Discounted Cash Flow (DCF) Analysis Unlevered
Ease2pay N.V. (EAS2P.AS)
1.544 €
+0.03 (+2.25%)
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 | 0.01 | 0.12 | 0.17 | 0.19 | 0.35 | 1.43 | 5.77 | 23.29 | 94.04 | 379.65 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -0.31 | -0.56 | -0.73 | -0.53 | -0.59 | -12.80 | -51.68 | -208.63 | -842.28 | -3,400.44 |
| EBITDA (%) | ||||||||||
| EBIT | -0.31 | -0.69 | -0.92 | -0.72 | -0.80 | -14.17 | -57.19 | -230.90 | -932.17 | -3,763.31 |
| EBIT (%) | ||||||||||
| Depreciation | - | 0.13 | 0.19 | 0.19 | 0.21 | 1.37 | 5.51 | 22.26 | 89.88 | 362.87 |
| 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 | 0.38 | 0.58 | 3.60 | 3.98 | 7.62 | 30.77 | 124.21 | 501.47 | 2,024.53 | 8,173.36 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 0.03 | 0.42 | 0.03 | 0.11 | 0.10 | 2.20 | 8.90 | 35.91 | 144.99 | 585.33 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -0.24 | -0.23 | -0.03 | -1.64 | -3.14 | -12.66 | -51.13 | -206.42 | -833.36 | -3,364.42 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 1.544 |
|---|---|
| Beta | 0.651 |
| Diluted Shares Outstanding | 9.24 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 1.96% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 6.458 |
| Total Debt | 0.51 |
| Total Equity | 14.27 |
| Total Capital | 14.78 |
| Debt Weighting | 3.44 |
| Equity Weighting | 96.56 |
| 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 | 0.01 | 0.12 | 0.17 | 0.19 | 0.35 | 1.43 | 5.77 | 23.29 | 94.04 | 379.65 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -0.31 | -0.56 | -0.73 | -0.53 | -0.59 | -12.80 | -51.68 | -208.63 | -842.28 | -3,400.44 |
| EBIT | -0.31 | -0.69 | -0.92 | -0.72 | -0.80 | -14.17 | -57.19 | -230.90 | -932.17 | -3,763.31 |
| Tax Rate | 19.94% | -8.43% | 0.00% | 0.00% | 0.00% | 2.30% | 2.30% | 2.30% | 2.30% | 2.30% |
| EBIAT | -0.25 | -0.75 | -0.92 | -0.72 | -0.80 | -13.84 | -55.88 | -225.58 | -910.70 | -3,676.64 |
| Depreciation | - | 0.13 | 0.19 | 0.19 | 0.21 | 1.37 | 5.51 | 22.26 | 89.88 | 362.87 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 0.39 | -0.40 | 0.08 | -0.01 | 2.10 | 6.69 | 27.02 | 109.07 | 440.35 |
| Capital Expenditure | -0.24 | -0.23 | -0.03 | -1.64 | -3.14 | -12.66 | -51.13 | -206.42 | -833.36 | -3,364.42 |
| UFCF | -0.49 | -0.46 | -1.16 | -2.09 | -3.73 | -23.04 | -94.80 | -382.72 | -1,545.10 | -6,237.84 |
| WACC | ||||||||||
| PV UFCF | -21.67 | -83.90 | -318.63 | -1,210.11 | -4,595.87 | |||||
| SUM PV UFCF | -6,230.17 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.30 |
| Free cash flow (t + 1) | -6,362.60 |
| Terminal Value | -147,967.34 |
| Present Value of Terminal Value | -109,018.33 |
Intrinsic Value
| Enterprise Value | -115,248.51 |
|---|---|
| Net Debt | 0.51 |
| Equity Value | -115,249.01 |
| Shares Outstanding | 9.24 |
| Equity Value Per Share | -12,472.84 |