Discounted Cash Flow (DCF) Analysis Unlevered
Corsair Gaming, Inc. (CRSR)
$18.75
+0.20 (+1.08%)
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 | -1.12 | 102.53 | 116.95 | 133.40 | 152.15 | 173.55 |
| EBITDA (%) | ||||||||||
| EBIT | 21.97 | 22.15 | 157.18 | 132.23 | -54.65 | 51.97 | 59.27 | 67.61 | 77.12 | 87.96 |
| EBIT (%) | ||||||||||
| Depreciation | 36.56 | 37.51 | 43.23 | 45.09 | 53.52 | 50.56 | 57.67 | 65.78 | 75.04 | 85.59 |
| 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 | 62.41 | 151.18 | 90.99 | 103.79 | 118.38 | 135.03 | 154.02 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | $ 18.75 |
|---|---|
| Beta | 1.839 |
| Diluted Shares Outstanding | 96.28 |
| Cost of Debt | |
| Tax Rate | 14.71 |
| After-tax Cost of Debt | 2.76% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 12.424 |
| Total Debt | 295.17 |
| Total Equity | 1,805.25 |
| Total Capital | 2,100.42 |
| Debt Weighting | 14.05 |
| Equity Weighting | 85.95 |
| 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 | -1.12 | 102.53 | 116.95 | 133.40 | 152.15 | 173.55 |
| EBIT | 21.97 | 22.15 | 157.18 | 132.23 | -54.65 | 51.97 | 59.27 | 67.61 | 77.12 | 87.96 |
| 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 | -46.61 | 46.64 | 53.20 | 60.69 | 69.22 | 78.95 |
| Depreciation | 36.56 | 37.51 | 43.23 | 45.09 | 53.52 | 50.56 | 57.67 | 65.78 | 75.04 | 85.59 |
| 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 | 77.74 | 93.57 | 59.48 | 67.84 | 77.38 | 88.26 |
| WACC | ||||||||||
| PV UFCF | 84.24 | 48.21 | 49.51 | 50.85 | 52.22 | |||||
| SUM PV UFCF | 285.03 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 11.07 |
| Free cash flow (t + 1) | 90.03 |
| Terminal Value | 992.61 |
| Present Value of Terminal Value | 587.21 |
Intrinsic Value
| Enterprise Value | 872.24 |
|---|---|
| Net Debt | 143.99 |
| Equity Value | 728.25 |
| Shares Outstanding | 96.28 |
| Equity Value Per Share | 7.56 |