Discounted Cash Flow (DCF) Analysis Unlevered
eXp World Holdings, Inc. (EXPI)
$16.01
+0.48 (+3.09%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 500.15 | 979.94 | 1,798.28 | 3,771.17 | 4,598.16 | 8,174.13 | 14,531.12 | 25,831.91 | 45,921.28 | 81,634.08 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -21.46 | -6.65 | 35.53 | 39.98 | 14.44 | -26.46 | -47.04 | -83.62 | -148.65 | -264.25 |
| EBITDA (%) | ||||||||||
| EBIT | -22.35 | -9.03 | 31.54 | 33.73 | 4.61 | -43.19 | -76.78 | -136.49 | -242.65 | -431.35 |
| EBIT (%) | ||||||||||
| Depreciation | 0.89 | 2.38 | 3.99 | 6.25 | 9.84 | 16.73 | 29.74 | 52.88 | 94 | 167.10 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Total Cash | 20.54 | 40.09 | 100.14 | 108.24 | 121.59 | 315.20 | 560.34 | 996.11 | 1,770.77 | 3,147.90 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 17.43 | 28.20 | 76.95 | 133.49 | 87.26 | 262.86 | 467.28 | 830.68 | 1,476.69 | 2,625.11 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 1.76 | 2.59 | 5.37 | 7.16 | 10.39 | 21.76 | 38.67 | 68.75 | 122.22 | 217.27 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -2.13 | -5.14 | -6.44 | -13.42 | -12.05 | -31.51 | -56.01 | -99.57 | -177 | -314.65 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 16.01 |
|---|---|
| Beta | 2.728 |
| Diluted Shares Outstanding | 156.22 |
| Cost of Debt | |
| Tax Rate | -236.57 |
| After-tax Cost of Debt | -% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 16.566 |
| Total Debt | 0.87 |
| Total Equity | 2,501.08 |
| Total Capital | 2,501.95 |
| Debt Weighting | 0.03 |
| Equity Weighting | 99.97 |
| Wacc |
Build Up Free Cash
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 500.15 | 979.94 | 1,798.28 | 3,771.17 | 4,598.16 | 8,174.13 | 14,531.12 | 25,831.91 | 45,921.28 | 81,634.08 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -21.46 | -6.65 | 35.53 | 39.98 | 14.44 | -26.46 | -47.04 | -83.62 | -148.65 | -264.25 |
| EBIT | -22.35 | -9.03 | 31.54 | 33.73 | 4.61 | -43.19 | -76.78 | -136.49 | -242.65 | -431.35 |
| Tax Rate | -0.35% | -5.17% | 0.87% | -141.21% | -236.57% | -76.49% | -76.49% | -76.49% | -76.49% | -76.49% |
| EBIAT | -22.43 | -9.50 | 31.27 | 81.37 | 15.50 | -76.23 | -135.51 | -240.89 | -428.24 | -761.27 |
| Depreciation | 0.89 | 2.38 | 3.99 | 6.25 | 9.84 | 16.73 | 29.74 | 52.88 | 94 | 167.10 |
| Accounts Receivable | - | -10.77 | -48.76 | -56.54 | 46.23 | -175.59 | -204.42 | -363.40 | -646.01 | -1,148.42 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 0.83 | 2.78 | 1.78 | 3.23 | 11.36 | 16.92 | 30.08 | 53.47 | 95.05 |
| Capital Expenditure | -2.13 | -5.14 | -6.44 | -13.42 | -12.05 | -31.51 | -56.01 | -99.57 | -177 | -314.65 |
| UFCF | -23.67 | -22.19 | -17.15 | 19.44 | 62.75 | -255.23 | -349.28 | -620.91 | -1,103.79 | -1,962.19 |
| WACC | ||||||||||
| PV UFCF | - | - | - | - | - | |||||
| SUM PV UFCF | - |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | - |
| Free cash flow (t + 1) | -2,001.44 |
| Terminal Value | - |
| Present Value of Terminal Value | - |
Intrinsic Value
| Enterprise Value | - |
|---|---|
| Net Debt | -120.72 |
| Equity Value | - |
| Shares Outstanding | 156.22 |
| Equity Value Per Share | - |