Discounted Cash Flow (DCF) Analysis Unlevered

Red Violet, Inc. (RDVT)

$ 36.63
+0.24 (+0.66%)
Stock DCF: -22,034.77 | 36.63 | overvalue

Operating Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 4.588.5816.3030.2934.5958.5599.11167.76283.99480.73
Revenue (%)
EBITDA -16.29-20.36-5.50-8.32-2.62-77.46-131.12-221.95-375.72-636.01
EBITDA (%)
EBIT -16.90-21.50-7.49-11.21-6.83-84.54-143.11-242.25-410.07-694.15
EBIT (%)
Depreciation 0.611.1422.894.227.0811.9920.2934.3558.15
Depreciation (%)

Balance Sheet Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Total Cash 0.230.069.9511.7812.9616.7528.364881.26137.55
Total Cash (%)
Account Receivables 0.691.652.273.543.208.1113.7223.2339.3166.55
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 0.920.922.252.142.076.7511.4219.3432.7455.42
Accounts Payable (%)
Capital Expenditure -9.27-6.47-6-6-5.66-41.05-69.49-117.63-199.12-337.07
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 36.63
Beta 0.808
Diluted Shares Outstanding 12.07
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 5.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.297
Total Debt 2.15
Total Equity 442.22
Total Capital 444.38
Debt Weighting 0.48
Equity Weighting 99.52
Wacc

Build Up Free Cash

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 4.588.5816.3030.2934.5958.5599.11167.76283.99480.73
EBITDA -16.29-20.36-5.50-8.32-2.62-77.46-131.12-221.95-375.72-636.01
EBIT -16.90-21.50-7.49-11.21-6.83-84.54-143.11-242.25-410.07-694.15
Tax Rate 0.22%0.00%0.00%0.00%0.00%0.04%0.04%0.04%0.04%0.04%
EBIAT -16.86-21.50-7.49-11.21-6.83-84.50-143.04-242.14-409.88-693.84
Depreciation 0.611.1422.894.227.0811.9920.2934.3558.15
Accounts Receivable --0.96-0.62-1.280.34-4.90-5.62-9.50-16.09-27.24
Inventories ----------
Accounts Payable --01.33-0.11-0.064.674.687.9113.4022.68
Capital Expenditure -9.27-6.47-6-6-5.66-41.05-69.49-117.63-199.12-337.07
UFCF -25.53-27.79-10.78-15.71-8-118.70-201.48-341.07-577.35-977.32
WACC
PV UFCF -112.73-181.71-292.11-469.60-754.91
SUM PV UFCF -1,811.06

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.30
Free cash flow (t + 1) -1,026.19
Terminal Value -342,063.24
Present Value of Terminal Value -264,219.31

Intrinsic Value

Enterprise Value -266,030.37
Net Debt -10.80
Equity Value -266,019.56
Shares Outstanding 12.07
Equity Value Per Share -22,034.77