Discounted Cash Flow (DCF) Analysis Unlevered

Lionheart III Corp (LION)

$10.09

+0.01 (+0.05%)
All numbers are in Millions, Currency in USD
Stock DCF: 122.50 | 10.09 | undervalue

Operating Data

Year
A/P
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 100.84128.84135.2517.8714.6512.019.858.086.625.434.453.65
Revenue (%)
EBITDA 83.8889.7287.4996.5927.7722.7618.6615.3012.5410.288.436.91
EBITDA (%)
EBIT 77.2381.3677.7989.4825.5720.9617.1914.0911.559.477.766.37
EBIT (%)
Depreciation 6.648.369.717.112.201.801.481.210.990.810.670.55
Depreciation (%)

Balance Sheet Data

Year
A/P
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 18.6123.1930.81262.3055.9345.8637.6030.8225.2720.7216.9913.93
Total Cash (%)
Account Receivables 2,896.953,302.263,580.973,685.481,051.52862.10706.80579.47475.08389.50319.34261.81
Account Receivables (%)
Inventories ------------
Inventories (%)
Accounts Payable ------------
Accounts Payable (%)
Capital Expenditure -12.16-6.53-5.31-9.64-2.75-2.25-1.85-1.51-1.24-1.02-0.83-0.68
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 10.09
Beta 0.000
Diluted Shares Outstanding 27.26
Cost of Debt
Tax Rate 31.06
After-tax Cost of Debt 3.45%
Risk-Free Rate
Market Risk Premium
Cost of Equity 3.804
Total Debt -
Total Equity 275.04
Total Capital 275.04
Debt Weighting 0.00
Equity Weighting 100.00
Wacc

Build Up Free Cash

Year
A/P
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 100.84128.84135.2517.8714.6512.019.858.086.625.434.453.65
EBITDA 83.8889.7287.4996.5927.7722.7618.6615.3012.5410.288.436.91
EBIT 77.2381.3677.7989.4825.5720.9617.1914.0911.559.477.766.37
Tax Rate 36.29%36.35%27.72%23.90%31.06%31.06%31.06%31.06%31.06%31.06%31.06%31.06%
EBIAT 49.2051.7856.2368.1017.6214.4511.859.717.966.535.354.39
Depreciation 6.648.369.717.112.201.801.481.210.990.810.670.55
Accounts Receivable --405.32-278.70-104.512,633.95189.43155.30127.32104.3985.5870.1757.53
Inventories ------------
Accounts Payable ------------
Capital Expenditure -12.16-6.53-5.30-9.64-2.75-2.25-1.85-1.51-1.24-1.02-0.83-0.68
UFCF 43.69-351.70-218.07-38.952,651.03203.43166.78136.74112.1091.9175.3561.78
WACC
PV UFCF 2,651.03195.98154.79122.2696.5776.2760.2447.58
SUM PV UFCF 434.13

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 3.80
Free cash flow (t + 1) 63.01
Terminal Value 3,500.74
Present Value of Terminal Value 2,905.18

Intrinsic Value

Enterprise Value 3,339.31
Net Debt -0
Equity Value 3,339.31
Shares Outstanding 27.26
Equity Value Per Share 122.50