Discounted Cash Flow (DCF) Analysis Unlevered

RumbleON, Inc. (RMBL)

$7.63

+0.02 (+0.26%)

All numbers are in Millions, Currency in USD

Stock DCF: 542,313,241.55 | 7.63 | undervalue

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	7.31	156.40	840.63	416.43	934.73	6,898.80	50,916.66	375,791.09	2,773,531.44	20,470,087.75
Revenue (%)
EBITDA	-7.31	-22.42	-36.20	-16.22	-9.83	-1,705.75	-12,589.30	-92,915.48	-685,764.02	-5,061,291.02
EBITDA (%)
EBIT	-7.98	-23.40	-37.99	-18.36	-15.93	-1,859.71	-13,725.64	-101,302.30	-747,663.03	-5,518,137.52
EBIT (%)
Depreciation	0.67	0.98	1.79	2.14	6.10	153.97	1,136.35	8,386.82	61,899.01	456,846.51
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	9.17	9.13	0.05	1.47	48.97	1,889.75	13,947.31	102,938.35	759,737.93	5,607,256.51
Total Cash (%)
Account Receivables	0.58	8.47	8.48	9.41	41.62	290.20	2,141.86	15,808.01	116,671.26	861,093.89
Account Receivables (%)
Inventories	2.83	52.19	57.38	21.36	201.67	1,458.42	10,763.86	79,442.83	586,328.96	4,327,409.10
Inventories (%)
Accounts Payable	1.09	7.53	8.73	12.71	55.81	411.89	3,039.97	22,436.53	165,593.11	1,222,162.29
Accounts Payable (%)
Capital Expenditure	-1.13	-2.17	-3.21	-2.32	-9.59	-259.51	-1,915.33	-14,136.14	-104,332.02	-770,023.91
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price	$ 7.63
Beta	2.211
Diluted Shares Outstanding	2.18
Cost of Debt
Tax Rate	69.02
After-tax Cost of Debt	0.92%
Risk-Free Rate
Market Risk Premium
Cost of Equity	13.948
Total Debt	522.39
Total Equity	16.67
Total Capital	539.06
Debt Weighting	96.91
Equity Weighting	3.09
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	7.31	156.40	840.63	416.43	934.73	6,898.80	50,916.66	375,791.09	2,773,531.44	20,470,087.75
EBITDA	-7.31	-22.42	-36.20	-16.22	-9.83	-1,705.75	-12,589.30	-92,915.48	-685,764.02	-5,061,291.02
EBIT	-7.98	-23.40	-37.99	-18.36	-15.93	-1,859.71	-13,725.64	-101,302.30	-747,663.03	-5,518,137.52
Tax Rate	0.00%	0.00%	0.00%	0.00%	69.02%	13.80%	13.80%	13.80%	13.80%	13.80%
EBIAT	-7.98	-23.40	-37.99	-18.36	-4.93	-1,603	-11,830.99	-87,318.77	-644,457.43	-4,756,427.11
Depreciation	0.67	0.98	1.79	2.14	6.10	153.97	1,136.35	8,386.82	61,899.01	456,846.51
Accounts Receivable	-	-7.89	-0.02	-0.93	-32.21	-248.59	-1,851.65	-13,666.16	-100,863.25	-744,422.63
Inventories	-	-49.36	-5.19	36.02	-180.31	-1,256.75	-9,305.45	-68,678.97	-506,886.12	-3,741,080.14
Accounts Payable	-	6.43	1.20	3.98	43.10	356.08	2,628.08	19,396.56	143,156.58	1,056,569.18
Capital Expenditure	-1.13	-2.17	-3.21	-2.32	-9.59	-259.51	-1,915.33	-14,136.14	-104,332.02	-770,023.91
UFCF	-8.44	-75.40	-43.41	20.53	-177.84	-2,857.80	-21,139	-156,016.67	-1,151,483.22	-8,498,538.10
WACC
PV UFCF						-2,820.57	-20,591.79	-149,998	-1,092,639.48	-7,959,179.89
SUM PV UFCF										-9,225,229.72

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	1.32
Free cash flow (t + 1)	-8,668,508.87
Terminal Value	1,274,780,715.45
Present Value of Terminal Value	1,193,876,982.83

Intrinsic Value

Enterprise Value	1,184,651,753.11
Net Debt	473.42
Equity Value	1,184,651,279.69
Shares Outstanding	2.18
Equity Value Per Share	542,313,241.55