Discounted Cash Flow (DCF) Analysis Unlevered
ShiftPixy, Inc. (PIXY)
$0.39
-0.02 (-5.29%)
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 | 34.96 | 53.44 | 8.64 | 23.42 | 36 | 53.44 | 79.33 | 117.75 | 174.79 | 259.45 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -11.30 | -8.83 | -18.39 | -26.96 | -35.08 | -50.68 | -75.23 | -111.67 | -165.76 | -246.05 |
| EBITDA (%) | ||||||||||
| EBIT | -11.57 | -9.67 | -18.66 | -27.32 | -35.59 | -51.58 | -76.57 | -113.66 | -168.71 | -250.43 |
| EBIT (%) | ||||||||||
| Depreciation | 0.27 | 0.84 | 0.27 | 0.36 | 0.51 | 0.90 | 1.34 | 1.99 | 2.95 | 4.38 |
| 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 | 1.65 | 1.56 | 4.30 | 1.20 | 0.62 | 6.87 | 10.20 | 15.14 | 22.47 | 33.35 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 6.30 | 9.75 | 2.61 | 3.24 | 2.38 | 9.29 | 13.79 | 20.48 | 30.39 | 45.11 |
| Account Receivables (%) | ||||||||||
| Inventories | 2.24 | 2.48 | 2.05 | 1.12 | 117.67 | 39.15 | 58.11 | 86.26 | 128.05 | 190.07 |
| Inventories (%) | ||||||||||
| Accounts Payable | 1.25 | 3.06 | 3.83 | 6.55 | 17.12 | 13.81 | 20.49 | 30.42 | 45.15 | 67.02 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -3.02 | -1.17 | -0.24 | -2.57 | -0.49 | -2.76 | -4.10 | -6.09 | -9.04 | -13.42 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 0.39 |
|---|---|
| Beta | 1.142 |
| Diluted Shares Outstanding | 0.40 |
| Cost of Debt | |
| Tax Rate | 0.09 |
| After-tax Cost of Debt | 0.03% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.872 |
| Total Debt | 3.54 |
| Total Equity | 0.16 |
| Total Capital | 3.70 |
| Debt Weighting | 95.75 |
| Equity Weighting | 4.25 |
| 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 | 34.96 | 53.44 | 8.64 | 23.42 | 36 | 53.44 | 79.33 | 117.75 | 174.79 | 259.45 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -11.30 | -8.83 | -18.39 | -26.96 | -35.08 | -50.68 | -75.23 | -111.67 | -165.76 | -246.05 |
| EBIT | -11.57 | -9.67 | -18.66 | -27.32 | -35.59 | -51.58 | -76.57 | -113.66 | -168.71 | -250.43 |
| Tax Rate | 0.00% | -45.43% | 14.61% | -0.15% | 0.09% | -6.18% | -6.18% | -6.18% | -6.18% | -6.18% |
| EBIAT | -11.57 | -14.07 | -15.93 | -27.36 | -35.56 | -54.77 | -81.30 | -120.68 | -179.13 | -265.89 |
| Depreciation | 0.27 | 0.84 | 0.27 | 0.36 | 0.51 | 0.90 | 1.34 | 1.99 | 2.95 | 4.38 |
| Accounts Receivable | - | -3.45 | 7.14 | -0.63 | 0.86 | -6.91 | -4.50 | -6.68 | -9.92 | -14.72 |
| Inventories | - | -0.24 | 0.43 | 0.93 | -116.55 | 78.51 | -18.96 | -28.15 | -41.78 | -62.02 |
| Accounts Payable | - | 1.81 | 0.77 | 2.72 | 10.57 | -3.32 | 6.69 | 9.93 | 14.73 | 21.87 |
| Capital Expenditure | -3.02 | -1.17 | -0.23 | -2.57 | -0.49 | -2.76 | -4.10 | -6.09 | -9.04 | -13.42 |
| UFCF | -14.32 | -16.27 | -7.56 | -26.55 | -140.67 | 11.66 | -100.84 | -149.68 | -222.19 | -329.81 |
| WACC | ||||||||||
| PV UFCF | 11.61 | -99.94 | -147.68 | -218.23 | -322.49 | |||||
| SUM PV UFCF | -776.74 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 0.45 |
| Free cash flow (t + 1) | -336.41 |
| Terminal Value | 21,703.73 |
| Present Value of Terminal Value | 21,221.92 |
Intrinsic Value
| Enterprise Value | 20,445.18 |
|---|---|
| Net Debt | 2.92 |
| Equity Value | 20,442.26 |
| Shares Outstanding | 0.40 |
| Equity Value Per Share | 50,776.74 |