Discounted Cash Flow (DCF) Analysis Unlevered

i3 Verticals, Inc. (IIIV)

$22.97

+1.09 (+4.98%)
All numbers are in Millions, Currency in USD
Stock DCF: 13.30 | 22.97 | overvalue

Operating Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 376.31150.13224.12317.86370.24414.19463.35518.35579.89648.72
Revenue (%)
EBITDA 22.9521.9634.1449.7168.5258.0764.9772.6881.3190.96
EBITDA (%)
EBIT 6.393.749.7220.2940.3721.3923.9326.7729.9433.50
EBIT (%)
Depreciation 16.5618.2224.4229.4228.1436.6941.0445.9151.3657.46
Depreciation (%)

Balance Sheet Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Total Cash 1.1215.573.643.493.1111.7913.1914.7516.5018.46
Total Cash (%)
Account Receivables 15.3317.5438.5053.3365.1155.7562.3769.7778.0587.32
Account Receivables (%)
Inventories 1.291.312.224.124.143.834.284.795.365.99
Inventories (%)
Accounts Payable 3.443.847.869.3411.0610.7011.9613.3914.9716.75
Accounts Payable (%)
Capital Expenditure -3.11-5.95-8.20-12.45-16.38-13.91-15.56-17.41-19.47-21.78
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 22.97
Beta 1.531
Diluted Shares Outstanding 33.25
Cost of Debt
Tax Rate 78.96
After-tax Cost of Debt 1.32%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.548
Total Debt 400.02
Total Equity 763.68
Total Capital 1,163.70
Debt Weighting 34.38
Equity Weighting 65.62
Wacc

Build Up Free Cash

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 376.31150.13224.12317.86370.24414.19463.35518.35579.89648.72
EBITDA 22.9521.9634.1449.7168.5258.0764.9772.6881.3190.96
EBIT 6.393.749.7220.2940.3721.3923.9326.7729.9433.50
Tax Rate -45.85%74.06%-8.63%-27.50%78.96%14.21%14.21%14.21%14.21%14.21%
EBIAT 9.320.9710.5625.878.4918.3520.5322.9625.6928.74
Depreciation 16.5618.2224.4229.4228.1436.6941.0445.9151.3657.46
Accounts Receivable --2.20-20.96-14.83-11.789.36-6.62-7.40-8.28-9.27
Inventories --0.02-0.91-1.90-0.020.31-0.45-0.51-0.57-0.64
Accounts Payable -0.414.021.481.72-0.371.271.421.591.78
Capital Expenditure -3.11-5.95-8.20-12.45-16.38-13.91-15.56-17.41-19.47-21.78
UFCF 22.7811.428.9327.5910.1950.4340.2144.9850.3256.29
WACC
PV UFCF 46.6834.4535.6836.9438.26
SUM PV UFCF 192.01

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.03
Free cash flow (t + 1) 57.42
Terminal Value 952.20
Present Value of Terminal Value 647.15

Intrinsic Value

Enterprise Value 839.17
Net Debt 396.91
Equity Value 442.26
Shares Outstanding 33.25
Equity Value Per Share 13.30