Discounted Cash Flow (DCF) Analysis Unlevered

Phreesia, Inc. (PHR)

$25.72

+0.24 (+0.94%)
All numbers are in Millions, Currency in USD
Stock DCF: -78.04 | 25.72 | overvalue

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 79.8399.89124.78148.68213.23273.26350.20448.79575.13737.05
Revenue (%)
EBITDA -4.910.04-8.15-11.34-95.51-35.56-45.57-58.40-74.84-95.91
EBITDA (%)
EBIT -14.55-11.56-22.07-27.24-116.82-65.91-84.46-108.24-138.71-177.76
EBIT (%)
Depreciation 9.6411.5913.9215.9121.3030.3538.8949.8463.8781.86
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 10.501.5490.31218.78313.81208.44267.13342.33438.71562.22
Total Cash (%)
Account Receivables 12.3116.1121.9829.0540.2647.8661.3478.61100.74129.10
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 2.204.166.024.395.129.3411.9815.3519.6725.20
Accounts Payable (%)
Capital Expenditure -11.97-9.83-12.32-18.57-30.80-33.69-43.18-55.33-70.91-90.87
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 25.72
Beta 0.754
Diluted Shares Outstanding 39.52
Cost of Debt
Tax Rate -0.15
After-tax Cost of Debt 7.36%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.212
Total Debt 15.80
Total Equity 1,016.45
Total Capital 1,032.25
Debt Weighting 1.53
Equity Weighting 98.47
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 79.8399.89124.78148.68213.23273.26350.20448.79575.13737.05
EBITDA -4.910.04-8.15-11.34-95.51-35.56-45.57-58.40-74.84-95.91
EBIT -14.55-11.56-22.07-27.24-116.82-65.91-84.46-108.24-138.71-177.76
Tax Rate 0.00%0.00%8.06%-0.18%-0.15%1.55%1.55%1.55%1.55%1.55%
EBIAT -14.55-11.56-20.29-27.29-117-64.89-83.16-106.57-136.57-175.01
Depreciation 9.6411.5913.9215.9121.3030.3538.8949.8463.8781.86
Accounts Receivable --3.80-5.87-7.07-11.21-7.60-13.48-17.27-22.13-28.36
Inventories ----------
Accounts Payable -1.961.86-1.630.734.232.633.374.325.54
Capital Expenditure -11.96-9.83-12.32-18.57-30.80-33.69-43.18-55.33-70.91-90.87
UFCF -16.87-11.64-22.70-38.66-136.98-71.61-98.28-125.95-161.41-206.85
WACC
PV UFCF -66.79-85.51-102.21-122.18-146.04
SUM PV UFCF -522.73

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.21
Free cash flow (t + 1) -210.99
Terminal Value -4,049.71
Present Value of Terminal Value -2,859.22

Intrinsic Value

Enterprise Value -3,381.95
Net Debt -298.01
Equity Value -3,083.94
Shares Outstanding 39.52
Equity Value Per Share -78.04