Discounted Cash Flow (DCF) Analysis Unlevered

Casper Sleep Inc. (CSPR)

$6.78

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: -317.02 | 6.78 | overvalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 250.91357.89439.26497627.08791.20998.281,259.561,589.22
Revenue (%)
EBITDA -71.69-88.63-85.20-65.15-134.57-169.80-214.24-270.31-341.05
EBITDA (%)
EBIT -73.37-92.05-92.95-81.13-144.93-182.86-230.72-291.11-367.30
EBIT (%)
Depreciation 1.683.437.7515.9810.3513.0616.4820.8026.24
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Total Cash 97.4826.8867.4188.92124.79157.45198.66250.65316.25
Total Cash (%)
Account Receivables 12.6623.1131.0627.6637.8447.7460.247695.90
Account Receivables (%)
Inventories 24.0132.7039.3635.5354.5868.8786.90109.64138.33
Inventories (%)
Accounts Payable 17.2127.7030.7347.6148.8861.6777.8198.17123.87
Accounts Payable (%)
Capital Expenditure -5.08-13.03-54.81-15.93-33.48-42.24-53.29-67.24-84.84
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 6.78
Beta 0.000
Diluted Shares Outstanding 37.08
Cost of Debt
Tax Rate -0.06
After-tax Cost of Debt 10.29%
Risk-Free Rate
Market Risk Premium
Cost of Equity 3.759
Total Debt 81.41
Total Equity 251.38
Total Capital 332.79
Debt Weighting 24.46
Equity Weighting 75.54
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 250.91357.89439.26497627.08791.20998.281,259.561,589.22
EBITDA -71.69-88.63-85.20-65.15-134.57-169.80-214.24-270.31-341.05
EBIT -73.37-92.05-92.95-81.13-144.93-182.86-230.72-291.11-367.30
Tax Rate -0.03%-0.04%-0.09%-0.06%-0.06%-0.06%-0.06%-0.06%-0.06%
EBIAT -73.39-92.09-93.04-81.17-145.01-182.96-230.85-291.27-367.50
Depreciation 1.683.437.7515.9810.3513.0616.4820.8026.24
Accounts Receivable --10.45-7.953.40-10.18-9.90-12.50-15.77-19.89
Inventories --8.69-6.663.83-19.05-14.29-18.03-22.74-28.70
Accounts Payable -10.493.0316.881.2612.7916.1420.3625.69
Capital Expenditure -5.08-13.04-54.81-15.94-33.48-42.24-53.29-67.24-84.84
UFCF -76.80-110.35-151.68-57.03-196.10-223.53-282.04-355.86-448.99
WACC
PV UFCF -196.10-212.16-254.07-304.26-364.37
SUM PV UFCF -1,263.25

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.36
Free cash flow (t + 1) -457.97
Terminal Value -13,630.16
Present Value of Terminal Value -10,498.38

Intrinsic Value

Enterprise Value -11,761.63
Net Debt -7.51
Equity Value -11,754.12
Shares Outstanding 37.08
Equity Value Per Share -317.02