Discounted Cash Flow (DCF) Analysis Unlevered

Greenlane Holdings, Inc. (GNLN)

$1.98

+0.20 (+11.24%)
All numbers are in Millions, Currency in USD
Stock DCF: -17,495.32 | 1.98 | overvalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 88.26178.93362.77735.461,491.043,022.886,128.4712,424.6225,189.2151,067.65
Revenue (%)
EBITDA 3.53-0.896.3612.9026.1553.01107.47217.87441.71895.50
EBITDA (%)
EBIT 2.74-2.383.6610.3821.4634.0969.12140.12284.08575.93
EBIT (%)
Depreciation 0.791.492.712.524.6918.9238.3577.75157.63319.58
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 2.087.3447.7730.4312.86148.90301.88612.031,240.802,515.55
Total Cash (%)
Account Receivables 3.768.228.096.3314.6978.16158.46321.26651.321,320.46
Account Receivables (%)
Inventories 14.1629.5043.0636.0666.98325.24659.381,336.802,710.195,494.53
Inventories (%)
Accounts Payable 15.5020.2311.3118.4023.04217.84441.64895.361,815.233,680.12
Accounts Payable (%)
Capital Expenditure -0.89-10.93-2.07-1.79-4.40-49.70-100.76-204.28-414.14-839.61
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1.98
Beta 2.124
Diluted Shares Outstanding 1.93
Cost of Debt
Tax Rate 42.74
After-tax Cost of Debt 3.10%
Risk-Free Rate
Market Risk Premium
Cost of Equity 13.851
Total Debt 10.61
Total Equity 3.82
Total Capital 14.43
Debt Weighting 73.52
Equity Weighting 26.48
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 88.26178.93362.77735.461,491.043,022.886,128.4712,424.6225,189.2151,067.65
EBITDA 3.53-0.896.3612.9026.1553.01107.47217.87441.71895.50
EBIT 2.74-2.383.6610.3821.4634.0969.12140.12284.08575.93
Tax Rate 7.38%-5.73%14.80%14.80%42.74%14.80%14.80%14.80%14.80%14.80%
EBIAT 2.54-2.513.128.8412.2929.0558.89119.39242.05490.72
Depreciation 0.791.492.712.524.6918.9238.3577.75157.63319.58
Accounts Receivable --4.460.131.76-8.36-63.47-80.30-162.80-330.05-669.14
Inventories --15.34-13.567-30.92-258.26-334.14-677.42-1,373.38-2,784.34
Accounts Payable -4.73-8.927.094.64194.80223.80453.72919.861,864.89
Capital Expenditure -0.89-10.93-2.07-1.79-4.40-49.70-100.76-204.28-414.14-839.61
UFCF 2.44-27.02-18.6025.43-22.07-128.67-194.16-393.63-798.03-1,617.91
WACC
PV UFCF -20.8826.94-22.07-121.44-172.96-330.97-633.31-1,211.85
SUM PV UFCF -2,470.54

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.95
Free cash flow (t + 1) -1,650.26
Terminal Value -41,778.83
Present Value of Terminal Value -31,293.30

Intrinsic Value

Enterprise Value -33,763.84
Net Debt -2.25
Equity Value -33,761.59
Shares Outstanding 1.93
Equity Value Per Share -17,495.32