Discounted Cash Flow (DCF) Analysis Unlevered

Corsair Gaming, Inc. (CRSR)

$18.75

+0.20 (+1.08%)
All numbers are in Millions, Currency in USD
Stock DCF: 7.56 | 18.75 | 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 58.5459.66200.41177.33-1.12102.53116.95133.40152.15173.55
EBITDA (%)
EBIT 21.9722.15157.18132.23-54.6551.9759.2767.6177.1287.96
EBIT (%)
Depreciation 36.5637.5143.2345.0953.5250.5657.6765.7875.0485.59
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 25.6448.16129.5462.41151.1890.99103.79118.38135.03154.02
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 $ 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 937.551,097.171,702.371,904.061,375.101,568.481,789.052,040.642,327.622,654.95
EBITDA 58.5459.66200.41177.33-1.12102.53116.95133.40152.15173.55
EBIT 21.9722.15157.18132.23-54.6551.9759.2767.6177.1287.96
Tax Rate -28.14%37.35%15.43%11.87%14.71%10.24%10.24%10.24%10.24%10.24%
EBIAT 28.1613.88132.93116.53-46.6146.6453.2060.6969.2278.95
Depreciation 36.5637.5143.2345.0953.5250.5657.6765.7875.0485.59
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 56.37-12.79118.5517.1777.7493.5759.4867.8477.3888.26
WACC
PV UFCF 84.2448.2149.5150.8552.22
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