Discounted Cash Flow (DCF) Analysis Unlevered

ShiftPixy, Inc. (PIXY)

$14.49

+0.40 (+2.84%)
All numbers are in Millions, Currency in USD
Stock DCF: -10,768.20 | 14.49 | 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 20.2434.9653.448.6423.4235.8754.9584.17128.94197.50
Revenue (%)
EBITDA -7.43-14.80-9.38-72.55-29.47-76.19-116.71-178.77-273.84-419.46
EBITDA (%)
EBIT -7.49-15.07-10.22-72.82-29.83-76.72-117.52-180.01-275.73-422.36
EBIT (%)
Depreciation 0.070.270.840.270.360.530.811.241.902.90
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 5.901.651.564.301.206.5810.0815.4323.6436.21
Total Cash (%)
Account Receivables 0.436.309.752.613.245.919.0613.8821.2632.56
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 1.161.253.063.836.556.279.6014.7022.5234.50
Accounts Payable (%)
Capital Expenditure -0-3.02-1.17-0.24-2.57-1.76-2.69-4.13-6.32-9.68
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 14.49
Beta 1.493
Diluted Shares Outstanding 0.34
Cost of Debt
Tax Rate -9.34
After-tax Cost of Debt 5.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.875
Total Debt -
Total Equity 4.89
Total Capital 4.89
Debt Weighting 0.00
Equity Weighting 100.00
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 20.2434.9653.448.6423.4235.8754.9584.17128.94197.50
EBITDA -7.43-14.80-9.38-72.55-29.47-76.19-116.71-178.77-273.84-419.46
EBIT -7.49-15.07-10.22-72.82-29.83-76.72-117.52-180.01-275.73-422.36
Tax Rate 0.00%0.00%0.00%16.71%-9.34%1.48%1.48%1.48%1.48%1.48%
EBIAT -7.49-15.07-10.22-60.65-32.61-75.59-115.78-177.35-271.66-416.13
Depreciation 0.070.270.840.270.360.530.811.241.902.90
Accounts Receivable --5.87-3.457.14-0.63-2.68-3.15-4.82-7.38-11.30
Inventories ----------
Accounts Payable -0.091.810.772.72-0.293.335.107.8211.98
Capital Expenditure -0-3.02-1.17-0.23-2.57-1.76-2.69-4.13-6.32-9.68
UFCF -7.43-23.60-12.18-52.70-32.73-79.78-117.48-179.96-275.65-422.24
WACC
PV UFCF -71.96-95.57-132.05-182.43-252.05
SUM PV UFCF -734.06

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.87
Free cash flow (t + 1) -430.68
Terminal Value -4,855.52
Present Value of Terminal Value -2,898.45

Intrinsic Value

Enterprise Value -3,632.51
Net Debt -1.20
Equity Value -3,631.31
Shares Outstanding 0.34
Equity Value Per Share -10,768.20