Discounted Cash Flow (DCF) Analysis Unlevered

B. Riley Financial, Inc. (RILYP)

$19.65

+0.14 (+0.72%)
All numbers are in Millions, Currency in USD
Stock DCF: - | 19.65 | undervalue

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 422.99652.11902.721,740.56915.471,231.311,656.142,227.532,996.064,029.74
Revenue (%)
EBITDA 67.61185.51365.21727.34-42.53300.51404.20543.65731.22983.50
EBITDA (%)
EBIT 53.81166.46345.84701.47-82.50265.59357.22480.46646.23869.19
EBIT (%)
Depreciation 13.8119.0519.3725.8739.9734.9346.9863.1984.99114.31
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 453.02104.27103.601,811.031,397.89963.651,296.121,743.312,344.773,153.75
Total Cash (%)
Account Receivables 120.38302.12445.281,007.39900.58690.44928.651,249.051,6802,259.62
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 5.654.4816.396.3381.3832.2443.3658.3278.44105.50
Accounts Payable (%)
Capital Expenditure -5.43-3.46-2.04-0.68-3.92-6.18-8.31-11.17-15.03-20.22
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 19.65
Beta 1.783
Diluted Shares Outstanding -
Cost of Debt
Tax Rate 27.50
After-tax Cost of Debt 4.02%
Risk-Free Rate
Market Risk Premium
Cost of Equity 12.164
Total Debt 2,545.89
Total Equity -
Total Capital -
Debt Weighting -
Equity Weighting -
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 422.99652.11902.721,740.56915.471,231.311,656.142,227.532,996.064,029.74
EBITDA 67.61185.51365.21727.34-42.53300.51404.20543.65731.22983.50
EBIT 53.81166.46345.84701.47-82.50265.59357.22480.46646.23869.19
Tax Rate 27.20%30.00%26.59%27.61%27.50%27.78%27.78%27.78%27.78%27.78%
EBIAT 39.17116.52253.88507.83-59.81191.81257.99346.99466.71627.73
Depreciation 13.8119.0519.3725.8739.9734.9346.9863.1984.99114.31
Accounts Receivable --181.74-143.16-562.11106.81210.14-238.21-320.40-430.94-579.62
Inventories ----------
Accounts Payable --1.1711.92-10.0775.06-49.1511.1214.9620.1227.06
Capital Expenditure -5.43-3.46-2.04-0.68-3.92-6.18-8.31-11.17-15.03-20.22
UFCF 47.55-50.80139.96-39.15158.10381.5569.5793.57125.85169.27
WACC
PV UFCF -----
SUM PV UFCF -

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) -
Free cash flow (t + 1) 172.66
Terminal Value -
Present Value of Terminal Value -

Intrinsic Value

Enterprise Value -
Net Debt 2,277.28
Equity Value -
Shares Outstanding -
Equity Value Per Share -