Discounted Cash Flow (DCF) Analysis Unlevered
Motorsport Games Inc. (MSGM)
$14.95
+1.77 (+13.43%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 11.85 | 19.05 | 15.08 | 18.08 | 21.68 | 26.01 | 31.19 | 37.41 |
|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||
| EBITDA | -2.70 | -0.32 | -30.87 | -13.82 | -16.57 | -19.87 | -23.84 | -28.59 |
| EBITDA (%) | ||||||||
| EBIT | -3.56 | -1.04 | -32.66 | -15.20 | -18.23 | -21.86 | -26.22 | -31.44 |
| EBIT (%) | ||||||||
| Depreciation | 0.86 | 0.72 | 1.79 | 1.38 | 1.65 | 1.98 | 2.38 | 2.85 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Total Cash | 1.96 | 3.99 | 17.82 | 9.38 | 11.25 | 13.50 | 16.19 | 19.41 |
|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||
| Account Receivables | 5.09 | 5.98 | 5.49 | 6.68 | 8.01 | 9.60 | 11.52 | 13.81 |
| Account Receivables (%) | ||||||||
| Inventories | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||
| Accounts Payable | 0.27 | 0.71 | 1.78 | 1.07 | 1.29 | 1.54 | 1.85 | 2.22 |
| Accounts Payable (%) | ||||||||
| Capital Expenditure | -0.11 | -0.24 | -0.75 | -0.43 | -0.52 | -0.62 | -0.74 | -0.89 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 14.95 |
|---|---|
| Beta | -0.828 |
| Diluted Shares Outstanding | 1 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 5.00% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | -0.270 |
| Total Debt | - |
| Total Equity | 14.95 |
| Total Capital | 14.95 |
| Debt Weighting | 0.00 |
| Equity Weighting | 100.00 |
| Wacc |
Build Up Free Cash
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 11.85 | 19.05 | 15.08 | 18.08 | 21.68 | 26.01 | 31.19 | 37.41 |
|---|---|---|---|---|---|---|---|---|
| EBITDA | -2.70 | -0.32 | -30.87 | -13.82 | -16.57 | -19.87 | -23.84 | -28.59 |
| EBIT | -3.56 | -1.04 | -32.66 | -15.20 | -18.23 | -21.86 | -26.22 | -31.44 |
| Tax Rate | 38.07% | -158.39% | 0.00% | -40.10% | -40.10% | -40.10% | -40.10% | -40.10% |
| EBIAT | -2.21 | -2.68 | -32.66 | -21.29 | -25.54 | -30.63 | -36.73 | -44.05 |
| Depreciation | 0.86 | 0.72 | 1.79 | 1.38 | 1.65 | 1.98 | 2.38 | 2.85 |
| Accounts Receivable | - | -0.88 | 0.49 | -1.19 | -1.33 | -1.60 | -1.91 | -2.30 |
| Inventories | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 0.44 | 1.08 | -0.71 | 0.21 | 0.26 | 0.31 | 0.37 |
| Capital Expenditure | -0.11 | -0.24 | -0.75 | -0.43 | -0.52 | -0.62 | -0.74 | -0.89 |
| UFCF | -1.45 | -2.64 | -30.06 | -22.24 | -25.51 | -30.60 | -36.70 | -44.02 |
| WACC | ||||||||
| PV UFCF | -22.18 | -25.51 | -30.68 | -36.90 | -44.37 | |||
| SUM PV UFCF | -160.52 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | -0.27 |
| Free cash flow (t + 1) | -44.90 |
| Terminal Value | 1,977.82 |
| Present Value of Terminal Value | 2,004.74 |
Intrinsic Value
| Enterprise Value | 1,844.22 |
|---|---|
| Net Debt | -17.82 |
| Equity Value | 1,862.04 |
| Shares Outstanding | 1 |
| Equity Value Per Share | 1,862.04 |