Discounted Cash Flow (DCF) Analysis Unlevered

FlexShopper, Inc. (FPAY)

$1.86

+0.09 (+5.08%)
All numbers are in Millions, Currency in USD
Stock DCF: 39.52 | 1.86 | 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 67.0584.7388.79102.08125.43147.06172.43202.18237.06277.96
Revenue (%)
EBITDA 27.3837.7465.887.208.1650.9359.7170.0182.0996.26
EBITDA (%)
EBIT -6.16-5.305.104.635.29-0.28-0.33-0.39-0.45-0.53
EBIT (%)
Depreciation 33.5443.0560.782.582.8751.2160.0470.4082.5596.79
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 4.976.146.878.545.0910.2412.0114.0816.5119.36
Total Cash (%)
Account Receivables 4.266.388.2710.0329.9016.7219.6122.9926.9631.61
Account Receivables (%)
Inventories 21.4232.3631.0642.8246.1254.0763.4074.3487.16102.20
Inventories (%)
Accounts Payable 7.708.324.577.917.9811.9313.9916.4019.2322.55
Accounts Payable (%)
Capital Expenditure -2.02-2.28-2.24-3.10-4.95-4.47-5.25-6.15-7.21-8.46
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1.86
Beta 0.759
Diluted Shares Outstanding 23.23
Cost of Debt
Tax Rate 79.46
After-tax Cost of Debt 21.63%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.389
Total Debt 4.98
Total Equity 43.20
Total Capital 48.18
Debt Weighting 10.33
Equity Weighting 89.67
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 67.0584.7388.79102.08125.43147.06172.43202.18237.06277.96
EBITDA 27.3837.7465.887.208.1650.9359.7170.0182.0996.26
EBIT -6.16-5.305.104.635.29-0.28-0.33-0.39-0.45-0.53
Tax Rate 0.00%0.00%27.26%205.18%79.46%62.38%62.38%62.38%62.38%62.38%
EBIAT -6.16-5.303.71-4.871.09-0.11-0.12-0.15-0.17-0.20
Depreciation 33.5443.0560.782.582.8751.2160.0470.4082.5596.79
Accounts Receivable --2.12-1.90-1.76-19.8713.17-2.89-3.38-3.97-4.65
Inventories --10.951.30-11.76-3.29-7.96-9.33-10.94-12.82-15.04
Accounts Payable -0.62-3.753.340.073.952.062.412.833.32
Capital Expenditure -2.02-2.28-2.24-3.10-4.95-4.47-5.25-6.15-7.21-8.46
UFCF 25.3623.0157.91-15.57-24.0755.7944.5252.2061.2071.76
WACC
PV UFCF 51.2537.5740.4643.5846.94
SUM PV UFCF 219.80

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.86
Free cash flow (t + 1) 73.19
Terminal Value 1,066.98
Present Value of Terminal Value 697.93

Intrinsic Value

Enterprise Value 917.74
Net Debt -0.12
Equity Value 917.85
Shares Outstanding 23.23
Equity Value Per Share 39.52