Discounted Cash Flow (DCF) Analysis Unlevered
Emerge Commerce Ltd. (ECOM.V)
$0.085
0.00 (0.00%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 4.16 | 9.20 | 34.83 | 104.43 | 313.11 | 938.79 | 2,814.77 | 8,439.54 |
|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||
| EBITDA | 0.19 | -1.18 | -1.27 | -4.14 | -12.40 | -37.18 | -111.47 | -334.23 |
| EBITDA (%) | ||||||||
| EBIT | -0.24 | -2.73 | -5.24 | -17.61 | -52.80 | -158.30 | -474.63 | -1,423.09 |
| EBIT (%) | ||||||||
| Depreciation | 0.43 | 1.55 | 3.98 | 13.47 | 40.40 | 121.12 | 363.16 | 1,088.86 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Total Cash | 8.72 | 12.39 | 7.77 | 127.63 | 382.68 | 1,147.39 | 3,440.21 | 10,314.79 |
|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||
| Account Receivables | 0.70 | 1.30 | 1.93 | 12.69 | 38.05 | 114.09 | 342.08 | 1,025.67 |
| Account Receivables (%) | ||||||||
| Inventories | 0.25 | 0.90 | 4.72 | 10.21 | 30.60 | 91.74 | 275.07 | 824.74 |
| Inventories (%) | ||||||||
| Accounts Payable | 7.36 | 8.49 | 11.86 | 105.52 | 316.39 | 948.64 | 2,844.31 | 8,528.10 |
| Accounts Payable (%) | ||||||||
| Capital Expenditure | -0.29 | -0.07 | -0.04 | -2.68 | -8.04 | -24.10 | -72.27 | -216.68 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 0.085 |
|---|---|
| Beta | 0.918 |
| Diluted Shares Outstanding | 95.04 |
| Cost of Debt | |
| Tax Rate | 6.11 |
| After-tax Cost of Debt | 6.68% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.711 |
| Total Debt | 24.50 |
| Total Equity | 8.08 |
| Total Capital | 32.58 |
| Debt Weighting | 75.21 |
| Equity Weighting | 24.79 |
| Wacc |
Build Up Free Cash
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 4.16 | 9.20 | 34.83 | 104.43 | 313.11 | 938.79 | 2,814.77 | 8,439.54 |
|---|---|---|---|---|---|---|---|---|
| EBITDA | 0.19 | -1.18 | -1.27 | -4.14 | -12.40 | -37.18 | -111.47 | -334.23 |
| EBIT | -0.24 | -2.73 | -5.24 | -17.61 | -52.80 | -158.30 | -474.63 | -1,423.09 |
| Tax Rate | 52.46% | -4.97% | 6.11% | 17.86% | 17.86% | 17.86% | 17.86% | 17.86% |
| EBIAT | -0.12 | -2.87 | -4.92 | -14.46 | -43.37 | -130.02 | -389.85 | -1,168.89 |
| Depreciation | 0.43 | 1.55 | 3.98 | 13.47 | 40.40 | 121.12 | 363.16 | 1,088.86 |
| Accounts Receivable | - | -0.60 | -0.63 | -10.76 | -25.36 | -76.04 | -227.99 | -683.59 |
| Inventories | - | -0.65 | -3.82 | -5.48 | -20.39 | -61.14 | -183.33 | -549.67 |
| Accounts Payable | - | 1.13 | 3.37 | 93.66 | 210.87 | 632.25 | 1,895.67 | 5,683.79 |
| Capital Expenditure | -0.29 | -0.07 | -0.04 | -2.68 | -8.04 | -24.10 | -72.27 | -216.68 |
| UFCF | 0.03 | -1.50 | -2.06 | 73.74 | 154.11 | 462.06 | 1,385.39 | 4,153.82 |
| WACC | ||||||||
| PV UFCF | 78.85 | 154.11 | 432.11 | 1,211.64 | 3,397.42 | |||
| SUM PV UFCF | 4,612.67 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.93 |
| Free cash flow (t + 1) | 4,236.90 |
| Terminal Value | 85,941.16 |
| Present Value of Terminal Value | 61,475.69 |
Intrinsic Value
| Enterprise Value | 66,088.35 |
|---|---|
| Net Debt | 16.74 |
| Equity Value | 66,071.62 |
| Shares Outstanding | 95.04 |
| Equity Value Per Share | 695.23 |