Discounted Cash Flow (DCF) Analysis Unlevered

NewAge, Inc. (NBEV)

$0.0935

-0.03 (-25.20%)
All numbers are in Millions, Currency in USD
Stock DCF: -729.29 | 0.0935 | overvalue

Operating Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 25.3052.1952.16253.71279.47630.741,423.533,212.807,251.0216,364.96
Revenue (%)
EBITDA -2.81-1.70-17.68-64.50-29.93-106.47-240.30-542.35-1,224.03-2,762.54
EBITDA (%)
EBIT -3.33-3.31-19.99-73.26-38.86-126.94-286.49-646.59-1,459.31-3,293.53
EBIT (%)
Depreciation 0.521.612.318.768.9320.4746.19104.25235.28531
Depreciation (%)

Balance Sheet Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Total Cash 0.530.2942.5260.8443.71156.14352.39795.311,794.954,051.05
Total Cash (%)
Account Receivables 4.737.4610.9811.1312.3479.28178.93403.83911.412,056.98
Account Receivables (%)
Inventories 4.427.0437.1536.7248.05168.85381.08860.071,941.104,380.90
Inventories (%)
Accounts Payable 6.884.378.9613.2622.7783.41188.25424.87958.902,164.15
Accounts Payable (%)
Capital Expenditure -0.05-0.56-0.74-7.16-2.47-8.07-18.21-41.10-92.75-209.33
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 0.0,935
Beta 1.541
Diluted Shares Outstanding 96.35
Cost of Debt
Tax Rate -5.06
After-tax Cost of Debt 6.97%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.781
Total Debt 34.20
Total Equity 9.01
Total Capital 43.21
Debt Weighting 79.15
Equity Weighting 20.85
Wacc

Build Up Free Cash

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 25.3052.1952.16253.71279.47630.741,423.533,212.807,251.0216,364.96
EBITDA -2.81-1.70-17.68-64.50-29.93-106.47-240.30-542.35-1,224.03-2,762.54
EBIT -3.33-3.31-19.99-73.26-38.86-126.94-286.49-646.59-1,459.31-3,293.53
Tax Rate 0.00%0.00%42.38%-16.42%-5.06%4.18%4.18%4.18%4.18%4.18%
EBIAT -3.33-3.31-11.52-85.29-40.82-121.63-274.51-619.56-1,398.28-3,155.81
Depreciation 0.521.612.318.768.9320.4746.19104.25235.28531
Accounts Receivable --2.73-3.52-0.15-1.21-66.94-99.65-224.90-507.58-1,145.57
Inventories --2.62-30.110.43-11.33-120.80-212.23-478.99-1,081.03-2,439.80
Accounts Payable --2.514.594.309.5160.64104.84236.62534.031,205.25
Capital Expenditure -0.05-0.56-0.74-7.16-2.47-8.07-18.21-41.10-92.75-209.33
UFCF -2.86-10.13-38.99-79.11-37.39-236.34-453.57-1,023.67-2,310.35-5,214.26
WACC
PV UFCF -219.32-390.60-818.07-1,713.35-3,588.43
SUM PV UFCF -6,729.76

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.76
Free cash flow (t + 1) -5,318.54
Terminal Value -92,335.82
Present Value of Terminal Value -63,545.13

Intrinsic Value

Enterprise Value -70,274.90
Net Debt -9.51
Equity Value -70,265.38
Shares Outstanding 96.35
Equity Value Per Share -729.29