Discounted Cash Flow (DCF) Analysis Unlevered
Legacy Education Alliance, Inc. (LEAI)
$0.1899
+0.02 (+11.42%)
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 | 97.73 | 93.41 | 75.50 | 34.16 | 7.71 | 4.71 | 2.87 | 1.75 | 1.07 | 0.65 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 6.42 | -9.30 | 8.76 | 20.25 | 0.68 | 0.72 | 0.44 | 0.27 | 0.16 | 0.10 |
| EBITDA (%) | ||||||||||
| EBIT | 6.29 | -9.45 | 8.60 | 20.18 | 0.67 | 0.71 | 0.43 | 0.27 | 0.16 | 0.10 |
| EBIT (%) | ||||||||||
| Depreciation | 0.12 | 0.15 | 0.16 | 0.07 | 0 | 0.01 | 0 | 0 | 0 | 0 |
| 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 | 6.01 | 1.56 | 3.84 | 1.51 | 0.58 | 0.23 | 0.14 | 0.09 | 0.05 | 0.03 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | 0.33 | 0.09 | 0.05 | 0.01 | 0 | 0.01 | 0 | 0 | 0 | 0 |
| Inventories (%) | ||||||||||
| Accounts Payable | 2.86 | 4.96 | 2.31 | 2.85 | 2.54 | 0.50 | 0.30 | 0.18 | 0.11 | 0.07 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -0.18 | -0.86 | -0.19 | -0.15 | -0.03 | -0.02 | -0.01 | -0.01 | -0 | -0 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 0.1,899 |
|---|---|
| Beta | 0.814 |
| Diluted Shares Outstanding | 29.19 |
| Cost of Debt | |
| Tax Rate | -2,595.24 |
| After-tax Cost of Debt | 16.87% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.341 |
| Total Debt | 3.11 |
| Total Equity | 5.54 |
| Total Capital | 8.65 |
| Debt Weighting | 35.91 |
| Equity Weighting | 64.09 |
| 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 | 97.73 | 93.41 | 75.50 | 34.16 | 7.71 | 4.71 | 2.87 | 1.75 | 1.07 | 0.65 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 6.42 | -9.30 | 8.76 | 20.25 | 0.68 | 0.72 | 0.44 | 0.27 | 0.16 | 0.10 |
| EBIT | 6.29 | -9.45 | 8.60 | 20.18 | 0.67 | 0.71 | 0.43 | 0.27 | 0.16 | 0.10 |
| Tax Rate | 31.65% | -4.94% | -377.45% | 19.82% | -2,595.24% | -585.23% | -585.23% | -585.23% | -585.23% | -585.23% |
| EBIAT | 4.30 | -9.91 | 41.06 | 16.18 | 18.17 | 4.87 | 2.97 | 1.82 | 1.11 | 0.68 |
| Depreciation | 0.12 | 0.15 | 0.16 | 0.07 | 0 | 0.01 | 0 | 0 | 0 | 0 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | 0.24 | 0.04 | 0.04 | 0.01 | -0 | 0 | 0 | 0 | 0 |
| Accounts Payable | - | 2.10 | -2.65 | 0.54 | -0.31 | -2.05 | -0.19 | -0.12 | -0.07 | -0.04 |
| Capital Expenditure | -0.18 | -0.86 | -0.19 | -0.15 | -0.03 | -0.02 | -0.01 | -0.01 | -0 | -0 |
| UFCF | 4.25 | -8.28 | 38.42 | 16.67 | 17.84 | 2.81 | 2.78 | 1.69 | 1.03 | 0.63 |
| WACC | ||||||||||
| PV UFCF | 2.53 | 2.26 | 1.25 | 0.69 | 0.38 | |||||
| SUM PV UFCF | 7.11 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 10.76 |
| Free cash flow (t + 1) | 0.64 |
| Terminal Value | 7.35 |
| Present Value of Terminal Value | 4.41 |
Intrinsic Value
| Enterprise Value | 11.52 |
|---|---|
| Net Debt | 2.53 |
| Equity Value | 8.99 |
| Shares Outstanding | 29.19 |
| Equity Value Per Share | 0.31 |