Discounted Cash Flow (DCF) Analysis Unlevered
Iris Energy Limited (IREN)
$2.98
0.00 (0.00%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 2.17 | 7.84 | 59.04 | 328.76 | 1,830.80 | 10,195.27 | 56,774.97 | 316,165.92 |
|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||
| EBITDA | -1.28 | -43.50 | -377.12 | -1,372.96 | -7,645.69 | -42,576.97 | -237,100.74 | -1,320,356.08 |
| EBITDA (%) | ||||||||
| EBIT | -2.04 | -46.23 | -397.67 | -1,487.44 | -8,283.18 | -46,127.03 | -256,870.13 | -1,430,446.97 |
| EBIT (%) | ||||||||
| Depreciation | 0.76 | 2.73 | 20.56 | 114.48 | 637.50 | 3,550.06 | 19,769.39 | 110,090.89 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Total Cash | 1.96 | 39.08 | 109.97 | 849.15 | 4,728.68 | 26,332.87 | 146,641.31 | 816,609.63 |
|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||
| Account Receivables | 0.33 | 0.80 | 23.65 | 71.72 | 399.38 | 2,224.04 | 12,385.13 | 68,969.75 |
| Account Receivables (%) | ||||||||
| Inventories | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||
| Accounts Payable | 0.75 | 0.55 | 13.23 | 70.06 | 390.16 | 2,172.71 | 12,099.28 | 67,377.93 |
| Accounts Payable (%) | ||||||||
| Capital Expenditure | -4.07 | -81.22 | -294.25 | -1,887.20 | -10,509.34 | -58,523.92 | -325,905.40 | -1,814,887.51 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 2.98 |
|---|---|
| Beta | 0.000 |
| Diluted Shares Outstanding | 40.94 |
| Cost of Debt | |
| Tax Rate | -0.65 |
| After-tax Cost of Debt | 29.73% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 3.414 |
| Total Debt | 108.29 |
| Total Equity | 122 |
| Total Capital | 230.29 |
| Debt Weighting | 47.02 |
| Equity Weighting | 52.98 |
| Wacc |
Build Up Free Cash
Year A/P | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 2.17 | 7.84 | 59.04 | 328.76 | 1,830.80 | 10,195.27 | 56,774.97 | 316,165.92 |
|---|---|---|---|---|---|---|---|---|
| EBITDA | -1.28 | -43.50 | -377.12 | -1,372.96 | -7,645.69 | -42,576.97 | -237,100.74 | -1,320,356.08 |
| EBIT | -2.04 | -46.23 | -397.67 | -1,487.44 | -8,283.18 | -46,127.03 | -256,870.13 | -1,430,446.97 |
| Tax Rate | 0.00% | -2.10% | -0.65% | -0.92% | -0.92% | -0.92% | -0.92% | -0.92% |
| EBIAT | -2.04 | -47.20 | -400.27 | -1,501.07 | -8,359.08 | -46,549.67 | -259,223.71 | -1,443,553.46 |
| Depreciation | 0.76 | 2.73 | 20.56 | 114.48 | 637.50 | 3,550.06 | 19,769.39 | 110,090.89 |
| Accounts Receivable | - | -0.46 | -22.86 | -48.06 | -327.66 | -1,824.66 | -10,161.09 | -56,584.62 |
| Inventories | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -0.20 | 12.68 | 56.83 | 320.10 | 1,782.55 | 9,926.57 | 55,278.65 |
| Capital Expenditure | -4.07 | -81.22 | -294.25 | -1,887.20 | -10,509.34 | -58,523.92 | -325,905.40 | -1,814,887.51 |
| UFCF | -5.36 | -126.37 | -684.13 | -3,265.02 | -18,238.48 | -101,565.64 | -565,594.24 | -3,149,656.05 |
| WACC | ||||||||
| PV UFCF | -3,780.56 | -18,238.48 | -87,715.38 | -421,854.68 | -2,028,850.14 | |||
| SUM PV UFCF | -1,909,731.74 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 15.79 |
| Free cash flow (t + 1) | -3,212,649.17 |
| Terminal Value | -23,296,948.29 |
| Present Value of Terminal Value | -11,192,929.44 |
Intrinsic Value
| Enterprise Value | -13,102,661.18 |
|---|---|
| Net Debt | -1.68 |
| Equity Value | -13,102,659.50 |
| Shares Outstanding | 40.94 |
| Equity Value Per Share | -320,037.02 |