Discounted Cash Flow (DCF) Analysis Unlevered
Gravity Co., Ltd. (GRVY)
$49.25
-0.85 (-1.70%)
All numbers are in Millions, Currency in USD
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 | 141,623 | 286,770 | 360,967 | 405,953 | 413,937.97 | 561,704.77 | 762,221.09 | 1,034,317.34 | 1,403,545.99 | 1,904,581.20 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 14,996 | 35,921 | 55,332 | 93,263.74 | 102,053.56 | 96,694 | 131,211.64 | 178,051.33 | 241,611.75 | 327,861.86 |
EBITDA (%) | ||||||||||
EBIT | 14,476 | 34,508 | 51,679 | 88,343.74 | 98,862.23 | 92,363.44 | 125,335.17 | 170,077.08 | 230,790.88 | 313,178.17 |
EBIT (%) | ||||||||||
Depreciation | 520 | 1,413 | 3,653 | 4,920 | 3,191.33 | 4,330.56 | 5,876.47 | 7,974.25 | 10,820.88 | 14,683.69 |
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 | 61,595 | 95,551 | 118,928 | 182,450 | 247,703.04 | 241,019.95 | 327,058.80 | 443,811.64 | 602,242.68 | 817,230.14 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 42,866 | 60,919 | 32,309 | 59,769 | 53,695.11 | 99,035.77 | 134,389.38 | 182,363.45 | 247,463.21 | 335,802.16 |
Account Receivables (%) | ||||||||||
Inventories | - | - | - | - | - | - | - | - | - | - |
Inventories (%) | ||||||||||
Accounts Payable | 44,410 | 71,928 | 37,496 | 52,688 | 41,199.40 | 100,836.74 | 136,833.25 | 185,679.73 | 251,963.33 | 341,908.72 |
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 | 141,623 | 286,770 | 360,967 | 405,953 | 413,937.97 | 561,704.77 | 762,221.09 | 1,034,317.34 | 1,403,545.99 | 1,904,581.20 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 14,996 | 35,921 | 55,332 | 93,263.74 | 102,053.56 | 96,694 | 131,211.64 | 178,051.33 | 241,611.75 | 327,861.86 |
EBIT | 14,476 | 34,508 | 51,679 | 88,343.74 | 98,862.23 | 92,363.44 | 125,335.17 | 170,077.08 | 230,790.88 | 313,178.17 |
Tax Rate | 7.88% | 8.70% | 22.20% | 28.76% | 33.59% | 20.22% | 20.22% | 20.22% | 20.22% | 20.22% |
EBIAT | 13,335.58 | 31,506 | 40,205.08 | 62,940.06 | 65,655.57 | 73,683.11 | 99,986.37 | 135,679.32 | 184,113.87 | 249,838.49 |
Depreciation | 520 | 1,413 | 3,653 | 4,920 | 3,191.33 | 4,330.56 | 5,876.47 | 7,974.25 | 10,820.88 | 14,683.69 |
Accounts Receivable | - | -18,053 | 28,610 | -27,460 | 6,073.89 | -45,340.66 | -35,353.60 | -47,974.07 | -65,099.76 | -88,338.95 |
Inventories | - | - | - | - | - | - | - | - | - | - |
Accounts Payable | - | 27,518 | -34,432 | 15,192 | -11,488.60 | 59,637.34 | 35,996.51 | 48,846.48 | 66,283.60 | 89,945.39 |
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 | 11,791.58 | 40,135 | 35,693.08 | 51,896.06 | 59,220.84 | 86,897.13 | 99,160.13 | 134,558.12 | 182,592.43 | 247,773.93 |
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 | - |