Discounted Cash Flow (DCF) Analysis Unlevered

Payfare Inc. (PAY.TO)

$5.35

-0.02 (-0.37%)
All numbers are in Millions, Currency in USD
Stock DCF: -2,021.24 | 5.35 | overvalue

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 1.163.596.3113.4543.78112.03286.69733.661,877.534,804.80
Revenue (%)
EBITDA -10.94-12.30-14.28-23.11-19.79-387.41-991.43-2,537.17-6,492.90-16,616.05
EBITDA (%)
EBIT -11.08-12.85-15.33-24.25-20.74-399.65-1,022.74-2,617.30-6,697.96-17,140.84
EBIT (%)
Depreciation 0.140.551.051.140.9512.2431.3180.13205.06524.78
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 0.220.330.951.6240.9333.3785.40218.54559.261,431.21
Total Cash (%)
Account Receivables 3.374.724.831.425.14116.65298.53763.971,955.095,003.29
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable ----------
Accounts Payable (%)
Capital Expenditure -0.69-1.10-1.08-0.73-1.07-25.79-66.01-168.92-432.28-1,106.26
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 5.35
Beta 2.643
Diluted Shares Outstanding 43.30
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 1,077.48%
Risk-Free Rate
Market Risk Premium
Cost of Equity 15.993
Total Debt 0.06
Total Equity 231.64
Total Capital 231.70
Debt Weighting 0.03
Equity Weighting 99.97
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 1.163.596.3113.4543.78112.03286.69733.661,877.534,804.80
EBITDA -10.94-12.30-14.28-23.11-19.79-387.41-991.43-2,537.17-6,492.90-16,616.05
EBIT -11.08-12.85-15.33-24.25-20.74-399.65-1,022.74-2,617.30-6,697.96-17,140.84
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT -11.08-12.85-15.33-24.25-20.74-399.65-1,022.74-2,617.30-6,697.96-17,140.84
Depreciation 0.140.551.051.140.9512.2431.3180.13205.06524.78
Accounts Receivable --1.35-0.113.40-3.71-111.52-181.88-465.44-1,191.12-3,048.20
Inventories ----------
Accounts Payable ----------
Capital Expenditure -0.69-1.10-1.08-0.73-1.07-25.79-66.01-168.92-432.28-1,106.26
UFCF -11.63-14.75-15.47-20.43-24.57-524.72-1,239.31-3,171.53-8,116.30-20,770.52
WACC
PV UFCF -451.33-916.89-2,018.26-4,442.60-9,779.03
SUM PV UFCF -17,608.12

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 16.26
Free cash flow (t + 1) -21,185.93
Terminal Value -148,568.93
Present Value of Terminal Value -69,948.18

Intrinsic Value

Enterprise Value -87,556.30
Net Debt -40.87
Equity Value -87,515.43
Shares Outstanding 43.30
Equity Value Per Share -2,021.24