Discounted Cash Flow (DCF) Analysis Unlevered

Kubient, Inc. (KBNT)

$0.9102

-0.04 (-4.40%)
All numbers are in Millions, Currency in USD
Stock DCF: -76,619.23 | 0.9102 | overvalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 0.110.182.902.7417.28109.11688.814,348.4827,451.94
Revenue (%)
EBITDA -3.68-3.30-4.06-9.83-251.07-1,585.03-10,006.31-63,169.78-398,790.38
EBITDA (%)
EBIT -3.68-3.31-4.37-10.28-253.21-1,598.50-10,091.33-63,706.49-402,178.65
EBIT (%)
Depreciation -0.020.320.452.1313.4785.02536.713,388.27
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 0.010.0324.7824.9177.36488.393,083.1719,464.05122,876.44
Total Cash (%)
Account Receivables 0.370.041.372.8222.56142.45899.285,677.1535,839.80
Account Receivables (%)
Inventories ---------
Inventories (%)
Accounts Payable 1.231.651.441.8495.09600.313,789.7423,924.60151,035.86
Accounts Payable (%)
Capital Expenditure --0.11-1.32-0.04-6.10-38.53-243.26-1,535.70-9,694.87
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 0.9,102
Beta 3.028
Diluted Shares Outstanding 13.70
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 3.66%
Risk-Free Rate
Market Risk Premium
Cost of Equity 18.119
Total Debt 0.23
Total Equity 12.47
Total Capital 12.69
Debt Weighting 1.80
Equity Weighting 98.20
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 0.110.182.902.7417.28109.11688.814,348.4827,451.94
EBITDA -3.68-3.30-4.06-9.83-251.07-1,585.03-10,006.31-63,169.78-398,790.38
EBIT -3.68-3.31-4.37-10.28-253.21-1,598.50-10,091.33-63,706.49-402,178.65
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT -3.68-3.31-4.37-10.28-253.21-1,598.50-10,091.33-63,706.49-402,178.65
Depreciation -0.020.320.452.1313.4785.02536.713,388.27
Accounts Receivable -0.33-1.34-1.44-19.75-119.88-756.83-4,777.87-30,162.65
Inventories ---------
Accounts Payable -0.43-0.210.4093.25505.223,189.4320,134.86127,111.25
Capital Expenditure --0.11-1.32-0.04-6.10-38.53-243.26-1,535.70-9,694.87
UFCF -3.68-2.64-6.92-10.91-183.68-1,238.24-7,816.97-49,348.48-311,536.65
WACC
PV UFCF -183.68-1,050.60-5,627.37-30,142.17-161,451.99
SUM PV UFCF -168,382.66

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 17.86
Free cash flow (t + 1) -317,767.38
Terminal Value -2,003,577.44
Present Value of Terminal Value -880,996.02

Intrinsic Value

Enterprise Value -1,049,378.69
Net Debt -24.68
Equity Value -1,049,354.01
Shares Outstanding 13.70
Equity Value Per Share -76,619.23