Discounted Cash Flow (DCF) Analysis Unlevered

Gravity Co., Ltd. (GRVY)

$49.25

-0.85 (-1.70%)
All numbers are in Millions, Currency in USD
Stock DCF: - | 49.25 | undervalue

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 141,623286,770360,967405,953413,937.97561,704.77762,221.091,034,317.341,403,545.991,904,581.20
Revenue (%)
EBITDA 14,99635,92155,33293,263.74102,053.5696,694131,211.64178,051.33241,611.75327,861.86
EBITDA (%)
EBIT 14,47634,50851,67988,343.7498,862.2392,363.44125,335.17170,077.08230,790.88313,178.17
EBIT (%)
Depreciation 5201,4133,6534,9203,191.334,330.565,876.477,974.2510,820.8814,683.69
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 61,59595,551118,928182,450247,703.04241,019.95327,058.80443,811.64602,242.68817,230.14
Total Cash (%)
Account Receivables 42,86660,91932,30959,76953,695.1199,035.77134,389.38182,363.45247,463.21335,802.16
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 44,41071,92837,49652,68841,199.40100,836.74136,833.25185,679.73251,963.33341,908.72
Accounts Payable (%)
Capital Expenditure -2,064-2,249-2,343-3,696-4,211.34-5,413.22-7,345.62-9,967.85-13,526.16-18,354.70
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 49.25
Beta 0.040
Diluted Shares Outstanding 107.49
Cost of Debt
Tax Rate 33.59
After-tax Cost of Debt -%
Risk-Free Rate
Market Risk Premium
Cost of Equity 3.723
Total Debt -
Total Equity 5,293.69
Total Capital -
Debt Weighting -
Equity Weighting -
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 141,623286,770360,967405,953413,937.97561,704.77762,221.091,034,317.341,403,545.991,904,581.20
EBITDA 14,99635,92155,33293,263.74102,053.5696,694131,211.64178,051.33241,611.75327,861.86
EBIT 14,47634,50851,67988,343.7498,862.2392,363.44125,335.17170,077.08230,790.88313,178.17
Tax Rate 7.88%8.70%22.20%28.76%33.59%20.22%20.22%20.22%20.22%20.22%
EBIAT 13,335.5831,50640,205.0862,940.0665,655.5773,683.1199,986.37135,679.32184,113.87249,838.49
Depreciation 5201,4133,6534,9203,191.334,330.565,876.477,974.2510,820.8814,683.69
Accounts Receivable --18,05328,610-27,4606,073.89-45,340.66-35,353.60-47,974.07-65,099.76-88,338.95
Inventories ----------
Accounts Payable -27,518-34,43215,192-11,488.6059,637.3435,996.5148,846.4866,283.6089,945.39
Capital Expenditure -2,064-2,249-2,343-3,696-4,211.34-5,413.22-7,345.62-9,967.85-13,526.16-18,354.70
UFCF 11,791.5840,13535,693.0851,896.0659,220.8486,897.1399,160.13134,558.12182,592.43247,773.93
WACC
PV UFCF -----
SUM PV UFCF -

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) -
Free cash flow (t + 1) 252,729.41
Terminal Value -
Present Value of Terminal Value -

Intrinsic Value

Enterprise Value -
Net Debt -99,104.94
Equity Value -
Shares Outstanding 107.49
Equity Value Per Share -