Discounted Cash Flow (DCF) Analysis Unlevered

GoPro, Inc. (GPRO)

$6.865

-0.19 (-2.62%)
All numbers are in Millions, Currency in USD
Stock DCF: -13.50 | 6.865 | overvalue

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 1,179.741,148.341,194.65891.931,161.081,179.111,197.411,215.991,234.861,254.03
Revenue (%)
EBITDA -121.25-53.9326.43-22.6378.12-20.21-20.53-20.84-21.17-21.50
EBITDA (%)
EBIT -162.73-88.990.16-41.7067.16-48.16-48.90-49.66-50.43-51.22
EBIT (%)
Depreciation 41.4835.0626.2719.0710.9627.9428.3828.8229.2729.72
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 247.39197.51165.15325.65538.92318.17323.11328.12333.22338.39
Total Cash (%)
Account Receivables 112.94129.22200.63107.24114.22140.27142.45144.66146.90149.18
Account Receivables (%)
Inventories 150.55116.46144.2497.9186.41125.92127.87129.86131.87133.92
Inventories (%)
Accounts Payable 138.26148.48160.70111.40171.54154.14156.54158.97161.43163.94
Accounts Payable (%)
Capital Expenditure -24.06-11-8.35-4.88-5.55-11.13-11.31-11.48-11.66-11.84
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 6.865
Beta 1.150
Diluted Shares Outstanding 162.75
Cost of Debt
Tax Rate -311.95
After-tax Cost of Debt -6.76%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.307
Total Debt 339.37
Total Equity 1,117.25
Total Capital 1,456.62
Debt Weighting 23.30
Equity Weighting 76.70
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 1,179.741,148.341,194.65891.931,161.081,179.111,197.411,215.991,234.861,254.03
EBITDA -121.25-53.9326.43-22.6378.12-20.21-20.53-20.84-21.17-21.50
EBIT -162.73-88.990.16-41.7067.16-48.16-48.90-49.66-50.43-51.22
Tax Rate -3.68%-1.26%23.22%-7.79%-311.95%-60.29%-60.29%-60.29%-60.29%-60.29%
EBIAT -168.71-90.120.12-44.95276.67-77.19-78.39-79.61-80.84-82.10
Depreciation 41.4835.0626.2719.0710.9627.9428.3828.8229.2729.72
Accounts Receivable --16.28-71.4293.39-6.98-26.05-2.18-2.21-2.25-2.28
Inventories -34.09-27.7846.3211.51-39.51-1.95-1.98-2.02-2.05
Accounts Payable -10.2212.22-49.3060.15-17.402.392.432.472.51
Capital Expenditure -24.06-11-8.35-4.88-5.54-11.13-11.31-11.48-11.66-11.84
UFCF -151.29-38.02-68.9459.65346.76-143.34-63.06-64.04-65.03-66.04
WACC
PV UFCF -136.78-57.41-55.63-53.91-52.24
SUM PV UFCF -355.97

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.80
Free cash flow (t + 1) -67.36
Terminal Value -2,405.73
Present Value of Terminal Value -1,903.01

Intrinsic Value

Enterprise Value -2,258.98
Net Debt -61.72
Equity Value -2,197.26
Shares Outstanding 162.75
Equity Value Per Share -13.50