Discounted Cash Flow (DCF) Analysis Unlevered
EZFill Holdings Inc. (EZFL)
$0.4899
+0.04 (+8.84%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 3.59 | 7.23 | 14.59 | 29.43 | 59.37 | 119.76 | 241.58 |
|---|---|---|---|---|---|---|---|
| Revenue (%) | |||||||
| EBITDA | -6.48 | -7.73 | -20.99 | -42.33 | -85.39 | -172.24 | -347.44 |
| EBITDA (%) | |||||||
| EBIT | -6.93 | -8.61 | -22.79 | -45.96 | -92.71 | -187.01 | -377.22 |
| EBIT (%) | |||||||
| Depreciation | 0.45 | 0.87 | 1.80 | 3.63 | 7.32 | 14.76 | 29.78 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Total Cash | 0.88 | 16.92 | 18.87 | 38.05 | 76.76 | 154.84 | 312.33 |
|---|---|---|---|---|---|---|---|
| Total Cash (%) | |||||||
| Account Receivables | 0.19 | 0.10 | 0.49 | 1 | 2.01 | 4.06 | 8.19 |
| Account Receivables (%) | |||||||
| Inventories | 0.04 | 0.05 | 0.13 | 0.26 | 0.53 | 1.07 | 2.16 |
| Inventories (%) | |||||||
| Accounts Payable | 0.22 | 0.49 | 0.93 | 1.88 | 3.80 | 7.67 | 15.47 |
| Accounts Payable (%) | |||||||
| Capital Expenditure | -0.02 | -2.02 | -2.08 | -4.20 | -8.48 | -17.10 | -34.50 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 0.4,899 |
|---|---|
| Beta | 0.000 |
| Diluted Shares Outstanding | 25 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 162.90% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 3.551 |
| Total Debt | 0.48 |
| Total Equity | 12.25 |
| Total Capital | 12.72 |
| Debt Weighting | 3.74 |
| Equity Weighting | 96.26 |
| Wacc |
Build Up Free Cash
Year A/P | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 3.59 | 7.23 | 14.59 | 29.43 | 59.37 | 119.76 | 241.58 |
|---|---|---|---|---|---|---|---|
| EBITDA | -6.48 | -7.73 | -20.99 | -42.33 | -85.39 | -172.24 | -347.44 |
| EBIT | -6.93 | -8.61 | -22.79 | -45.96 | -92.71 | -187.01 | -377.22 |
| Tax Rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| EBIAT | -6.93 | -8.61 | -22.79 | -45.96 | -92.71 | -187.01 | -377.22 |
| Depreciation | 0.45 | 0.87 | 1.80 | 3.63 | 7.32 | 14.76 | 29.78 |
| Accounts Receivable | - | 0.09 | -0.39 | -0.50 | -1.02 | -2.05 | -4.13 |
| Inventories | - | -0.01 | -0.08 | -0.13 | -0.27 | -0.54 | -1.09 |
| Accounts Payable | - | 0.28 | 0.44 | 0.95 | 1.92 | 3.87 | 7.80 |
| Capital Expenditure | -0.02 | -2.02 | -2.08 | -4.20 | -8.48 | -17.10 | -34.50 |
| UFCF | -6.51 | -9.39 | -23.11 | -46.22 | -93.23 | -188.07 | -379.36 |
| WACC | |||||||
| PV UFCF | -27.71 | -50.62 | -93.23 | -171.72 | -316.27 | ||
| SUM PV UFCF | -502.08 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 9.52 |
| Free cash flow (t + 1) | -386.94 |
| Terminal Value | -5,145.52 |
| Present Value of Terminal Value | -3,265.59 |
Intrinsic Value
| Enterprise Value | -3,767.67 |
|---|---|
| Net Debt | -13.08 |
| Equity Value | -3,754.59 |
| Shares Outstanding | 25 |
| Equity Value Per Share | -150.18 |