Discounted Cash Flow (DCF) Analysis Unlevered

Kidpik Corp. (PIK)

$0.848

+0.23 (+36.75%)
All numbers are in Millions, Currency in USD
Stock DCF: -24.32 | 0.848 | overvalue

Operating Data

Year
A/P
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 13.5216.9421.2226.5833.3041.7252.2765.4882.04
Revenue (%)
EBITDA -4.05-3.60-5.43-6.81-8.53-10.68-13.38-16.77-21.01
EBITDA (%)
EBIT -4.15-3.68-5.56-6.96-8.72-10.93-13.69-17.15-21.49
EBIT (%)
Depreciation 0.100.070.120.160.200.240.310.380.48
Depreciation (%)

Balance Sheet Data

Year
A/P
2019
Actual
2020
Actual
2021
Projected
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 0.190.130.230.290.370.460.570.720.90
Total Cash (%)
Account Receivables 0.230.320.380.480.600.750.941.181.48
Account Receivables (%)
Inventories 6.757.489.9812.5115.6719.6324.5930.8138.60
Inventories (%)
Accounts Payable 2.073.563.854.836.057.589.4911.8914.90
Accounts Payable (%)
Capital Expenditure -0-0.01-0.01-0.01-0.02-0.02-0.03-0.03-0.04
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 0.848
Beta 0.000
Diluted Shares Outstanding 7.62
Cost of Debt
Tax Rate -0.02
After-tax Cost of Debt 76.38%
Risk-Free Rate
Market Risk Premium
Cost of Equity 3.691
Total Debt 0.93
Total Equity 6.46
Total Capital 7.39
Debt Weighting 12.61
Equity Weighting 87.39
Wacc

Build Up Free Cash

Year
A/P
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 13.5216.9421.2226.5833.3041.7252.2765.4882.04
EBITDA -4.05-3.60-5.43-6.81-8.53-10.68-13.38-16.77-21.01
EBIT -4.15-3.68-5.56-6.96-8.72-10.93-13.69-17.15-21.49
Tax Rate -0.35%-0.03%-0.13%-0.02%-0.13%-0.13%-0.13%-0.13%-0.13%
EBIAT -4.16-3.68-5.56-6.96-8.73-10.94-13.71-17.17-21.52
Depreciation 0.100.070.120.160.200.240.310.380.48
Accounts Receivable --0.09-0.06-0.10-0.12-0.15-0.19-0.24-0.30
Inventories --0.73-2.50-2.52-3.16-3.96-4.96-6.22-7.79
Accounts Payable -1.490.290.971.221.531.922.403.01
Capital Expenditure -0-0.01-0.01-0.01-0.02-0.02-0.03-0.03-0.04
UFCF -4.07-2.94-7.72-8.47-10.62-13.30-16.67-20.88-26.16
WACC
PV UFCF -9.84-9.56-10.62-11.79-13.08-14.52-16.12
SUM PV UFCF -58.60

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 12.86
Free cash flow (t + 1) -26.68
Terminal Value -245.68
Present Value of Terminal Value -134.17

Intrinsic Value

Enterprise Value -192.77
Net Debt -7.48
Equity Value -185.29
Shares Outstanding 7.62
Equity Value Per Share -24.32