Discounted Cash Flow (DCF) Analysis Unlevered
MusclePharm Corporation (MSLP)
$0.0002
-0.00 (-60.00%)
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 | 102.16 | 88.11 | 79.67 | 64.44 | 50.04 | 41.94 | 35.14 | 29.45 | 24.68 | 20.68 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -6.11 | -6.01 | -14.43 | 5.33 | -7.07 | -3.08 | -2.58 | -2.17 | -1.81 | -1.52 |
| EBITDA (%) | ||||||||||
| EBIT | -7.57 | -6.85 | -15.08 | 4.86 | -7.40 | -3.47 | -2.91 | -2.44 | -2.04 | -1.71 |
| EBIT (%) | ||||||||||
| Depreciation | 1.46 | 0.85 | 0.66 | 0.46 | 0.33 | 0.39 | 0.32 | 0.27 | 0.23 | 0.19 |
| 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 | 6.23 | 2.32 | 1.53 | 2 | 1.22 | 1.36 | 1.14 | 0.95 | 0.80 | 0.67 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 16.67 | 6.27 | 4.81 | 7.49 | 6.39 | 4.52 | 3.79 | 3.17 | 2.66 | 2.23 |
| Account Receivables (%) | ||||||||||
| Inventories | 6.48 | 13.66 | 4.72 | 1.03 | 1.83 | 2.77 | 2.32 | 1.95 | 1.63 | 1.37 |
| Inventories (%) | ||||||||||
| Accounts Payable | 11.74 | 24.80 | 26.18 | 14.72 | 17.98 | 11.01 | 9.23 | 7.73 | 6.48 | 5.43 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -0.04 | -0.13 | -0.01 | -0 | -0 | -0.02 | -0.01 | -0.01 | -0.01 | -0.01 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 0.0,002 |
|---|---|
| Beta | -0.052 |
| Diluted Shares Outstanding | 41.17 |
| Cost of Debt | |
| Tax Rate | 0.06 |
| After-tax Cost of Debt | 5.00% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 3.132 |
| Total Debt | - |
| Total Equity | 0.01 |
| Total Capital | 0.01 |
| Debt Weighting | 0.00 |
| Equity Weighting | 100.00 |
| 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 | 102.16 | 88.11 | 79.67 | 64.44 | 50.04 | 41.94 | 35.14 | 29.45 | 24.68 | 20.68 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -6.11 | -6.01 | -14.43 | 5.33 | -7.07 | -3.08 | -2.58 | -2.17 | -1.81 | -1.52 |
| EBIT | -7.57 | -6.85 | -15.08 | 4.86 | -7.40 | -3.47 | -2.91 | -2.44 | -2.04 | -1.71 |
| Tax Rate | -1.31% | -0.94% | -0.46% | -0.60% | 0.06% | -0.65% | -0.65% | -0.65% | -0.65% | -0.65% |
| EBIAT | -7.67 | -6.92 | -15.15 | 4.89 | -7.39 | -3.49 | -2.93 | -2.45 | -2.06 | -1.72 |
| Depreciation | 1.46 | 0.85 | 0.66 | 0.46 | 0.33 | 0.39 | 0.32 | 0.27 | 0.23 | 0.19 |
| Accounts Receivable | - | 10.40 | 1.47 | -2.68 | 1.10 | 1.87 | 0.73 | 0.61 | 0.51 | 0.43 |
| Inventories | - | -7.18 | 8.94 | 3.69 | -0.80 | -0.94 | 0.45 | 0.38 | 0.32 | 0.26 |
| Accounts Payable | - | 13.06 | 1.38 | -11.46 | 3.26 | -6.97 | -1.78 | -1.49 | -1.25 | -1.05 |
| Capital Expenditure | -0.04 | -0.13 | -0.01 | -0 | -0 | -0.02 | -0.01 | -0.01 | -0.01 | -0.01 |
| UFCF | -6.25 | 10.07 | -2.72 | -5.10 | -3.50 | -9.16 | -3.22 | -2.70 | -2.26 | -1.90 |
| WACC | ||||||||||
| PV UFCF | -8.89 | -3.03 | -2.46 | -2 | -1.62 | |||||
| SUM PV UFCF | -18 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 3.13 |
| Free cash flow (t + 1) | -1.93 |
| Terminal Value | -171.10 |
| Present Value of Terminal Value | -146.66 |
Intrinsic Value
| Enterprise Value | -164.66 |
|---|---|
| Net Debt | -1.22 |
| Equity Value | -163.44 |
| Shares Outstanding | 41.17 |
| Equity Value Per Share | -3.97 |