Discounted Cash Flow (DCF) Analysis Unlevered

Riot Blockchain, Inc. (RIOT)

$4.38

-0.28 (-6.01%)
All numbers are in Millions, Currency in USD
Stock DCF: -22,467,428.24 | 4.38 | 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 0.277.856.8412.08213.242,632.6632,502.40401,269.214,954,002.1861,161,277.12
Revenue (%)
EBITDA -15.76-53.32-19.94-7.7319.22-36,171.14-446,562.80-5,513,189.20-68,064,905.95-840,317,872.91
EBITDA (%)
EBIT -16.65-58.58-20.06-12.59-7.38-38,550.91-475,943-5,875,912.19-72,543,022.97-895,603,951.88
EBIT (%)
Depreciation 0.895.270.124.8626.602,379.7729,380.20362,722.994,478,117.0255,286,078.97
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 41.850.9311.28235.01482.6694,085.921,161,568.9014,340,534.09177,045,820.182,185,777,897.34
Total Cash (%)
Account Receivables ----25.26311.863,850.1247,532.91586,833.317,244,945.32
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 0.413.830.720.7220.041,193.6114,736.10181,929.412,246,069.8827,729,600.73
Accounts Payable (%)
Capital Expenditure -0.06-20.84-5-41.28-421.98-4,743.70-58,564.97-723,033.24-8,926,446.66-110,204,408.02
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 4.38
Beta 4.139
Diluted Shares Outstanding 93.45
Cost of Debt
Tax Rate -3.31
After-tax Cost of Debt 2.20%
Risk-Free Rate
Market Risk Premium
Cost of Equity 23.049
Total Debt 13.44
Total Equity 409.32
Total Capital 422.76
Debt Weighting 3.18
Equity Weighting 96.82
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 0.277.856.8412.08213.242,632.6632,502.40401,269.214,954,002.1861,161,277.12
EBITDA -15.76-53.32-19.94-7.7319.22-36,171.14-446,562.80-5,513,189.20-68,064,905.95-840,317,872.91
EBIT -16.65-58.58-20.06-12.59-7.38-38,550.91-475,943-5,875,912.19-72,543,022.97-895,603,951.88
Tax Rate -10.03%4.92%1.99%-0.06%-3.31%-1.30%-1.30%-1.30%-1.30%-1.30%
EBIAT -18.32-55.70-19.66-12.60-7.62-39,051.07-482,117.92-5,952,146.72-73,484,201.62-907,223,585.12
Depreciation 0.895.270.124.8626.602,379.7729,380.20362,722.994,478,117.0255,286,078.97
Accounts Receivable ------286.60-3,538.26-43,682.79-539,300.40-6,658,112.01
Inventories ----------
Accounts Payable -3.42-3.11019.321,173.5713,542.49167,193.312,064,140.4725,483,530.85
Capital Expenditure -0.06-20.84-5-41.28-421.98-4,743.70-58,564.97-723,033.24-8,926,446.66-110,204,408.02
UFCF -17.49-67.86-27.65-49.01-383.68-40,528.03-501,298.46-6,188,946.45-76,407,691.20-943,316,495.33
WACC
PV UFCF -33,113.84-334,660.54-3,375,817.19-34,052,839.99-343,500,801.61
SUM PV UFCF -381,297,233.17

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 22.39
Free cash flow (t + 1) -962,182,825.24
Terminal Value -4,718,895,660.81
Present Value of Terminal Value -1,718,346,334.68

Intrinsic Value

Enterprise Value -2,099,643,567.84
Net Debt -298.88
Equity Value -2,099,643,268.97
Shares Outstanding 93.45
Equity Value Per Share -22,467,428.24