Discounted Cash Flow (DCF) Analysis Unlevered

Gaia, Inc. (GAIA)

$2.555

+0.01 (+0.20%)
All numbers are in Millions, Currency in USD
Stock DCF: -65.48 | 2.555 | 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 43.8453.9866.8379.5782.0396.20112.82132.31155.16181.96
Revenue (%)
EBITDA -28.75-8.5118.0714.6013.31-3.79-4.45-5.22-6.12-7.18
EBITDA (%)
EBIT -35.74-18.106.031.46-2.63-20.67-24.24-28.42-33.33-39.09
EBIT (%)
Depreciation 6.999.5912.0413.1415.9416.8719.7923.2027.2131.91
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 29.9611.4912.6110.2711.5626.0730.5735.8542.0549.31
Total Cash (%)
Account Receivables 1.332.312.022.732.953.343.924.605.396.33
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 5.296.624.839.087.381011.7313.7616.1318.92
Accounts Payable (%)
Capital Expenditure -18.86-18.70-13.33-17.34-18.26-27.25-31.96-37.48-43.96-51.55
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 2.555
Beta 0.994
Diluted Shares Outstanding 20.72
Cost of Debt
Tax Rate -22.19
After-tax Cost of Debt 1.20%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.432
Total Debt 22.34
Total Equity 52.93
Total Capital 75.27
Debt Weighting 29.68
Equity Weighting 70.32
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 43.8453.9866.8379.5782.0396.20112.82132.31155.16181.96
EBITDA -28.75-8.5118.0714.6013.31-3.79-4.45-5.22-6.12-7.18
EBIT -35.74-18.106.031.46-2.63-20.67-24.24-28.42-33.33-39.09
Tax Rate 5.44%-1.70%25.75%-116.92%-22.19%-21.92%-21.92%-21.92%-21.92%-21.92%
EBIAT -33.79-18.414.473.16-3.21-25.20-29.55-34.65-40.64-47.66
Depreciation 6.999.5912.0413.1415.9416.8719.7923.2027.2131.91
Accounts Receivable --0.980.29-0.70-0.23-0.39-0.58-0.68-0.79-0.93
Inventories ----------
Accounts Payable -1.33-1.794.25-1.702.621.732.032.382.79
Capital Expenditure -18.86-18.70-13.33-17.34-18.26-27.25-31.96-37.48-43.96-51.55
UFCF -45.66-27.171.692.50-7.45-33.35-40.57-47.58-55.80-65.44
WACC
PV UFCF -31.38-35.91-39.62-43.72-48.24
SUM PV UFCF -198.87

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.29
Free cash flow (t + 1) -66.75
Terminal Value -1,555.88
Present Value of Terminal Value -1,146.87

Intrinsic Value

Enterprise Value -1,345.74
Net Debt 10.78
Equity Value -1,356.52
Shares Outstanding 20.72
Equity Value Per Share -65.48