Discounted Cash Flow (DCF) Analysis Unlevered
CoreCard Corporation (INS)
$40.15
-0.13 (-0.32%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 20.10 | 34.30 | 35.87 | 48.25 | 69.77 | 96.68 | 133.99 | 185.68 | 257.32 | 356.60 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 6.14 | 13.38 | 12.34 | 11.83 | 21.10 | 30.69 | 42.53 | 58.94 | 81.69 | 113.20 |
| EBITDA (%) | ||||||||||
| EBIT | 5.53 | 12.37 | 10.20 | 8.03 | 15.40 | 25.28 | 35.03 | 48.55 | 67.28 | 93.23 |
| EBIT (%) | ||||||||||
| Depreciation | 0.61 | 1.01 | 2.14 | 3.80 | 5.70 | 5.41 | 7.50 | 10.40 | 14.41 | 19.97 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Total Cash | 19.27 | 26.41 | 37.96 | 29.24 | 25.37 | 72.64 | 100.66 | 139.50 | 193.33 | 267.92 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 4.31 | 8.76 | 3.27 | 5.77 | 13.22 | 16.82 | 23.31 | 32.31 | 44.78 | 62.05 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 0.27 | 0.40 | 0.71 | 2.76 | 2.01 | 2.54 | 3.52 | 4.88 | 6.76 | 9.36 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -0.87 | -1.68 | -6.87 | -5.82 | -8.74 | -10.24 | -14.19 | -19.66 | -27.25 | -37.76 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 40.15 |
|---|---|
| Beta | 0.894 |
| Diluted Shares Outstanding | 8.60 |
| Cost of Debt | |
| Tax Rate | 27.08 |
| After-tax Cost of Debt | 75.91% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.817 |
| Total Debt | 1.98 |
| Total Equity | 345.23 |
| Total Capital | 347.21 |
| Debt Weighting | 0.57 |
| Equity Weighting | 99.43 |
| Wacc |
Build Up Free Cash
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 20.10 | 34.30 | 35.87 | 48.25 | 69.77 | 96.68 | 133.99 | 185.68 | 257.32 | 356.60 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 6.14 | 13.38 | 12.34 | 11.83 | 21.10 | 30.69 | 42.53 | 58.94 | 81.69 | 113.20 |
| EBIT | 5.53 | 12.37 | 10.20 | 8.03 | 15.40 | 25.28 | 35.03 | 48.55 | 67.28 | 93.23 |
| Tax Rate | 0.06% | 18.84% | 23.22% | 23.16% | 27.08% | 18.47% | 18.47% | 18.47% | 18.47% | 18.47% |
| EBIAT | 5.52 | 10.04 | 7.83 | 6.17 | 11.23 | 20.61 | 28.56 | 39.58 | 54.85 | 76.01 |
| Depreciation | 0.61 | 1.01 | 2.14 | 3.80 | 5.70 | 5.41 | 7.50 | 10.40 | 14.41 | 19.97 |
| Accounts Receivable | - | -4.45 | 5.49 | -2.50 | -7.45 | -3.60 | -6.49 | -9 | -12.47 | -17.28 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 0.13 | 0.31 | 2.05 | -0.75 | 0.53 | 0.98 | 1.36 | 1.88 | 2.61 |
| Capital Expenditure | -0.86 | -1.68 | -6.88 | -5.83 | -8.73 | -10.24 | -14.19 | -19.66 | -27.25 | -37.76 |
| UFCF | 5.27 | 5.06 | 8.90 | 3.70 | -0.01 | 12.71 | 16.36 | 22.68 | 31.42 | 43.55 |
| WACC | ||||||||||
| PV UFCF | 11.64 | 13.72 | 17.41 | 22.10 | 28.05 | |||||
| SUM PV UFCF | 92.92 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 9.20 |
| Free cash flow (t + 1) | 44.42 |
| Terminal Value | 616.95 |
| Present Value of Terminal Value | 397.32 |
Intrinsic Value
| Enterprise Value | 490.24 |
|---|---|
| Net Debt | -18.42 |
| Equity Value | 508.66 |
| Shares Outstanding | 8.60 |
| Equity Value Per Share | 59.16 |