Discounted Cash Flow (DCF) Analysis Unlevered
Chicken Soup for the Soul Entertain... (CSSEP)
$22.45
+1.04 (+4.86%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 10.66 | 26.86 | 55.36 | 66.36 | 110.40 | 205.44 | 382.32 | 711.47 | 1,324.02 | 2,463.95 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 28.11 | 9.96 | -6.09 | 7.04 | 3.27 | 124.67 | 232 | 431.75 | 803.46 | 1,495.21 |
| EBITDA (%) | ||||||||||
| EBIT | 23.75 | 0.42 | -30.28 | -38.22 | -45.51 | 29.13 | 54.21 | 100.88 | 187.74 | 349.38 |
| EBIT (%) | ||||||||||
| Depreciation | 4.36 | 9.54 | 24.19 | 45.26 | 48.78 | 95.54 | 177.79 | 330.86 | 615.72 | 1,145.83 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Total Cash | 2.17 | 6.45 | 6.45 | 14.73 | 44.29 | 48.63 | 90.51 | 168.43 | 313.44 | 583.29 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 14.19 | 14.05 | 42.30 | 31.65 | 60.21 | 149.60 | 278.40 | 518.09 | 964.14 | 1,794.22 |
| Account Receivables (%) | ||||||||||
| Inventories | 0.37 | 0.26 | 0.31 | 1.11 | 1.84 | 3.43 | 6.37 | 11.86 | 22.07 | 41.08 |
| Inventories (%) | ||||||||||
| Accounts Payable | 1 | 5.08 | 26.65 | 18.45 | 28.77 | 53.54 | 99.64 | 185.42 | 345.05 | 642.13 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | - | - | - | -5.47 | -3.21 | -11.45 | -21.31 | -39.65 | -73.78 | -137.31 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 22.45 |
|---|---|
| Beta | 1.390 |
| Diluted Shares Outstanding | 3.51 |
| Cost of Debt | |
| Tax Rate | 0.01 |
| After-tax Cost of Debt | 5.00% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.687 |
| Total Debt | - |
| Total Equity | 78.81 |
| Total Capital | 78.81 |
| Debt Weighting | 0.00 |
| Equity Weighting | 100.00 |
| Wacc |
Build Up Free Cash
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 10.66 | 26.86 | 55.36 | 66.36 | 110.40 | 205.44 | 382.32 | 711.47 | 1,324.02 | 2,463.95 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 28.11 | 9.96 | -6.09 | 7.04 | 3.27 | 124.67 | 232 | 431.75 | 803.46 | 1,495.21 |
| EBIT | 23.75 | 0.42 | -30.28 | -38.22 | -45.51 | 29.13 | 54.21 | 100.88 | 187.74 | 349.38 |
| Tax Rate | -0.81% | 3,010.89% | -1.44% | 0.21% | 0.01% | 601.77% | 601.77% | 601.77% | 601.77% | 601.77% |
| EBIAT | 23.94 | -12.14 | -30.71 | -38.14 | -45.50 | -146.17 | -272.01 | -506.21 | -942.03 | -1,753.07 |
| Depreciation | 4.36 | 9.54 | 24.19 | 45.26 | 48.78 | 95.54 | 177.79 | 330.86 | 615.72 | 1,145.83 |
| Accounts Receivable | - | 0.13 | -28.25 | 10.66 | -28.57 | -89.39 | -128.80 | -239.69 | -446.05 | -830.08 |
| Inventories | - | 0.11 | -0.05 | -0.79 | -0.73 | -1.58 | -2.95 | -5.49 | -10.21 | -19 |
| Accounts Payable | - | 4.08 | 21.57 | -8.20 | 10.32 | 24.77 | 46.10 | 85.78 | 159.64 | 297.08 |
| Capital Expenditure | - | - | - | -5.47 | -3.21 | -11.45 | -21.31 | -39.65 | -73.78 | -137.31 |
| UFCF | 28.30 | 1.71 | -13.26 | 3.31 | -18.91 | -128.28 | -201.18 | -374.39 | -696.72 | -1,296.56 |
| WACC | ||||||||||
| PV UFCF | -116.95 | -167.21 | -283.67 | -481.27 | -816.50 | |||||
| SUM PV UFCF | -1,865.60 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 9.69 |
| Free cash flow (t + 1) | -1,322.49 |
| Terminal Value | -17,197.52 |
| Present Value of Terminal Value | -10,830.06 |
Intrinsic Value
| Enterprise Value | -12,695.65 |
|---|---|
| Net Debt | -44.29 |
| Equity Value | -12,651.37 |
| Shares Outstanding | 3.51 |
| Equity Value Per Share | -3,604.11 |