Discounted Cash Flow (DCF) Analysis Unlevered

FAT Brands Inc. (FATBW)

$3.09

+0.07 (+0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: -6,080.56 | 3.09 | overvalue

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 18.3722.5118.12118.88407.221,223.443,675.6011,042.7333,176.0299,671.73
Revenue (%)
EBITDA 3.066.24-2.997.1733.05102.82308.91928.082,788.268,376.86
EBITDA (%)
EBIT 2.705.46-4.16-1.406.0339.82119.64359.441,079.893,244.34
EBIT (%)
Depreciation 0.360.791.178.5727.0163189.27568.641,708.375,132.52
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 0.650.023.9456.6628.67196.07589.071,769.765,316.9515,973.87
Total Cash (%)
Account Receivables 1.844.414.4219.7923.88187.18562.361,689.515,075.8515,249.53
Account Receivables (%)
Inventories -5.1313.7030.226.92383.881,153.293,464.8810,409.6431,273.99
Inventories (%)
Accounts Payable 4.417.188.6227.5318.33321.07964.592,897.958,706.4126,156.94
Accounts Payable (%)
Capital Expenditure -0.15-0.05-0.46-10.42-23.17-44.05-132.33-397.57-1,194.43-3,588.46
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 3.09
Beta 0.000
Diluted Shares Outstanding 16.48
Cost of Debt
Tax Rate -17.52
After-tax Cost of Debt 8.48%
Risk-Free Rate
Market Risk Premium
Cost of Equity 4.255
Total Debt 1,118.68
Total Equity 50.91
Total Capital 1,169.59
Debt Weighting 95.65
Equity Weighting 4.35
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 18.3722.5118.12118.88407.221,223.443,675.6011,042.7333,176.0299,671.73
EBITDA 3.066.24-2.997.1733.05102.82308.91928.082,788.268,376.86
EBIT 2.705.46-4.16-1.406.0339.82119.64359.441,079.893,244.34
Tax Rate 13.27%-100.39%19.89%10.07%-17.52%-14.94%-14.94%-14.94%-14.94%-14.94%
EBIAT 2.3410.93-3.33-1.267.0945.77137.51413.131,241.193,728.96
Depreciation 0.360.791.178.5727.0163189.27568.641,708.375,132.52
Accounts Receivable --2.56-0.01-15.37-4.09-163.30-375.18-1,127.15-3,386.34-10,173.68
Inventories ---8.57-16.5223.29-376.95-769.42-2,311.58-6,944.76-20,864.36
Accounts Payable -2.771.4418.90-9.20302.74643.521,933.365,808.4617,450.53
Capital Expenditure -0.15-0.04-0.46-10.42-23.17-44.05-132.33-397.57-1,194.43-3,588.46
UFCF 2.5511.88-9.76-16.1020.93-172.79-306.61-921.17-2,767.50-8,314.50
WACC
PV UFCF -159.55-261.42-725.20-2,011.75-5,580.77
SUM PV UFCF -8,738.68

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.30
Free cash flow (t + 1) -8,480.79
Terminal Value -134,615.68
Present Value of Terminal Value -90,355.24

Intrinsic Value

Enterprise Value -99,093.92
Net Debt 1,090.01
Equity Value -100,183.93
Shares Outstanding 16.48
Equity Value Per Share -6,080.56