Discounted Cash Flow (DCF) Analysis Unlevered
Super League Gaming, Inc. (SLGG)
$0.5619
+0.03 (+6.02%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 1.05 | 1.08 | 2.06 | -6.55 | 19.68 | -15.93 | 12.89 | -10.43 | 8.44 | -6.83 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -15.05 | -27.15 | -17.36 | -20.54 | -79.16 | 155.22 | -125.63 | 101.68 | -82.29 | 66.61 |
| EBITDA (%) | ||||||||||
| EBIT | -16.16 | -28.02 | -18.72 | -23.86 | -84.57 | 162.48 | -131.51 | 106.44 | -86.15 | 69.73 |
| EBIT (%) | ||||||||||
| Depreciation | 1.11 | 0.86 | 1.37 | 3.32 | 5.40 | -7.27 | 5.88 | -4.76 | 3.85 | -3.12 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Total Cash | 2.77 | 8.44 | 7.94 | 14.53 | 59.36 | -48.05 | 38.89 | -31.47 | 25.47 | -20.62 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 0.49 | 0.29 | 0.59 | 6.33 | 6.13 | -1.17 | 0.94 | -0.76 | 0.62 | -0.50 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 0.81 | 0.85 | 1.83 | 5.51 | 6.70 | -6.21 | 5.02 | -4.07 | 3.29 | -2.66 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -0.87 | -1.66 | -0.01 | -1.09 | -1.07 | 7.16 | -5.80 | 4.69 | -3.80 | 3.07 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 0.5,619 |
|---|---|
| Beta | 1.681 |
| Diluted Shares Outstanding | 37.19 |
| Cost of Debt | |
| Tax Rate | 0.24 |
| After-tax Cost of Debt | 4.99% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 11.746 |
| Total Debt | - |
| Total Equity | 20.90 |
| Total Capital | 20.90 |
| Debt Weighting | 0.00 |
| Equity Weighting | 100.00 |
| Wacc |
Build Up Free Cash
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 1.05 | 1.08 | 2.06 | -6.55 | 19.68 | -15.93 | 12.89 | -10.43 | 8.44 | -6.83 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -15.05 | -27.15 | -17.36 | -20.54 | -79.16 | 155.22 | -125.63 | 101.68 | -82.29 | 66.61 |
| EBIT | -16.16 | -28.02 | -18.72 | -23.86 | -84.57 | 162.48 | -131.51 | 106.44 | -86.15 | 69.73 |
| Tax Rate | 0.00% | 0.00% | 0.00% | 13.04% | 0.24% | 2.66% | 2.66% | 2.66% | 2.66% | 2.66% |
| EBIAT | -16.16 | -28.02 | -18.72 | -20.75 | -84.36 | 158.17 | -128.02 | 103.61 | -83.86 | 67.87 |
| Depreciation | 1.11 | 0.86 | 1.37 | 3.32 | 5.40 | -7.27 | 5.88 | -4.76 | 3.85 | -3.12 |
| Accounts Receivable | - | 0.19 | -0.30 | -5.74 | 0.19 | 7.30 | -2.11 | 1.71 | -1.38 | 1.12 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 0.04 | 0.98 | 3.68 | 1.18 | -12.91 | 11.23 | -9.09 | 7.36 | -5.96 |
| Capital Expenditure | -0.87 | -1.66 | -0.01 | -1.09 | -1.07 | 7.16 | -5.80 | 4.69 | -3.80 | 3.07 |
| UFCF | -15.92 | -28.58 | -16.68 | -20.57 | -78.66 | 152.46 | -118.81 | 96.16 | -77.83 | 62.99 |
| WACC | ||||||||||
| PV UFCF | 136.43 | -95.14 | 68.91 | -49.91 | 36.15 | |||||
| SUM PV UFCF | 96.44 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 11.75 |
| Free cash flow (t + 1) | 64.25 |
| Terminal Value | 659 |
| Present Value of Terminal Value | 378.13 |
Intrinsic Value
| Enterprise Value | 474.57 |
|---|---|
| Net Debt | - |
| Equity Value | 474.57 |
| Shares Outstanding | 37.19 |
| Equity Value Per Share | 12.76 |