Discounted Cash Flow (DCF) Analysis Unlevered
Grow Capital, Inc. (GRWC)
$0.0101
+0.01 (+152.50%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Projected | 2020 Projected | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
| Revenue | 0.12 | 0.14 | 0.33 | 0.58 | 1.02 | 1.80 | 3.16 | 5.56 | 9.78 | 17.19 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -1.40 | -0.73 | -1.41 | -2.23 | -2.85 | -9.99 | -17.56 | -30.87 | -54.29 | -95.45 |
| EBITDA (%) | ||||||||||
| EBIT | -1.43 | -0.85 | -1.48 | -2.23 | -2.86 | -10.46 | -18.39 | -32.34 | -56.87 | -100 |
| EBIT (%) | ||||||||||
| Depreciation | 0.03 | 0.13 | 0.06 | 0 | 0.02 | 0.48 | 0.84 | 1.47 | 2.59 | 4.55 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
| Total Cash | 0.04 | 0.03 | 0.01 | 0.48 | 0.25 | 0.61 | 1.07 | 1.89 | 3.32 | 5.83 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 0 | 0 | 0.04 | 0.17 | 0.41 | 0.29 | 0.52 | 0.91 | 1.59 | 2.80 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | -0.17 | 0.07 | -0.20 | -0.35 | -0.61 | -1.07 | -1.89 |
| Inventories (%) | ||||||||||
| Accounts Payable | 0 | 0.02 | 0.01 | 0.33 | 0.64 | 0.49 | 0.87 | 1.53 | 2.68 | 4.72 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -0.29 | -0.30 | -0.04 | -0.01 | -1.20 | -2.11 | -3.71 | -6.53 | -11.48 | -20.19 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 0.0,101 |
|---|---|
| Beta | 1.363 |
| Diluted Shares Outstanding | 11.72 |
| Cost of Debt | |
| Tax Rate | 17.83 |
| After-tax Cost of Debt | 3.16% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.975 |
| Total Debt | 0.94 |
| Total Equity | 0.12 |
| Total Capital | 1.05 |
| Debt Weighting | 88.77 |
| Equity Weighting | 11.23 |
| Wacc |
Build Up Free Cash
Year A/P | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Projected | 2020 Projected | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
| Revenue | 0.12 | 0.14 | 0.33 | 0.58 | 1.02 | 1.80 | 3.16 | 5.56 | 9.78 | 17.19 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -1.40 | -0.73 | -1.41 | -2.23 | -2.85 | -9.99 | -17.56 | -30.87 | -54.29 | -95.45 |
| EBIT | -1.43 | -0.85 | -1.48 | -2.23 | -2.86 | -10.46 | -18.39 | -32.34 | -56.87 | -100 |
| Tax Rate | 0.00% | 0.00% | 0.00% | -7.34% | 17.83% | 2.10% | 2.10% | 2.10% | 2.10% | 2.10% |
| EBIAT | -1.43 | -0.85 | -1.48 | -2.40 | -2.35 | -10.24 | -18.01 | -31.67 | -55.68 | -97.90 |
| Depreciation | 0.03 | 0.13 | 0.06 | 0 | 0.02 | 0.48 | 0.84 | 1.47 | 2.59 | 4.55 |
| Accounts Receivable | - | -0 | -0.04 | -0.12 | -0.24 | 0.11 | -0.22 | -0.39 | -0.69 | -1.21 |
| Inventories | - | - | - | - | -0.24 | 0.27 | 0.15 | 0.26 | 0.46 | 0.81 |
| Accounts Payable | - | 0.02 | -0.01 | 0.33 | 0.31 | -0.15 | 0.37 | 0.66 | 1.16 | 2.03 |
| Capital Expenditure | -0.29 | -0.30 | -0.04 | -0.01 | -1.20 | -2.11 | -3.71 | -6.53 | -11.48 | -20.19 |
| UFCF | -1.69 | -1.01 | -1.51 | -2.20 | -3.71 | -11.64 | -20.58 | -36.19 | -63.64 | -111.90 |
| WACC | ||||||||||
| PV UFCF | -2.29 | -3.71 | -11.19 | -19.02 | -32.15 | -54.34 | -91.84 | |||
| SUM PV UFCF | -208.55 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.03 |
| Free cash flow (t + 1) | -114.14 |
| Terminal Value | -5,622.78 |
| Present Value of Terminal Value | -4,614.86 |
Intrinsic Value
| Enterprise Value | -4,823.40 |
|---|---|
| Net Debt | 0.69 |
| Equity Value | -4,824.09 |
| Shares Outstanding | 11.72 |
| Equity Value Per Share | -411.44 |