Discounted Cash Flow (DCF) Analysis Unlevered
RAVE Restaurant Group, Inc. (RAVE)
$1.9
+0.03 (+1.60%)
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 | 15.12 | 12.32 | 9.99 | 8.58 | 10.67 | 9.95 | 9.27 | 8.64 | 8.05 | 7.51 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -0.35 | -0.23 | 0.60 | 2.32 | 3.03 | 1.14 | 1.06 | 0.99 | 0.92 | 0.86 |
| EBITDA (%) | ||||||||||
| EBIT | -1.23 | -0.70 | -0.06 | 1.58 | 2.43 | 0.53 | 0.50 | 0.46 | 0.43 | 0.40 |
| EBIT (%) | ||||||||||
| Depreciation | 0.87 | 0.47 | 0.66 | 0.74 | 0.61 | 0.61 | 0.56 | 0.53 | 0.49 | 0.46 |
| 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 | 1.39 | 2.26 | 2.97 | 8.33 | 7.72 | 4.51 | 4.20 | 3.92 | 3.65 | 3.40 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 2.54 | 1.58 | 1.51 | 1.81 | 2.15 | 1.71 | 1.60 | 1.49 | 1.39 | 1.29 |
| Account Receivables (%) | ||||||||||
| Inventories | 0.01 | 0.01 | 0 | 0 | 0.01 | 0 | 0 | 0 | 0 | 0 |
| Inventories (%) | ||||||||||
| Accounts Payable | 0.77 | 0.40 | 0.45 | 0.64 | 0.67 | 0.53 | 0.49 | 0.46 | 0.43 | 0.40 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -1.08 | -0.08 | -0.06 | -0.29 | -0.16 | -0.26 | -0.25 | -0.23 | -0.21 | -0.20 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 1.9 |
|---|---|
| Beta | 0.632 |
| Diluted Shares Outstanding | 18.11 |
| Cost of Debt | |
| Tax Rate | -239.20 |
| After-tax Cost of Debt | 3.14% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 6.695 |
| Total Debt | 1.94 |
| Total Equity | 34.40 |
| Total Capital | 36.34 |
| Debt Weighting | 5.34 |
| Equity Weighting | 94.66 |
| 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 | 15.12 | 12.32 | 9.99 | 8.58 | 10.67 | 9.95 | 9.27 | 8.64 | 8.05 | 7.51 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -0.35 | -0.23 | 0.60 | 2.32 | 3.03 | 1.14 | 1.06 | 0.99 | 0.92 | 0.86 |
| EBIT | -1.23 | -0.70 | -0.06 | 1.58 | 2.43 | 0.53 | 0.50 | 0.46 | 0.43 | 0.40 |
| Tax Rate | 282.44% | 6.37% | -2,630.97% | -1.95% | -239.20% | -516.66% | -516.66% | -516.66% | -516.66% | -516.66% |
| EBIAT | 2.24 | -0.65 | -1.64 | 1.61 | 8.23 | 3.29 | 3.06 | 2.86 | 2.66 | 2.48 |
| Depreciation | 0.87 | 0.47 | 0.66 | 0.74 | 0.61 | 0.61 | 0.56 | 0.53 | 0.49 | 0.46 |
| Accounts Receivable | - | 0.95 | 0.07 | -0.30 | -0.34 | 0.44 | 0.12 | 0.11 | 0.10 | 0.09 |
| Inventories | - | -0 | 0 | 0 | -0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Payable | - | -0.37 | 0.05 | 0.20 | 0.03 | -0.14 | -0.04 | -0.03 | -0.03 | -0.03 |
| Capital Expenditure | -1.08 | -0.08 | -0.06 | -0.29 | -0.16 | -0.26 | -0.25 | -0.23 | -0.21 | -0.20 |
| UFCF | 2.03 | 0.31 | -0.92 | 1.96 | 8.36 | 3.93 | 3.46 | 3.23 | 3.01 | 2.81 |
| WACC | ||||||||||
| PV UFCF | 3.69 | 3.05 | 2.67 | 2.34 | 2.05 | |||||
| SUM PV UFCF | 13.80 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.51 |
| Free cash flow (t + 1) | 2.86 |
| Terminal Value | 63.45 |
| Present Value of Terminal Value | 46.29 |
Intrinsic Value
| Enterprise Value | 60.09 |
|---|---|
| Net Debt | -5.78 |
| Equity Value | 65.87 |
| Shares Outstanding | 18.11 |
| Equity Value Per Share | 3.64 |