Discounted Cash Flow (DCF) Analysis Unlevered

Safe-T Group Ltd (SFET)

$3.18

+0.01 (+0.32%)
All numbers are in Millions, Currency in USD
Stock DCF: -4,116.67 | 3.18 | overvalue

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 1.101.473.284.8910.2818.4333.0359.20106.12190.21
Revenue (%)
EBITDA -4.06-11.40-11.69-6.58-12.16-64.76-116.08-208.06-372.93-668.44
EBITDA (%)
EBIT -4.34-11.75-12.81-7.94-13.95-69.48-124.54-223.23-400.12-717.18
EBIT (%)
Depreciation 0.280.341.121.361.784.728.4615.1727.1948.74
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 3.513.724.3411.029.7137.8367.80121.53217.83390.44
Total Cash (%)
Account Receivables 0.871.081.151.542.218.8915.9428.5751.2191.79
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 0.180.100.240.271.221.773.175.6810.1818.24
Accounts Payable (%)
Capital Expenditure -0.13-0.35-0.05-0.14-0.29-1.59-2.85-5.11-9.15-16.41
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 3.18
Beta 0.565
Diluted Shares Outstanding 2.71
Cost of Debt
Tax Rate 6.72
After-tax Cost of Debt 20.08%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.244
Total Debt 0.56
Total Equity 8.62
Total Capital 9.18
Debt Weighting 6.12
Equity Weighting 93.88
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 1.101.473.284.8910.2818.4333.0359.20106.12190.21
EBITDA -4.06-11.40-11.69-6.58-12.16-64.76-116.08-208.06-372.93-668.44
EBIT -4.34-11.75-12.81-7.94-13.95-69.48-124.54-223.23-400.12-717.18
Tax Rate -0.02%-0.05%-0.18%3.04%6.72%1.90%1.90%1.90%1.90%1.90%
EBIAT -4.34-11.75-12.83-7.70-13.01-68.16-122.17-218.98-392.51-703.54
Depreciation 0.280.341.121.361.784.728.4615.1727.1948.74
Accounts Receivable --0.22-0.06-0.39-0.67-6.68-7.05-12.63-22.64-40.58
Inventories ----------
Accounts Payable --0.070.130.040.940.551.402.514.508.06
Capital Expenditure -0.13-0.35-0.05-0.14-0.29-1.59-2.85-5.11-9.15-16.41
UFCF -4.19-12.05-11.69-6.83-11.24-71.16-122.20-219.04-392.61-703.72
WACC
PV UFCF -66.45-106.56-178.35-298.51-499.64
SUM PV UFCF -1,149.51

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.09
Free cash flow (t + 1) -717.80
Terminal Value -14,102.08
Present Value of Terminal Value -10,012.41

Intrinsic Value

Enterprise Value -11,161.92
Net Debt -3.27
Equity Value -11,158.65
Shares Outstanding 2.71
Equity Value Per Share -4,116.67