Discounted Cash Flow (DCF) Analysis Unlevered

Motorsport Games Inc. (MSGM)

$14.95

+1.77 (+13.43%)
All numbers are in Millions, Currency in USD
Stock DCF: 1,862.04 | 14.95 | undervalue

Operating Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 11.8519.0515.0818.0821.6826.0131.1937.41
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 0.860.721.791.381.651.982.382.85
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 1.963.9917.829.3811.2513.5016.1919.41
Total Cash (%)
Account Receivables 5.095.985.496.688.019.6011.5213.81
Account Receivables (%)
Inventories --------
Inventories (%)
Accounts Payable 0.270.711.781.071.291.541.852.22
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 11.8519.0515.0818.0821.6826.0131.1937.41
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 0.860.721.791.381.651.982.382.85
Accounts Receivable --0.880.49-1.19-1.33-1.60-1.91-2.30
Inventories --------
Accounts Payable -0.441.08-0.710.210.260.310.37
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