Discounted Cash Flow (DCF) Analysis Unlevered

IMAC Holdings, Inc. (IMAC)

$1.01

+0.02 (+2.00%)
All numbers are in Millions, Currency in USD
Stock DCF: -23,437.02 | 1.01 | overvalue

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 0.796.7015.1312.8414.3945.86146.21466.101,485.914,737.03
Revenue (%)
EBITDA 0.04-2.25-4.05-3.26-8.39-12.79-40.77-129.98-414.38-1,321.05
EBITDA (%)
EBIT -0.03-2.90-5.60-4.98-10.04-17.67-56.34-179.62-572.63-1,825.54
EBIT (%)
Depreciation 0.070.651.551.721.654.8815.5749.64158.25504.49
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 0.130.190.372.627.128.4026.7785.35272.09867.42
Total Cash (%)
Account Receivables 0.490.301.261.511.218.7227.8088.64282.58900.87
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 0.061.262.911.692.106.7021.3768.12217.15692.28
Accounts Payable (%)
Capital Expenditure -0.55-1.58-1.20-0.13-0.69-9.80-31.24-99.60-317.52-1,012.23
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1.01
Beta -0.886
Diluted Shares Outstanding 11.05
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 8.54%
Risk-Free Rate
Market Risk Premium
Cost of Equity -0.377
Total Debt 5.90
Total Equity 11.16
Total Capital 17.07
Debt Weighting 34.60
Equity Weighting 65.40
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 0.796.7015.1312.8414.3945.86146.21466.101,485.914,737.03
EBITDA 0.04-2.25-4.05-3.26-8.39-12.79-40.77-129.98-414.38-1,321.05
EBIT -0.03-2.90-5.60-4.98-10.04-17.67-56.34-179.62-572.63-1,825.54
Tax Rate 93.76%19.32%6.54%0.00%0.00%23.92%23.92%23.92%23.92%23.92%
EBIAT -0-2.34-5.23-4.98-10.04-13.45-42.86-136.65-435.64-1,388.82
Depreciation 0.070.651.551.721.654.8815.5749.64158.25504.49
Accounts Receivable -0.18-0.95-0.260.30-7.51-19.08-60.84-193.94-618.28
Inventories ----------
Accounts Payable -1.201.65-1.220.414.6014.6646.75149.04475.12
Capital Expenditure -0.55-1.58-1.20-0.13-0.69-9.80-31.24-99.60-317.52-1,012.23
UFCF -0.48-1.88-4.19-4.86-8.37-21.27-62.95-200.70-639.82-2,039.72
WACC
PV UFCF -20.71-59.68-185.23-574.92-1,784.46
SUM PV UFCF -2,624.99

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 2.71
Free cash flow (t + 1) -2,080.51
Terminal Value -293,029.72
Present Value of Terminal Value -256,358.68

Intrinsic Value

Enterprise Value -258,983.67
Net Debt -1.21
Equity Value -258,982.45
Shares Outstanding 11.05
Equity Value Per Share -23,437.02