Discounted Cash Flow (DCF) Analysis Unlevered
Freshii Inc. (FRII.TO)
$2.29
0.00 (0.00%)
All numbers are in Millions, Currency in USD
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 | 18.25 | 21.65 | 22.23 | 13.68 | 23.57 | 26.83 | 30.53 | 34.74 | 39.53 | 44.99 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -0.54 | 2.75 | 3.83 | -1.65 | -2.71 | 0.18 | 0.21 | 0.24 | 0.27 | 0.31 |
| EBITDA (%) | ||||||||||
| EBIT | -1.02 | 0.99 | 0.98 | -5.17 | -4.59 | -2.89 | -3.29 | -3.74 | -4.26 | -4.85 |
| EBIT (%) | ||||||||||
| Depreciation | 0.48 | 1.76 | 2.85 | 3.51 | 1.88 | 3.07 | 3.50 | 3.98 | 4.53 | 5.15 |
| 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 | 28.58 | 26.65 | 31.61 | 31.61 | 30.76 | 42.04 | 47.84 | 54.44 | 61.95 | 70.50 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 2.36 | 2.04 | 2.94 | 3.32 | 3.07 | 3.91 | 4.45 | 5.06 | 5.76 | 6.55 |
| Account Receivables (%) | ||||||||||
| Inventories | 0.03 | 0.03 | 0.02 | 0.04 | 2.36 | 0.58 | 0.65 | 0.74 | 0.85 | 0.96 |
| Inventories (%) | ||||||||||
| Accounts Payable | 0.90 | 1.05 | 0.88 | 1.39 | 3.06 | 1.98 | 2.25 | 2.56 | 2.91 | 3.32 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -0.23 | -3.83 | -0.95 | -0.52 | -1.19 | -1.72 | -1.95 | -2.22 | -2.53 | -2.88 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 2.29 |
|---|---|
| Beta | 0.506 |
| Diluted Shares Outstanding | 30.95 |
| Cost of Debt | |
| Tax Rate | -101.91 |
| After-tax Cost of Debt | 3.50% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 5.854 |
| Total Debt | 8.45 |
| Total Equity | 70.87 |
| Total Capital | 79.32 |
| Debt Weighting | 10.65 |
| Equity Weighting | 89.35 |
| 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 | 18.25 | 21.65 | 22.23 | 13.68 | 23.57 | 26.83 | 30.53 | 34.74 | 39.53 | 44.99 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -0.54 | 2.75 | 3.83 | -1.65 | -2.71 | 0.18 | 0.21 | 0.24 | 0.27 | 0.31 |
| EBIT | -1.02 | 0.99 | 0.98 | -5.17 | -4.59 | -2.89 | -3.29 | -3.74 | -4.26 | -4.85 |
| Tax Rate | -37.66% | 119.98% | 169.95% | 32.60% | -101.91% | 36.59% | 36.59% | 36.59% | 36.59% | 36.59% |
| EBIAT | -1.41 | -0.20 | -0.69 | -3.48 | -9.27 | -1.83 | -2.08 | -2.37 | -2.70 | -3.07 |
| Depreciation | 0.48 | 1.76 | 2.85 | 3.51 | 1.88 | 3.07 | 3.50 | 3.98 | 4.53 | 5.15 |
| Accounts Receivable | - | 0.32 | -0.90 | -0.38 | 0.25 | -0.84 | -0.54 | -0.61 | -0.70 | -0.79 |
| Inventories | - | 0.01 | 0.01 | -0.02 | -2.33 | 1.79 | -0.08 | -0.09 | -0.10 | -0.12 |
| Accounts Payable | - | 0.15 | -0.17 | 0.51 | 1.67 | -1.08 | 0.27 | 0.31 | 0.35 | 0.40 |
| Capital Expenditure | -0.23 | -3.83 | -0.95 | -0.52 | -1.19 | -1.72 | -1.95 | -2.22 | -2.53 | -2.88 |
| UFCF | -1.15 | -1.80 | 0.15 | -0.37 | -8.97 | -0.61 | -0.89 | -1.01 | -1.15 | -1.31 |
| WACC | ||||||||||
| PV UFCF | -0.57 | -0.80 | -0.86 | -0.92 | -1 | |||||
| SUM PV UFCF | -4.15 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.60 |
| Free cash flow (t + 1) | -1.33 |
| Terminal Value | -37.03 |
| Present Value of Terminal Value | -28.20 |
Intrinsic Value
| Enterprise Value | -32.35 |
|---|---|
| Net Debt | -22.30 |
| Equity Value | -10.04 |
| Shares Outstanding | 30.95 |
| Equity Value Per Share | -0.32 |