Discounted Cash Flow (DCF) Analysis Unlevered

Riot Blockchain, Inc. (RIOT)

$6.83

+0.13 (+1.94%)
All numbers are in Millions, Currency in USD
Stock DCF: -17,481,323.68 | 6.83 | 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 -15.76-53.32-19.94-7.81-8.48-36,243.24-447,452.91-5,524,178.35-68,200,576.16-841,992,834.42
EBITDA (%)
EBIT -16.65-58.58-20.06-12.67-242.77-39,135.85-483,164.61-5,965,068.95-73,643,737.26-909,193,185.22
EBIT (%)
Depreciation 0.895.270.124.86234.302,892.6135,711.70440,890.605,443,161.1067,200,350.80
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 41.850.9311.28235.01323.1293,691.981,156,705.3714,280,489.82176,304,523.802,176,625,977.04
Total Cash (%)
Account Receivables ----15.40190.102,346.9628,975.13357,722.064,416,376.31
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 0.413.830.720.72115.841,430.1717,656.62217,985.632,691,213.8833,225,273.59
Accounts Payable (%)
Capital Expenditure -0.06-20.84-5-41.28-374.80-4,627.21-57,126.75-705,277.20-8,707,233.60-107,498,040.47
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 6.83
Beta 4.571
Diluted Shares Outstanding 96.06
Cost of Debt
Tax Rate 3.11
After-tax Cost of Debt -2.13%
Risk-Free Rate
Market Risk Premium
Cost of Equity 25.541
Total Debt 13.44
Total Equity 656.12
Total Capital 669.56
Debt Weighting 2.01
Equity Weighting 97.99
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 -15.76-53.32-19.94-7.81-8.48-36,243.24-447,452.91-5,524,178.35-68,200,576.16-841,992,834.42
EBIT -16.65-58.58-20.06-12.67-242.77-39,135.85-483,164.61-5,965,068.95-73,643,737.26-909,193,185.22
Tax Rate -10.03%4.92%1.99%-0.06%3.11%-0.01%-0.01%-0.01%-0.01%-0.01%
EBIAT -18.32-55.70-19.66-12.68-235.24-39,141.42-483,233.38-5,965,917.93-73,654,218.66-909,322,586.86
Depreciation 0.895.270.124.86234.302,892.6135,711.70440,890.605,443,161.1067,200,350.80
Accounts Receivable ------174.70-2,156.86-26,628.17-328,746.93-4,058,654.25
Inventories ----------
Accounts Payable -3.42-3.110115.121,314.3316,226.45200,329.012,473,228.2530,534,059.71
Capital Expenditure -0.06-20.84-5-41.28-374.80-4,627.21-57,126.75-705,277.20-8,707,233.60-107,498,040.47
UFCF -17.49-67.86-27.65-49.10-260.61-39,736.39-490,578.83-6,056,603.70-74,773,809.84-923,144,871.08
WACC
PV UFCF -31,791.66-314,020.69-3,101,725.45-30,637,155.22-302,617,138.84
SUM PV UFCF -336,701,831.87

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 24.99
Free cash flow (t + 1) -941,607,768.50
Terminal Value -4,095,727,570.68
Present Value of Terminal Value -1,342,624,974.43

Intrinsic Value

Enterprise Value -1,679,326,806.29
Net Debt -298.88
Equity Value -1,679,326,507.42
Shares Outstanding 96.06
Equity Value Per Share -17,481,323.68