Discounted Cash Flow (DCF) Analysis Unlevered
Corsair Gaming, Inc. (CRSR)
$16.83
+0.30 (+1.81%)
All numbers are in Millions, Currency in USD
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 | 937.55 | 1,097.17 | 1,702.37 | 1,904.06 | 1,375.10 | 1,568.48 | 1,789.05 | 2,040.64 | 2,327.62 | 2,654.95 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 58.54 | 59.66 | 200.41 | 177.33 | -24.65 | 97.16 | 110.83 | 126.41 | 144.19 | 164.47 |
| EBITDA (%) | ||||||||||
| EBIT | 21.97 | 22.15 | 157.18 | 132.23 | -35.38 | 56.36 | 64.29 | 73.33 | 83.64 | 95.40 |
| EBIT (%) | ||||||||||
| Depreciation | 36.56 | 37.51 | 43.23 | 45.09 | 10.73 | 40.80 | 46.54 | 53.08 | 60.55 | 69.06 |
| 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 | 25.64 | 48.16 | 129.54 | 65.15 | 153.83 | 92.05 | 104.99 | 119.75 | 136.60 | 155.80 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 122.04 | 202.33 | 293.63 | 291.29 | 235.66 | 254.54 | 290.34 | 331.16 | 377.74 | 430.86 |
| Account Receivables (%) | ||||||||||
| Inventories | 149.02 | 151.06 | 226.01 | 298.32 | 192.72 | 227.81 | 259.85 | 296.39 | 338.07 | 385.61 |
| Inventories (%) | ||||||||||
| Accounts Payable | 154.84 | 182.02 | 299.64 | 236.12 | 172.03 | 237.21 | 270.57 | 308.62 | 352.02 | 401.53 |
| 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 | 937.55 | 1,097.17 | 1,702.37 | 1,904.06 | 1,375.10 | 1,568.48 | 1,789.05 | 2,040.64 | 2,327.62 | 2,654.95 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 58.54 | 59.66 | 200.41 | 177.33 | -24.65 | 97.16 | 110.83 | 126.41 | 144.19 | 164.47 |
| EBIT | 21.97 | 22.15 | 157.18 | 132.23 | -35.38 | 56.36 | 64.29 | 73.33 | 83.64 | 95.40 |
| Tax Rate | -28.14% | 37.35% | 15.43% | 11.87% | 14.71% | 10.24% | 10.24% | 10.24% | 10.24% | 10.24% |
| EBIAT | 28.16 | 13.88 | 132.93 | 116.53 | -30.18 | 50.59 | 57.70 | 65.82 | 75.07 | 85.63 |
| Depreciation | 36.56 | 37.51 | 43.23 | 45.09 | 10.73 | 40.80 | 46.54 | 53.08 | 60.55 | 69.06 |
| Accounts Receivable | - | -80.29 | -91.30 | 2.34 | 55.63 | -18.88 | -35.80 | -40.83 | -46.57 | -53.12 |
| Inventories | - | -2.04 | -74.94 | -72.31 | 105.60 | -35.09 | -32.04 | -36.54 | -41.68 | -47.54 |
| Accounts Payable | - | 27.18 | 117.61 | -63.52 | -64.09 | 65.18 | 33.36 | 38.05 | 43.40 | 49.50 |
| 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 | -12.79 | 118.55 | 17.17 | 51.38 | 87.75 | 52.84 | 60.27 | 68.75 | 78.42 |
| WACC | ||||||||||
| PV UFCF | 78.94 | 42.76 | 43.87 | 45.01 | 46.18 | |||||
| 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 |