Discounted Cash Flow (DCF) Analysis Unlevered

Payfare Inc. (PAY.TO)

$4.98

+0.18 (+3.75%)
All numbers are in Millions, Currency in USD
Stock DCF: -2,018.18 | 4.98 | 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 $ 4.98
Beta 2.643
Diluted Shares Outstanding 41.40
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 1,077.48%
Risk-Free Rate
Market Risk Premium
Cost of Equity 16.439
Total Debt 0.06
Total Equity 206.17
Total Capital 206.23
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 -449.48-909.37-1,993.47-4,369.98-9,579.63
SUM PV UFCF -17,301.93

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 16.74
Free cash flow (t + 1) -21,185.93
Terminal Value -143,730.87
Present Value of Terminal Value -66,290.55

Intrinsic Value

Enterprise Value -83,592.48
Net Debt -40.87
Equity Value -83,551.61
Shares Outstanding 41.40
Equity Value Per Share -2,018.18