Discounted Cash Flow (DCF) Analysis Unlevered

PaySign, Inc. (PAYS)

$3.12

+0.34 (+12.23%)
All numbers are in Millions, Currency in USD
Stock DCF: -0.98 | 3.12 | 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 15.2323.4234.6724.1229.4636.3544.8555.3368.2684.22
Revenue (%)
EBITDA 2.703.688.47-5.61-0.182.473.053.764.645.72
EBITDA (%)
EBIT 1.832.596.99-8.16-2.040.180.220.270.330.41
EBIT (%)
Depreciation 0.881.091.482.541.862.292.833.494.305.31
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 2.755.629.667.837.399.2611.4314.1017.4021.46
Total Cash (%)
Account Receivables 0.170.340.890.654.411.662.042.523.113.84
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable ----------
Accounts Payable (%)
Capital Expenditure -1.52-1.59-3.24-3.34-2.95-3.63-4.48-5.53-6.82-8.42
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 3.12
Beta 0.969
Diluted Shares Outstanding 50.35
Cost of Debt
Tax Rate -0.38
After-tax Cost of Debt 0.71%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.454
Total Debt 4.01
Total Equity 157.10
Total Capital 161.11
Debt Weighting 2.49
Equity Weighting 97.51
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 15.2323.4234.6724.1229.4636.3544.8555.3368.2684.22
EBITDA 2.703.688.47-5.61-0.182.473.053.764.645.72
EBIT 1.832.596.99-8.16-2.040.180.220.270.330.41
Tax Rate 0.03%-0.26%-13.93%-10.84%-0.38%-5.08%-5.08%-5.08%-5.08%-5.08%
EBIAT 1.832.597.96-9.04-2.050.190.230.290.350.43
Depreciation 0.881.091.482.541.862.292.833.494.305.31
Accounts Receivable --0.17-0.550.24-3.762.76-0.39-0.48-0.59-0.73
Inventories ----------
Accounts Payable ----------
Capital Expenditure -1.52-1.59-3.24-3.34-2.95-3.63-4.48-5.53-6.82-8.42
UFCF 1.191.925.65-9.61-6.901.60-1.81-2.23-2.76-3.40
WACC
PV UFCF 1.49-1.57-1.81-2.08-2.39
SUM PV UFCF -6.36

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.29
Free cash flow (t + 1) -3.47
Terminal Value -65.59
Present Value of Terminal Value -46.13

Intrinsic Value

Enterprise Value -52.50
Net Debt -3.37
Equity Value -49.12
Shares Outstanding 50.35
Equity Value Per Share -0.98