Discounted Cash Flow (DCF) Analysis Unlevered
SharpLink Gaming Ltd. (SBET)
$0.7795
+0.11 (+15.70%)
All numbers are in Millions, Currency in USD
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 | 8.63 | 5.86 | 5.19 | 4.02 | 4.15 | 3.50 | 2.95 | 2.49 | 2.10 | 1.77 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -1.65 | -1.04 | -0.05 | -2.11 | -55.37 | -9.97 | -8.41 | -7.09 | -5.97 | -5.04 |
| EBITDA (%) | ||||||||||
| EBIT | -1.78 | -1.12 | -0.13 | -2.14 | -55.64 | -10.05 | -8.47 | -7.14 | -6.02 | -5.08 |
| EBIT (%) | ||||||||||
| Depreciation | 0.12 | 0.08 | 0.08 | 0.03 | 0.27 | 0.08 | 0.07 | 0.06 | 0.05 | 0.04 |
| 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 | 1.33 | 1.15 | 1.73 | 1.50 | 6.76 | 1.88 | 1.58 | 1.34 | 1.13 | 0.95 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 1.69 | 0.65 | 0.56 | 0.43 | 1.24 | 0.57 | 0.48 | 0.41 | 0.34 | 0.29 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 1.29 | 0.16 | 0.15 | 0.11 | 0.24 | 0.21 | 0.17 | 0.15 | 0.12 | 0.10 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -0.05 | -0.01 | -0.06 | -0 | -0.26 | -0.06 | -0.05 | -0.04 | -0.04 | -0.03 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 0.7,795 |
|---|---|
| Beta | 0.000 |
| Diluted Shares Outstanding | 5.01 |
| Cost of Debt | |
| Tax Rate | -0.04 |
| After-tax Cost of Debt | -% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 3.532 |
| Total Debt | 0.17 |
| Total Equity | 3.91 |
| Total Capital | 4.07 |
| Debt Weighting | 4.06 |
| Equity Weighting | 95.94 |
| 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 | 8.63 | 5.86 | 5.19 | 4.02 | 4.15 | 3.50 | 2.95 | 2.49 | 2.10 | 1.77 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -1.65 | -1.04 | -0.05 | -2.11 | -55.37 | -9.97 | -8.41 | -7.09 | -5.97 | -5.04 |
| EBIT | -1.78 | -1.12 | -0.13 | -2.14 | -55.64 | -10.05 | -8.47 | -7.14 | -6.02 | -5.08 |
| Tax Rate | -2.55% | -39.29% | 28.19% | 13.69% | -0.04% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| EBIAT | -1.82 | -1.57 | -0.09 | -1.85 | -55.66 | -10.05 | -8.47 | -7.14 | -6.02 | -5.08 |
| Depreciation | 0.12 | 0.08 | 0.08 | 0.03 | 0.27 | 0.08 | 0.07 | 0.06 | 0.05 | 0.04 |
| Accounts Receivable | - | 1.04 | 0.09 | 0.13 | -0.81 | 0.67 | 0.09 | 0.08 | 0.06 | 0.05 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -1.12 | -0.01 | -0.04 | 0.13 | -0.04 | -0.03 | -0.03 | -0.02 | -0.02 |
| Capital Expenditure | -0.05 | -0.01 | -0.06 | -0.01 | -0.26 | -0.06 | -0.05 | -0.04 | -0.04 | -0.03 |
| UFCF | -1.75 | -1.58 | -0 | -1.72 | -56.33 | -9.40 | -8.40 | -7.08 | -5.97 | -5.03 |
| WACC | ||||||||||
| PV UFCF | - | - | - | - | - | |||||
| SUM PV UFCF | - |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | - |
| Free cash flow (t + 1) | -5.13 |
| Terminal Value | - |
| Present Value of Terminal Value | - |
Intrinsic Value
| Enterprise Value | - |
|---|---|
| Net Debt | -6.59 |
| Equity Value | - |
| Shares Outstanding | 5.01 |
| Equity Value Per Share | - |