Discounted Cash Flow (DCF) Analysis Unlevered
TRxADE HEALTH, Inc. (MEDS)
$0.47
+0.08 (+20.51%)
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 | 2.93 | 3.83 | 7.44 | 17.12 | 9.89 | 15.15 | 23.21 | 35.56 | 54.48 | 83.46 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 0.45 | 0.07 | -0.14 | -2.40 | -5.15 | -1.55 | -2.37 | -3.63 | -5.56 | -8.52 |
| EBITDA (%) | ||||||||||
| EBIT | 0.45 | 0.07 | -0.23 | -2.51 | -5.29 | -1.71 | -2.62 | -4.02 | -6.16 | -9.43 |
| EBIT (%) | ||||||||||
| Depreciation | - | - | 0.09 | 0.10 | 0.14 | 0.17 | 0.25 | 0.39 | 0.60 | 0.91 |
| 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 | 0.18 | 0.87 | 2.87 | 5.92 | 3.12 | 4.05 | 6.21 | 9.51 | 14.57 | 22.32 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 0.32 | 0.43 | 0.79 | 1.89 | 0.98 | 1.63 | 2.50 | 3.83 | 5.86 | 8.98 |
| Account Receivables (%) | ||||||||||
| Inventories | - | 0.08 | 0.06 | 1.26 | 0.06 | 0.41 | 0.62 | 0.96 | 1.47 | 2.25 |
| Inventories (%) | ||||||||||
| Accounts Payable | 0.11 | 0.40 | 0.33 | 0.26 | 0.48 | 0.75 | 1.16 | 1.77 | 2.71 | 4.16 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | - | -0.02 | -0.08 | -0.04 | -0.02 | -0.07 | -0.11 | -0.17 | -0.26 | -0.41 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 0.47 |
|---|---|
| Beta | 1.176 |
| Diluted Shares Outstanding | 8.14 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 1.89% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.096 |
| Total Debt | 1.25 |
| Total Equity | 3.82 |
| Total Capital | 5.07 |
| Debt Weighting | 24.61 |
| Equity Weighting | 75.39 |
| 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 | 2.93 | 3.83 | 7.44 | 17.12 | 9.89 | 15.15 | 23.21 | 35.56 | 54.48 | 83.46 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 0.45 | 0.07 | -0.14 | -2.40 | -5.15 | -1.55 | -2.37 | -3.63 | -5.56 | -8.52 |
| EBIT | 0.45 | 0.07 | -0.23 | -2.51 | -5.29 | -1.71 | -2.62 | -4.02 | -6.16 | -9.43 |
| Tax Rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| EBIAT | 0.45 | 0.07 | -0.23 | -2.51 | -5.29 | -1.71 | -2.62 | -4.02 | -6.16 | -9.43 |
| Depreciation | - | - | 0.09 | 0.10 | 0.14 | 0.17 | 0.25 | 0.39 | 0.60 | 0.91 |
| Accounts Receivable | - | -0.11 | -0.36 | -1.10 | 0.91 | -0.65 | -0.87 | -1.33 | -2.04 | -3.12 |
| Inventories | - | - | 0.02 | -1.20 | 1.20 | -0.35 | -0.22 | -0.33 | -0.51 | -0.78 |
| Accounts Payable | - | 0.29 | -0.07 | -0.08 | 0.22 | 0.28 | 0.40 | 0.61 | 0.94 | 1.44 |
| Capital Expenditure | - | -0.02 | -0.08 | -0.04 | -0.02 | -0.07 | -0.11 | -0.17 | -0.26 | -0.41 |
| UFCF | 0.45 | 0.23 | -0.62 | -4.82 | -2.84 | -2.35 | -3.17 | -4.85 | -7.43 | -11.38 |
| WACC | ||||||||||
| PV UFCF | -2.19 | -2.75 | -3.92 | -5.60 | -7.99 | |||||
| SUM PV UFCF | -22.45 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.32 |
| Free cash flow (t + 1) | -11.61 |
| Terminal Value | -218.20 |
| Present Value of Terminal Value | -153.27 |
Intrinsic Value
| Enterprise Value | -175.72 |
|---|---|
| Net Debt | -1.87 |
| Equity Value | -173.84 |
| Shares Outstanding | 8.14 |
| Equity Value Per Share | -21.37 |