Discounted Cash Flow (DCF) Analysis Unlevered

Marathon Digital Holdings, Inc. (MARA)

$5.37

-0.42 (-7.25%)
All numbers are in Millions, Currency in USD
Stock DCF: -34,170,262.81 | 5.37 | overvalue

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 0.521.561.194.36150.461,578.8216,566.60173,833.831,824,043.0219,139,732.35
Revenue (%)
EBITDA -24.72-8.30-2.39-7.273.52-17,853.18-187,333.88-1,965,699.39-20,626,136.43-216,430,603.19
EBITDA (%)
EBIT -26.57-10.37-3.47-10.43-11.58-19,943.64-209,269.13-2,195,866.58-23,041,286.95-241,772,842.38
EBIT (%)
Depreciation 1.852.071.083.1615.102,090.4621,935.25230,167.192,415,150.5225,342,239.19
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 14.952.550.69143.59595.1121,438.98224,959.832,360,509.4824,768,889.37259,900,620.91
Total Cash (%)
Account Receivables 0.010.020.020.061.9820.74217.632,283.5623,961.49251,428.52
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 1.965.904.4716.45568.065,960.6962,545.66656,293.276,886,502.9072,260,259.78
Accounts Payable (%)
Capital Expenditure -0.01-5.50-0.01-83.39-708.92-8,648.68-90,750.79-952,250.50-9,991,990.08-104,846,220.07
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 5.37
Beta 5.039
Diluted Shares Outstanding 81.41
Cost of Debt
Tax Rate -175.01
After-tax Cost of Debt 0.22%
Risk-Free Rate
Market Risk Premium
Cost of Equity 27.191
Total Debt 728.41
Total Equity 437.16
Total Capital 1,165.57
Debt Weighting 62.49
Equity Weighting 37.51
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 0.521.561.194.36150.461,578.8216,566.60173,833.831,824,043.0219,139,732.35
EBITDA -24.72-8.30-2.39-7.273.52-17,853.18-187,333.88-1,965,699.39-20,626,136.43-216,430,603.19
EBIT -26.57-10.37-3.47-10.43-11.58-19,943.64-209,269.13-2,195,866.58-23,041,286.95-241,772,842.38
Tax Rate 0.33%-0.54%0.00%0.00%-175.01%-35.04%-35.04%-35.04%-35.04%-35.04%
EBIAT -26.48-10.43-3.47-10.43-31.86-26,932.84-282,607.04-2,965,403.25-31,116,055.86-326,501,609.27
Depreciation 1.852.071.083.1615.102,090.4621,935.25230,167.192,415,150.5225,342,239.19
Accounts Receivable --0.010-0.04-1.92-18.76-196.89-2,065.94-21,677.92-227,467.03
Inventories ----------
Accounts Payable -3.94-1.4211.98551.615,392.6356,584.97593,747.616,230,209.6365,373,756.88
Capital Expenditure -0.01-5.50-0.01-83.39-708.92-8,648.68-90,750.79-952,250.50-9,991,990.08-104,846,220.07
UFCF -24.64-9.94-3.81-78.72-175.98-28,117.20-295,034.50-3,095,804.88-32,484,363.71-340,859,300.31
WACC
PV UFCF -25,482.32-242,329.81-2,304,489.01-21,915,049-208,406,015.32
SUM PV UFCF -232,893,365.46

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.34
Free cash flow (t + 1) -347,676,486.31
Terminal Value -4,168,782,809.50
Present Value of Terminal Value -2,548,850,547.13

Intrinsic Value

Enterprise Value -2,781,743,912.60
Net Debt 459.88
Equity Value -2,781,744,372.48
Shares Outstanding 81.41
Equity Value Per Share -34,170,262.81