Discounted Cash Flow (DCF) Analysis Unlevered
Sachem Capital Corp. (SACH)
$3.05
+0.05 (+1.67%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
| Revenue | 13.05 | 30.42 | 52.28 | 105.86 | 214.35 | 434.06 | 878.95 | 1,779.84 | 3,604.09 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | |||||||||
| EBITDA | 14.60 | 14.53 | 17.33 | 68.04 | 137.78 | 279 | 564.97 | 1,144.04 | 2,316.63 |
| EBITDA (%) | |||||||||
| EBIT | 14.54 | 13.32 | 17.22 | 66.39 | 134.44 | 272.24 | 551.28 | 1,116.32 | 2,260.51 |
| EBIT (%) | |||||||||
| Depreciation | 0.06 | 1.22 | 0.11 | 1.65 | 3.34 | 6.76 | 13.69 | 27.72 | 56.13 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Actual | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
| Total Cash | 56.70 | 205.15 | 48.29 | 56.17 | 672.14 | 1,361.06 | 2,756.09 | 5,580.96 | 11,301.20 |
|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | |||||||||
| Account Receivables | 3.91 | 3.79 | 6.31 | 483.12 | 273.78 | 554.40 | 1,122.63 | 2,273.27 | 4,603.28 |
| Account Receivables (%) | |||||||||
| Inventories | - | - | - | - | - | - | - | - | - |
| Inventories (%) | |||||||||
| Accounts Payable | 0.38 | 0.50 | 1.18 | 2.40 | 4.86 | 9.83 | 19.91 | 40.32 | 81.65 |
| Accounts Payable (%) | |||||||||
| Capital Expenditure | -0.15 | -0.82 | -1.58 | -2.42 | -4.91 | -9.94 | -20.12 | -40.75 | -82.52 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 3.05 |
|---|---|
| Beta | 1.424 |
| Diluted Shares Outstanding | 37.75 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 5.00% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.533 |
| Total Debt | 294.28 |
| Total Equity | 115.13 |
| Total Capital | 409.42 |
| Debt Weighting | 71.88 |
| Equity Weighting | 28.12 |
| Wacc |
Build Up Free Cash
Year A/P | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
| Revenue | 13.05 | 30.42 | 52.28 | 105.86 | 214.35 | 434.06 | 878.95 | 1,779.84 | 3,604.09 |
|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 14.60 | 14.53 | 17.33 | 68.04 | 137.78 | 279 | 564.97 | 1,144.04 | 2,316.63 |
| EBIT | 14.54 | 13.32 | 17.22 | 66.39 | 134.44 | 272.24 | 551.28 | 1,116.32 | 2,260.51 |
| Tax Rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| EBIAT | 14.54 | 13.32 | 17.22 | 66.39 | 134.44 | 272.24 | 551.28 | 1,116.32 | 2,260.51 |
| Depreciation | 0.06 | 1.22 | 0.11 | 1.65 | 3.34 | 6.76 | 13.69 | 27.72 | 56.13 |
| Accounts Receivable | - | 0.13 | -2.52 | -476.81 | 209.33 | -280.61 | -568.23 | -1,150.64 | -2,330 |
| Inventories | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 0.13 | 0.68 | 1.21 | 2.46 | 4.98 | 10.08 | 20.41 | 41.33 |
| Capital Expenditure | -0.15 | -0.82 | -1.58 | -2.42 | -4.91 | -9.94 | -20.12 | -40.75 | -82.52 |
| UFCF | 14.45 | 13.96 | 13.91 | -409.97 | 344.67 | -6.57 | -13.31 | -26.95 | -54.56 |
| WACC | |||||||||
| PV UFCF | -436.87 | 344.67 | -6.17 | -11.72 | -22.27 | -42.32 | |||
| SUM PV UFCF | 246.05 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.56 |
| Free cash flow (t + 1) | -55.66 |
| Terminal Value | -1,220.51 |
| Present Value of Terminal Value | -888.32 |
Intrinsic Value
| Enterprise Value | -642.27 |
|---|---|
| Net Debt | 273.95 |
| Equity Value | -916.22 |
| Shares Outstanding | 37.75 |
| Equity Value Per Share | -24.27 |