Discounted Cash Flow (DCF) Analysis Unlevered
Speed Commerce, Inc. (SPDC)
$0.0001
0.00 (0.00%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2013 Actual | 2014 Actual | 2015 Actual | 2016 Projected | 2017 Projected | 2018 Projected | 2019 Projected | 2020 Projected |
| Revenue | 485.30 | 107.08 | 120.01 | 80.49 | 53.98 | 36.21 | 24.28 | 16.29 |
|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||
| EBITDA | 5.88 | -20.43 | -46.75 | -15.24 | -10.22 | -6.86 | -4.60 | -3.08 |
| EBITDA (%) | ||||||||
| EBIT | 0.04 | -26.28 | -55.81 | -19.06 | -12.78 | -8.57 | -5.75 | -3.86 |
| EBIT (%) | ||||||||
| Depreciation | 5.85 | 5.85 | 9.07 | 3.82 | 2.56 | 1.72 | 1.15 | 0.77 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2013 Actual | 2014 Actual | 2015 Actual | 2016 Projected | 2017 Projected | 2018 Projected | 2019 Projected | 2020 Projected |
| Total Cash | 0.09 | 0.01 | 6.38 | 1.43 | 0.96 | 0.65 | 0.43 | 0.29 |
|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||
| Account Receivables | 83.50 | 18.53 | 18.69 | 13.44 | 9.01 | 6.04 | 4.05 | 2.72 |
| Account Receivables (%) | ||||||||
| Inventories | 34.20 | 7.55 | 8.46 | 5.67 | 3.80 | 2.55 | 1.71 | 1.15 |
| Inventories (%) | ||||||||
| Accounts Payable | 103.95 | 12.68 | 16.45 | 12.60 | 8.45 | 5.67 | 3.80 | 2.55 |
| Accounts Payable (%) | ||||||||
| Capital Expenditure | -3.97 | -10.51 | -8.99 | -4.86 | -3.26 | -2.19 | -1.47 | -0.98 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 0.0,001 |
|---|---|
| Beta | 24.505 |
| Diluted Shares Outstanding | 4.07 |
| Cost of Debt | |
| Tax Rate | -31.42 |
| After-tax Cost of Debt | 5.00% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 119.253 |
| Total Debt | 100.19 |
| Total Equity | 0 |
| Total Capital | 100.19 |
| Debt Weighting | 100.00 |
| Equity Weighting | 0.00 |
| Wacc |
Build Up Free Cash
Year A/P | 2013 Actual | 2014 Actual | 2015 Actual | 2016 Projected | 2017 Projected | 2018 Projected | 2019 Projected | 2020 Projected |
| Revenue | 485.30 | 107.08 | 120.01 | 80.49 | 53.98 | 36.21 | 24.28 | 16.29 |
|---|---|---|---|---|---|---|---|---|
| EBITDA | 5.88 | -20.43 | -46.75 | -15.24 | -10.22 | -6.86 | -4.60 | -3.08 |
| EBIT | 0.04 | -26.28 | -55.81 | -19.06 | -12.78 | -8.57 | -5.75 | -3.86 |
| Tax Rate | 31,983.78% | -250.52% | -31.42% | 10,567.28% | 10,567.28% | 10,567.28% | 10,567.28% | 10,567.28% |
| EBIAT | -11.80 | -92.10 | -73.35 | 1,995.01 | 1,338.04 | 897.42 | 601.89 | 403.69 |
| Depreciation | 5.85 | 5.85 | 9.07 | 3.82 | 2.56 | 1.72 | 1.15 | 0.77 |
| Accounts Receivable | - | 64.97 | -0.16 | 5.25 | 4.42 | 2.97 | 1.99 | 1.33 |
| Inventories | - | 26.65 | -0.91 | 2.78 | 1.87 | 1.25 | 0.84 | 0.56 |
| Accounts Payable | - | -91.27 | 3.77 | -3.85 | -4.15 | -2.78 | -1.87 | -1.25 |
| Capital Expenditure | -3.97 | -10.51 | -8.99 | -4.86 | -3.26 | -2.19 | -1.47 | -0.98 |
| UFCF | -9.92 | -96.41 | -70.58 | 1,998.14 | 1,339.48 | 898.38 | 602.54 | 404.12 |
| WACC | ||||||||
| PV UFCF | 2,098.05 | 1,339.48 | 855.60 | 546.52 | 349.10 | |||
| SUM PV UFCF | 4,706.35 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.00 |
| Free cash flow (t + 1) | 412.20 |
| Terminal Value | 13,740.12 |
| Present Value of Terminal Value | 10,765.74 |
Intrinsic Value
| Enterprise Value | 15,472.10 |
|---|---|
| Net Debt | 93.81 |
| Equity Value | 15,378.28 |
| Shares Outstanding | 4.07 |
| Equity Value Per Share | 3,774.56 |