Discounted Cash Flow (DCF) Analysis Unlevered
GoPro, Inc. (GPRO)
$4.265
+0.14 (+3.27%)
All numbers are in Millions, Currency in USD
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 | 1,148.34 | 1,194.65 | 891.93 | 1,161.08 | 1,093.54 | 1,101.89 | 1,110.30 | 1,118.77 | 1,127.31 | 1,135.92 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -53.93 | 26.43 | -22.63 | 78.12 | 49.26 | 13.69 | 13.79 | 13.90 | 14 | 14.11 |
| EBITDA (%) | ||||||||||
| EBIT | -88.99 | 0.16 | -41.70 | 67.16 | 40.69 | -6.40 | -6.45 | -6.50 | -6.55 | -6.60 |
| EBIT (%) | ||||||||||
| Depreciation | 35.06 | 26.27 | 19.07 | 10.96 | 8.57 | 20.09 | 20.25 | 20.40 | 20.56 | 20.71 |
| 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 | 197.51 | 165.15 | 325.65 | 538.92 | 367.34 | 325.15 | 327.63 | 330.13 | 332.65 | 335.19 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 129.22 | 200.63 | 107.24 | 114.22 | 77.01 | 125.51 | 126.46 | 127.43 | 128.40 | 129.38 |
| Account Receivables (%) | ||||||||||
| Inventories | 116.46 | 144.24 | 97.91 | 86.41 | 127.13 | 115.17 | 116.05 | 116.94 | 117.83 | 118.73 |
| Inventories (%) | ||||||||||
| Accounts Payable | 148.48 | 160.70 | 111.40 | 171.54 | 91.65 | 136.69 | 137.74 | 138.79 | 139.85 | 140.91 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -11 | -8.35 | -4.88 | -5.55 | -3.45 | -6.60 | -6.66 | -6.71 | -6.76 | -6.81 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 4.265 |
|---|---|
| Beta | 1.379 |
| Diluted Shares Outstanding | 178.28 |
| Cost of Debt | |
| Tax Rate | 16.27 |
| After-tax Cost of Debt | 2.84% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.200 |
| Total Debt | 184.02 |
| Total Equity | 760.36 |
| Total Capital | 944.38 |
| Debt Weighting | 19.49 |
| Equity Weighting | 80.51 |
| 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 | 1,148.34 | 1,194.65 | 891.93 | 1,161.08 | 1,093.54 | 1,101.89 | 1,110.30 | 1,118.77 | 1,127.31 | 1,135.92 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -53.93 | 26.43 | -22.63 | 78.12 | 49.26 | 13.69 | 13.79 | 13.90 | 14 | 14.11 |
| EBIT | -88.99 | 0.16 | -41.70 | 67.16 | 40.69 | -6.40 | -6.45 | -6.50 | -6.55 | -6.60 |
| Tax Rate | -1.26% | 23.22% | -7.79% | -311.95% | 16.27% | -56.30% | -56.30% | -56.30% | -56.30% | -56.30% |
| EBIAT | -90.12 | 0.12 | -44.95 | 276.67 | 34.07 | -10.01 | -10.09 | -10.16 | -10.24 | -10.32 |
| Depreciation | 35.06 | 26.27 | 19.07 | 10.96 | 8.57 | 20.09 | 20.25 | 20.40 | 20.56 | 20.71 |
| Accounts Receivable | - | -71.42 | 93.39 | -6.98 | 37.21 | -48.50 | -0.96 | -0.97 | -0.97 | -0.98 |
| Inventories | - | -27.78 | 46.32 | 11.51 | -40.72 | 11.96 | -0.88 | -0.89 | -0.89 | -0.90 |
| Accounts Payable | - | 12.22 | -49.30 | 60.15 | -79.90 | 45.04 | 1.04 | 1.05 | 1.06 | 1.07 |
| Capital Expenditure | -11 | -8.35 | -4.88 | -5.54 | -3.45 | -6.60 | -6.66 | -6.71 | -6.76 | -6.81 |
| UFCF | -66.06 | -68.94 | 59.65 | 346.76 | -44.21 | 11.99 | 2.71 | 2.73 | 2.75 | 2.77 |
| WACC | ||||||||||
| PV UFCF | 11.02 | 2.29 | 2.12 | 1.97 | 1.82 | |||||
| SUM PV UFCF | 19.22 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 8.77 |
| Free cash flow (t + 1) | 2.83 |
| Terminal Value | 41.79 |
| Present Value of Terminal Value | 27.45 |
Intrinsic Value
| Enterprise Value | 46.67 |
|---|---|
| Net Debt | -39.72 |
| Equity Value | 86.39 |
| Shares Outstanding | 178.28 |
| Equity Value Per Share | 0.48 |