EBITDA 58.5459.66200.41177.33-24.6597.16110.83126.41144.19164.47
EBIT 21.9722.15157.18132.23-35.3856.3664.2973.3383.6495.40
Tax Rate -28.14%37.35%15.43%11.87%14.71%10.24%10.24%10.24%10.24%10.24%
EBIAT 28.1613.88132.93116.53-30.1850.5957.7065.8275.0785.63
Depreciation 36.5637.5143.2345.0910.7340.8046.5453.0860.5569.06
Accounts Receivable --80.29-91.302.3455.63-18.88-35.80-40.83-46.57-53.12
Inventories --2.04-74.94-72.31105.60-35.09-32.04-36.54-41.68-47.54
Accounts Payable -27.18117.61-63.52-64.0965.1833.3638.0543.4049.50
Capital Expenditure -8.35-9.02-8.99-10.97-26.32-14.84-16.93-19.31-22.02-25.12
UFCF 56.37-12.79118.5517.1751.3887.7552.8460.2768.7578.42
WACC
PV UFCF 78.9442.7643.8745.0146.18
SUM PV UFCF 256.75

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 11.17
Free cash flow (t + 1) 79.98
Terminal Value 872.25
Present Value of Terminal Value 513.69

Intrinsic Value

Enterprise Value 770.44
Net Debt 84.84
Equity Value 685.60
Shares Outstanding 96.28
Equity Value Per Share 7.12