Discounted Cash Flow (DCF) Analysis Unlevered

RumbleON, Inc. (RMBL)

$6.03

+0.18 (+3.08%)

All numbers are in Millions, Currency in USD

Stock DCF: -28,514.72 | 6.03 | overvalue

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	156.40	840.63	416.43	934.73	1,793.37	4,498.46	11,283.87	28,304.28	70,998.05	178,090.45
Revenue (%)
EBITDA	-22.42	-36.01	-22.03	-6.84	90.60	-176.23	-442.04	-1,108.81	-2,781.32	-6,976.62
EBITDA (%)
EBIT	-23.40	-37.79	-24.17	-12.95	67.52	-205.88	-516.43	-1,295.40	-3,249.35	-8,150.63
EBIT (%)
Depreciation	0.98	1.79	2.14	6.10	23.08	29.65	74.39	186.59	468.03	1,174.01
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	9.13	0.05	1.47	48.97	48.58	127.28	319.27	800.85	2,008.84	5,038.94
Total Cash (%)
Account Receivables	8.47	8.48	9.41	41.62	33.76	135.10	338.88	850.04	2,132.24	5,348.47
Account Receivables (%)
Inventories	52.19	57.38	21.36	201.67	331.72	768.32	1,927.24	4,834.27	12,126.21	30,417.22
Inventories (%)
Accounts Payable	7.53	8.73	12.71	10.03	15.60	97.58	244.77	613.98	1,540.11	3,863.18
Accounts Payable (%)
Capital Expenditure	-2.17	-3.21	-2.32	-9.59	-12.62	-36.48	-91.51	-229.54	-575.78	-1,444.27
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price	$ 6.03
Beta	2.074
Diluted Shares Outstanding	15.87
Cost of Debt
Tax Rate	21.73
After-tax Cost of Debt	5.78%
Risk-Free Rate
Market Risk Premium
Cost of Equity	13.945
Total Debt	730.15
Total Equity	95.70
Total Capital	825.86
Debt Weighting	88.41
Equity Weighting	11.59
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	156.40	840.63	416.43	934.73	1,793.37	4,498.46	11,283.87	28,304.28	70,998.05	178,090.45
EBITDA	-22.42	-36.01	-22.03	-6.84	90.60	-176.23	-442.04	-1,108.81	-2,781.32	-6,976.62
EBIT	-23.40	-37.79	-24.17	-12.95	67.52	-205.88	-516.43	-1,295.40	-3,249.35	-8,150.63
Tax Rate	0.00%	-15.91%	-26.55%	69.02%	21.73%	9.66%	9.66%	9.66%	9.66%	9.66%
EBIAT	-23.40	-43.81	-30.59	-4.01	52.85	-186	-466.56	-1,170.30	-2,935.57	-7,363.55
Depreciation	0.98	1.79	2.14	6.10	23.08	29.65	74.39	186.59	468.03	1,174.01
Accounts Receivable	-	-0.02	-0.93	-32.21	7.86	-101.34	-203.78	-511.16	-1,282.19	-3,216.24
Inventories	-	-5.19	36.02	-180.31	-130.06	-436.60	-1,158.92	-2,907.03	-7,291.94	-18,291
Accounts Payable	-	1.20	3.98	-2.68	5.57	81.98	147.19	369.21	926.12	2,323.07
Capital Expenditure	-2.17	-3.21	-2.32	-9.59	-12.62	-36.48	-91.51	-229.54	-575.78	-1,444.27
UFCF	-24.59	-49.23	8.30	-222.69	-53.31	-648.78	-1,699.20	-4,262.24	-10,691.33	-26,817.98
WACC
PV UFCF						-607.93	-1,491.94	-3,506.71	-8,242.30	-19,373
SUM PV UFCF										-33,221.89

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	6.72
Free cash flow (t + 1)	-27,354.34
Terminal Value	-579,541.04
Present Value of Terminal Value	-418,653.87

Intrinsic Value

Enterprise Value	-451,875.76
Net Debt	681.58
Equity Value	-452,557.34
Shares Outstanding	15.87
Equity Value Per Share	-28,514.72