Discounted Cash Flow (DCF) Analysis Unlevered
PaySign, Inc. (PAYS)
$2.365
+0.01 (+0.64%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 23.42 | 34.67 | 24.12 | 29.46 | 38.03 | 44.58 | 52.25 | 61.23 | 71.77 | 84.12 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 3.56 | 7.58 | -5.36 | -0.24 | 3.25 | 2.01 | 2.36 | 2.77 | 3.24 | 3.80 |
| EBITDA (%) | ||||||||||
| EBIT | 2.47 | 6.10 | -7.91 | -2.74 | 0.34 | -1.16 | -1.36 | -1.59 | -1.87 | -2.19 |
| EBIT (%) | ||||||||||
| Depreciation | 1.09 | 1.48 | 2.54 | 2.50 | 2.91 | 3.17 | 3.72 | 4.36 | 5.11 | 5.99 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Total Cash | 5.62 | 9.66 | 7.83 | 7.39 | 9.71 | 12.03 | 14.10 | 16.52 | 19.36 | 22.70 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 0.34 | 0.89 | 0.65 | 4.41 | 6.12 | 3.37 | 3.95 | 4.63 | 5.43 | 6.36 |
| Account Receivables (%) | ||||||||||
| Inventories | 26.05 | 35.91 | 48.10 | 61.28 | 80.19 | 74.27 | 87.05 | 102.02 | 119.57 | 140.14 |
| Inventories (%) | ||||||||||
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -1.59 | -3.24 | -3.34 | -2.68 | -4.09 | -4.45 | -5.21 | -6.11 | -7.16 | -8.39 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 2.365 |
|---|---|
| Beta | 1.066 |
| Diluted Shares Outstanding | 52.93 |
| Cost of Debt | |
| Tax Rate | 9.47 |
| After-tax Cost of Debt | 19.49% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.188 |
| Total Debt | 3.67 |
| Total Equity | 125.19 |
| Total Capital | 128.86 |
| Debt Weighting | 2.85 |
| Equity Weighting | 97.15 |
| Wacc |
Build Up Free Cash
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 23.42 | 34.67 | 24.12 | 29.46 | 38.03 | 44.58 | 52.25 | 61.23 | 71.77 | 84.12 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 3.56 | 7.58 | -5.36 | -0.24 | 3.25 | 2.01 | 2.36 | 2.77 | 3.24 | 3.80 |
| EBIT | 2.47 | 6.10 | -7.91 | -2.74 | 0.34 | -1.16 | -1.36 | -1.59 | -1.87 | -2.19 |
| Tax Rate | -0.26% | -13.93% | -10.84% | -0.38% | 9.47% | -3.19% | -3.19% | -3.19% | -3.19% | -3.19% |
| EBIAT | 2.48 | 6.95 | -8.76 | -2.75 | 0.31 | -1.20 | -1.40 | -1.64 | -1.93 | -2.26 |
| Depreciation | 1.09 | 1.48 | 2.54 | 2.50 | 2.91 | 3.17 | 3.72 | 4.36 | 5.11 | 5.99 |
| Accounts Receivable | - | -0.55 | 0.24 | -3.76 | -1.71 | 2.75 | -0.58 | -0.68 | -0.80 | -0.93 |
| Inventories | - | -9.86 | -12.19 | -13.18 | -18.91 | 5.92 | -12.78 | -14.98 | -17.55 | -20.57 |
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure | -1.59 | -3.24 | -3.34 | -2.68 | -4.09 | -4.45 | -5.21 | -6.11 | -7.16 | -8.39 |
| UFCF | 1.97 | -5.21 | -21.52 | -19.87 | -21.48 | 6.20 | -16.25 | -19.05 | -22.32 | -26.16 |
| WACC | ||||||||||
| PV UFCF | 5.66 | -13.56 | -14.51 | -15.54 | -16.63 | |||||
| SUM PV UFCF | -54.58 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 9.48 |
| Free cash flow (t + 1) | -26.69 |
| Terminal Value | -356.77 |
| Present Value of Terminal Value | -226.84 |
Intrinsic Value
| Enterprise Value | -281.42 |
|---|---|
| Net Debt | -6.04 |
| Equity Value | -275.38 |
| Shares Outstanding | 52.93 |
| Equity Value Per Share | -5.20 |