Discounted Cash Flow (DCF) Analysis Unlevered
Olo Inc. (OLO)
$7.83
+0.34 (+4.54%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 50.69 | 98.42 | 149.37 | 185.40 | 290.50 | 455.16 | 713.16 | 1,117.40 | 1,750.79 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | |||||||||
| EBITDA | -7.65 | 4.08 | -45.21 | -41.05 | -46.01 | -72.09 | -112.95 | -176.97 | -277.28 |
| EBITDA (%) | |||||||||
| EBIT | -8.01 | 3.41 | -46.83 | -47.06 | -50.17 | -78.61 | -123.16 | -192.98 | -302.36 |
| EBIT (%) | |||||||||
| Depreciation | 0.36 | 0.67 | 1.61 | 6.02 | 4.16 | 6.52 | 10.22 | 16.01 | 25.08 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Total Cash | 10.94 | 75.76 | 514.44 | 448.77 | 497.48 | 779.47 | 1,221.30 | 1,913.57 | 2,998.25 |
|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | |||||||||
| Account Receivables | 15.21 | 46 | 42.89 | 48.46 | 95.57 | 149.74 | 234.61 | 367.59 | 575.96 |
| Account Receivables (%) | |||||||||
| Inventories | - | - | - | - | - | - | - | - | - |
| Inventories (%) | |||||||||
| Accounts Payable | 6.20 | 9.10 | 2.18 | 2.26 | 17.55 | 27.50 | 43.08 | 67.50 | 105.76 |
| Accounts Payable (%) | |||||||||
| Capital Expenditure | -1.35 | -1.27 | -1.84 | -9 | -7.30 | -11.43 | -17.92 | -28.07 | -43.98 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 7.83 |
|---|---|
| Beta | 0.000 |
| Diluted Shares Outstanding | 148.45 |
| Cost of Debt | |
| Tax Rate | 2.71 |
| After-tax Cost of Debt | 0.90% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 3.606 |
| Total Debt | 20.05 |
| Total Equity | 1,162.39 |
| Total Capital | 1,182.43 |
| Debt Weighting | 1.70 |
| Equity Weighting | 98.30 |
| Wacc |
Build Up Free Cash
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 50.69 | 98.42 | 149.37 | 185.40 | 290.50 | 455.16 | 713.16 | 1,117.40 | 1,750.79 |
|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -7.65 | 4.08 | -45.21 | -41.05 | -46.01 | -72.09 | -112.95 | -176.97 | -277.28 |
| EBIT | -8.01 | 3.41 | -46.83 | -47.06 | -50.17 | -78.61 | -123.16 | -192.98 | -302.36 |
| Tax Rate | -0.32% | 5.81% | 9.73% | 2.71% | 4.48% | 4.48% | 4.48% | 4.48% | 4.48% |
| EBIAT | -8.04 | 3.21 | -42.27 | -45.79 | -47.92 | -75.08 | -117.64 | -184.32 | -288.80 |
| Depreciation | 0.36 | 0.67 | 1.61 | 6.02 | 4.16 | 6.52 | 10.22 | 16.01 | 25.08 |
| Accounts Receivable | - | -30.79 | 3.11 | -5.58 | -47.10 | -54.17 | -84.87 | -132.98 | -208.37 |
| Inventories | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 2.90 | -6.92 | 0.07 | 15.29 | 9.95 | 15.59 | 24.42 | 38.26 |
| Capital Expenditure | -1.35 | -1.27 | -1.84 | -9 | -7.30 | -11.43 | -17.92 | -28.07 | -43.98 |
| UFCF | -9.03 | -25.27 | -46.31 | -54.27 | -82.87 | -124.22 | -194.63 | -304.95 | -477.81 |
| WACC | |||||||||
| PV UFCF | -82.87 | -119.95 | -181.48 | -274.57 | -415.42 | ||||
| SUM PV UFCF | -1,037.35 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 3.56 |
| Free cash flow (t + 1) | -487.36 |
| Terminal Value | -31,241.30 |
| Present Value of Terminal Value | -26,228.23 |
Intrinsic Value
| Enterprise Value | -27,265.58 |
|---|---|
| Net Debt | -330.03 |
| Equity Value | -26,935.55 |
| Shares Outstanding | 148.45 |
| Equity Value Per Share | -181.44 |