Discounted Cash Flow (DCF) Analysis Unlevered
SharpSpring, Inc. (SHSP)
$17.1
0.00 (0.00%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
| Revenue | 11.54 | 13.45 | 18.65 | 22.70 | 29.29 | 37.04 | 46.86 | 59.26 | 74.96 | 94.81 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 4.60 | -6.27 | -8.92 | -11.35 | -5.74 | -9.20 | -11.64 | -14.72 | -18.62 | -23.55 |
| EBITDA (%) | ||||||||||
| EBIT | 3.08 | -7.08 | -9.81 | -12.36 | -7.33 | -11.71 | -14.81 | -18.73 | -23.69 | -29.97 |
| EBIT (%) | ||||||||||
| Depreciation | 1.52 | 0.81 | 0.89 | 1.01 | 1.60 | 2.51 | 3.17 | 4.01 | 5.08 | 6.42 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
| Total Cash | 8.65 | 5.40 | 9.32 | 11.88 | 28.27 | 23.26 | 29.42 | 37.21 | 47.07 | 59.53 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 2.62 | 2.77 | 0.84 | 1.35 | 1.63 | 4.40 | 5.56 | 7.03 | 8.89 | 11.25 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 0.50 | 0.50 | 1.61 | 2.05 | 1.07 | 2.18 | 2.76 | 3.49 | 4.41 | 5.58 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -0.46 | -0.18 | -0.89 | -1.37 | -1.15 | -1.48 | -1.87 | -2.37 | -3 | -3.79 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 17.1 |
|---|---|
| Beta | 1.840 |
| Diluted Shares Outstanding | 12.81 |
| Cost of Debt | |
| Tax Rate | 20.53 |
| After-tax Cost of Debt | -% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 12.470 |
| Total Debt | 5.30 |
| Total Equity | 219.12 |
| Total Capital | 224.42 |
| Debt Weighting | 2.36 |
| Equity Weighting | 97.64 |
| Wacc |
Build Up Free Cash
Year A/P | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
| Revenue | 11.54 | 13.45 | 18.65 | 22.70 | 29.29 | 37.04 | 46.86 | 59.26 | 74.96 | 94.81 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 4.60 | -6.27 | -8.92 | -11.35 | -5.74 | -9.20 | -11.64 | -14.72 | -18.62 | -23.55 |
| EBIT | 3.08 | -7.08 | -9.81 | -12.36 | -7.33 | -11.71 | -14.81 | -18.73 | -23.69 | -29.97 |
| Tax Rate | 165.27% | 29.72% | 3.37% | -0.24% | 20.53% | 43.73% | 43.73% | 43.73% | 43.73% | 43.73% |
| EBIAT | -2.01 | -4.98 | -9.48 | -12.39 | -5.83 | -6.59 | -8.33 | -10.54 | -13.33 | -16.86 |
| Depreciation | 1.52 | 0.81 | 0.89 | 1.01 | 1.60 | 2.51 | 3.17 | 4.01 | 5.08 | 6.42 |
| Accounts Receivable | - | -0.16 | 1.93 | -0.51 | -0.27 | -2.77 | -1.16 | -1.47 | -1.86 | -2.36 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 0.01 | 1.11 | 0.44 | -0.98 | 1.11 | 0.58 | 0.73 | 0.92 | 1.17 |
| Capital Expenditure | -0.46 | -0.18 | -0.89 | -1.37 | -1.15 | -1.48 | -1.87 | -2.37 | -3 | -3.79 |
| UFCF | -0.95 | -4.49 | -6.44 | -12.81 | -6.63 | -7.22 | -7.62 | -9.64 | -12.19 | -15.42 |
| WACC | ||||||||||
| PV UFCF | - | - | - | - | - | |||||
| SUM PV UFCF | - |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | - |
| Free cash flow (t + 1) | -15.73 |
| Terminal Value | - |
| Present Value of Terminal Value | - |
Intrinsic Value
| Enterprise Value | - |
|---|---|
| Net Debt | -22.97 |
| Equity Value | - |
| Shares Outstanding | 12.81 |
| Equity Value Per Share | - |