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 | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 9.30 | 20.10 | 34.30 | 35.87 | 48.25 | 75.49 | 118.10 | 184.77 | 289.09 | 452.29 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 0.83 | 6.86 | 14.53 | 12.77 | 11.76 | 21.95 | 34.34 | 53.73 | 84.06 | 131.52 |
| EBITDA (%) | ||||||||||
| EBIT | 0.50 | 6.25 | 13.52 | 10.63 | 9.89 | 19.02 | 29.76 | 46.56 | 72.85 | 113.98 |
| EBIT (%) | ||||||||||
| Depreciation | 0.33 | 0.61 | 1.01 | 2.14 | 1.87 | 2.93 | 4.58 | 7.17 | 11.21 | 17.54 |
| 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 | 14.46 | 19.27 | 26.41 | 37.96 | 29.24 | 74.69 | 116.86 | 182.84 | 286.06 | 447.55 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 1.22 | 4.31 | 8.76 | 3.27 | 5.77 | 12.26 | 19.18 | 30.01 | 46.96 | 73.46 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 0.32 | 0.27 | 0.40 | 0.71 | 2.76 | 2.07 | 3.24 | 5.06 | 7.92 | 12.39 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -0.89 | -0.87 | -1.68 | -6.87 | -4.58 | -7.16 | -11.21 | -17.54 | -27.44 | -42.93 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 40.15 |
|---|---|
| Beta | 0.894 |
| Diluted Shares Outstanding | 8.92 |
| Cost of Debt | |
| Tax Rate | 23.16 |
| After-tax Cost of Debt | -% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.969 |
| Total Debt | 2.71 |
| Total Equity | 358.12 |
| Total Capital | 360.83 |
| Debt Weighting | 0.75 |
| Equity Weighting | 99.25 |
| 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 | 9.30 | 20.10 | 34.30 | 35.87 | 48.25 | 75.49 | 118.10 | 184.77 | 289.09 | 452.29 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 0.83 | 6.86 | 14.53 | 12.77 | 11.76 | 21.95 | 34.34 | 53.73 | 84.06 | 131.52 |
| EBIT | 0.50 | 6.25 | 13.52 | 10.63 | 9.89 | 19.02 | 29.76 | 46.56 | 72.85 | 113.98 |
| Tax Rate | 5.59% | 0.06% | 18.84% | 23.22% | 23.16% | 14.17% | 14.17% | 14.17% | 14.17% | 14.17% |
| EBIAT | 0.47 | 6.24 | 10.97 | 8.16 | 7.60 | 16.33 | 25.54 | 39.96 | 62.53 | 97.82 |
| Depreciation | 0.33 | 0.61 | 1.01 | 2.14 | 1.87 | 2.93 | 4.58 | 7.17 | 11.21 | 17.54 |
| Accounts Receivable | - | -3.09 | -4.45 | 5.49 | -2.50 | -6.49 | -6.92 | -10.83 | -16.94 | -26.51 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -0.05 | 0.13 | 0.31 | 2.05 | -0.70 | 1.17 | 1.83 | 2.86 | 4.47 |
| Capital Expenditure | -0.89 | -0.86 | -1.68 | -6.88 | -4.58 | -7.16 | -11.21 | -17.54 | -27.44 | -42.93 |
| UFCF | -0.09 | 2.86 | 5.99 | 9.22 | 4.44 | 4.90 | 13.16 | 20.59 | 32.21 | 50.40 |
| WACC | ||||||||||
| PV UFCF | - | - | - | - | - | |||||
| SUM PV UFCF | - |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | - |
| Free cash flow (t + 1) | 51.41 |
| Terminal Value | - |
| Present Value of Terminal Value | - |
Intrinsic Value
| Enterprise Value | - |
|---|---|
| Net Debt | -26.54 |
| Equity Value | - |
| Shares Outstanding | 8.92 |
| Equity Value Per Share | - |