Discounted Cash Flow (DCF) Analysis Unlevered

Reservoir Media, Inc. (RSVR)

$6.6029

+0.04 (+0.65%)
All numbers are in Millions, Currency in USD
Stock DCF: -708.77 | 6.6029 | overvalue

Operating Data

Year
A/P
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 80.25107.84144.92194.76261.73351.74472.69
Revenue (%)
EBITDA 34.4547.2262.8484.45113.49152.51204.96
EBITDA (%)
EBIT 20.3728.2037.3450.1967.4490.64121.81
EBIT (%)
Depreciation 14.0819.0225.4934.2646.0461.8783.15
Depreciation (%)

Balance Sheet Data

Year
A/P
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 9.2117.8120.2927.2636.6449.2466.17
Total Cash (%)
Account Receivables 15.8125.2131.2241.9656.3875.77101.83
Account Receivables (%)
Inventories 1.414.043.995.367.209.6713
Inventories (%)
Accounts Payable 3.324.445.988.0310.7914.5019.49
Accounts Payable (%)
Capital Expenditure -118.60-194.36-237.69-319.43-429.28-576.89-775.27
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 6.6,029
Beta 0.000
Diluted Shares Outstanding 58.45
Cost of Debt
Tax Rate 24.77
After-tax Cost of Debt 3.03%
Risk-Free Rate
Market Risk Premium
Cost of Equity 3.588
Total Debt 269.86
Total Equity 385.94
Total Capital 655.80
Debt Weighting 41.15
Equity Weighting 58.85
Wacc

Build Up Free Cash

Year
A/P
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 80.25107.84144.92194.76261.73351.74472.69
EBITDA 34.4547.2262.8484.45113.49152.51204.96
EBIT 20.3728.2037.3450.1967.4490.64121.81
Tax Rate 19.16%24.77%21.96%21.96%21.96%21.96%21.96%
EBIAT 16.4721.2229.1439.1652.6370.7395.05
Depreciation 14.0819.0225.4934.2646.0461.8783.15
Accounts Receivable --9.40-6.01-10.74-14.43-19.39-26.06
Inventories --2.640.06-1.37-1.84-2.48-3.33
Accounts Payable -1.121.542.062.763.714.99
Capital Expenditure -118.60-194.36-237.69-319.43-429.28-576.89-775.27
UFCF -88.06-165.03-187.47-256.06-344.11-462.44-621.47
WACC
PV UFCF -200.28-264.66-344.11-447.41-581.72
SUM PV UFCF -1,664.68

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 3.36
Free cash flow (t + 1) -633.89
Terminal Value -46,609.88
Present Value of Terminal Value -39,510.77

Intrinsic Value

Enterprise Value -41,175.44
Net Debt 252.04
Equity Value -41,427.49
Shares Outstanding 58.45
Equity Value Per Share -708.77