Discounted Cash Flow (DCF) Analysis Unlevered
Phreesia, Inc. (PHR)
$25.72
+0.24 (+0.94%)
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 | 79.83 | 99.89 | 124.78 | 148.68 | 213.23 | 273.26 | 350.20 | 448.79 | 575.13 | 737.05 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -4.91 | 0.04 | -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 | 9.64 | 11.59 | 13.92 | 15.91 | 21.30 | 30.35 | 38.89 | 49.84 | 63.87 | 81.86 |
| 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 | 10.50 | 1.54 | 90.31 | 218.78 | 313.81 | 208.44 | 267.13 | 342.33 | 438.71 | 562.22 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 12.31 | 16.11 | 21.98 | 29.05 | 40.26 | 47.86 | 61.34 | 78.61 | 100.74 | 129.10 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 2.20 | 4.16 | 6.02 | 4.39 | 5.12 | 9.34 | 11.98 | 15.35 | 19.67 | 25.20 |
| 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 | 79.83 | 99.89 | 124.78 | 148.68 | 213.23 | 273.26 | 350.20 | 448.79 | 575.13 | 737.05 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -4.91 | 0.04 | -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 | 9.64 | 11.59 | 13.92 | 15.91 | 21.30 | 30.35 | 38.89 | 49.84 | 63.87 | 81.86 |
| Accounts Receivable | - | -3.80 | -5.87 | -7.07 | -11.21 | -7.60 | -13.48 | -17.27 | -22.13 | -28.36 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 1.96 | 1.86 | -1.63 | 0.73 | 4.23 | 2.63 | 3.37 | 4.32 | 5.54 |
| 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 |