Discounted Cash Flow (DCF) Analysis Unlevered

Elevate Credit, Inc. (ELVT)

$1.82

-0.01 (-0.55%)
All numbers are in Millions, Currency in USD
Stock DCF: 3.79 | 1.82 | undervalue

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 673.13786.68746.96465.35416.64378.78344.36313.06284.61258.75
Revenue (%)
EBITDA 86.33106.10128.4698.1315.5751.7747.0642.7938.9035.36
EBITDA (%)
EBIT 76.0693.12111.0880.52-2.9041.3737.6134.1931.0928.26
EBIT (%)
Depreciation 10.2712.9917.3817.6018.4710.399.458.597.817.10
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 41.1458.3188.91197.9884.9866.9460.8655.3350.3045.73
Total Cash (%)
Account Receivables 568.56599.59593.02382.23527.03339.92309.03280.95255.42232.21
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 18.7616.3615.287.5782.5121.4719.5217.7516.1314.67
Accounts Payable (%)
Capital Expenditure -16.76-27.49-24.69-16.07-17.28-12.79-11.63-10.58-9.61-8.74
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1.82
Beta 2.099
Diluted Shares Outstanding 34.26
Cost of Debt
Tax Rate 18.81
After-tax Cost of Debt 6.07%
Risk-Free Rate
Market Risk Premium
Cost of Equity 13.379
Total Debt 514.45
Total Equity 62.36
Total Capital 576.80
Debt Weighting 89.19
Equity Weighting 10.81
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 673.13786.68746.96465.35416.64378.78344.36313.06284.61258.75
EBITDA 86.33106.10128.4698.1315.5751.7747.0642.7938.9035.36
EBIT 76.0693.12111.0880.52-2.9041.3737.6134.1931.0928.26
Tax Rate 329.39%10.12%27.56%56.29%18.81%88.43%88.43%88.43%88.43%88.43%
EBIAT -174.4783.6980.4635.20-2.364.794.353.963.603.27
Depreciation 10.2712.9917.3817.6018.4710.399.458.597.817.10
Accounts Receivable --31.046.57210.79-144.79187.1130.8928.0825.5323.21
Inventories ----------
Accounts Payable --2.41-1.08-7.7174.94-61.04-1.95-1.77-1.61-1.47
Capital Expenditure -16.75-27.49-24.69-16.07-17.28-12.79-11.63-10.58-9.61-8.74
UFCF -180.9535.7578.64239.81-71.02128.4531.1128.2825.7123.37
WACC
PV UFCF 120.2027.2423.1819.7216.77
SUM PV UFCF 207.11

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.86
Free cash flow (t + 1) 23.84
Terminal Value 490.55
Present Value of Terminal Value 352.05

Intrinsic Value

Enterprise Value 559.16
Net Debt 429.47
Equity Value 129.69
Shares Outstanding 34.26
Equity Value Per Share 3.79