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
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 | 422.99 | 652.11 | 902.72 | 1,740.56 | 915.47 | 1,231.31 | 1,656.14 | 2,227.53 | 2,996.06 | 4,029.74 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 67.61 | 185.51 | 365.21 | 727.34 | -42.53 | 300.51 | 404.20 | 543.65 | 731.22 | 983.50 |
| EBITDA (%) | ||||||||||
| EBIT | 53.81 | 166.46 | 345.84 | 701.47 | -82.50 | 265.59 | 357.22 | 480.46 | 646.23 | 869.19 |
| EBIT (%) | ||||||||||
| Depreciation | 13.81 | 19.05 | 19.37 | 25.87 | 39.97 | 34.93 | 46.98 | 63.19 | 84.99 | 114.31 |
| 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 | 453.02 | 104.27 | 103.60 | 1,811.03 | 1,397.89 | 963.65 | 1,296.12 | 1,743.31 | 2,344.77 | 3,153.75 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 120.38 | 302.12 | 445.28 | 1,007.39 | 900.58 | 690.44 | 928.65 | 1,249.05 | 1,680 | 2,259.62 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 5.65 | 4.48 | 16.39 | 6.33 | 81.38 | 32.24 | 43.36 | 58.32 | 78.44 | 105.50 |
| 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 | 422.99 | 652.11 | 902.72 | 1,740.56 | 915.47 | 1,231.31 | 1,656.14 | 2,227.53 | 2,996.06 | 4,029.74 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 67.61 | 185.51 | 365.21 | 727.34 | -42.53 | 300.51 | 404.20 | 543.65 | 731.22 | 983.50 |
| EBIT | 53.81 | 166.46 | 345.84 | 701.47 | -82.50 | 265.59 | 357.22 | 480.46 | 646.23 | 869.19 |
| Tax Rate | 27.20% | 30.00% | 26.59% | 27.61% | 27.50% | 27.78% | 27.78% | 27.78% | 27.78% | 27.78% |
| EBIAT | 39.17 | 116.52 | 253.88 | 507.83 | -59.81 | 191.81 | 257.99 | 346.99 | 466.71 | 627.73 |
| Depreciation | 13.81 | 19.05 | 19.37 | 25.87 | 39.97 | 34.93 | 46.98 | 63.19 | 84.99 | 114.31 |
| Accounts Receivable | - | -181.74 | -143.16 | -562.11 | 106.81 | 210.14 | -238.21 | -320.40 | -430.94 | -579.62 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -1.17 | 11.92 | -10.07 | 75.06 | -49.15 | 11.12 | 14.96 | 20.12 | 27.06 |
| 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 | -50.80 | 139.96 | -39.15 | 158.10 | 381.55 | 69.57 | 93.57 | 125.85 | 169.27 |
| 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 | - |