Discounted Cash Flow (DCF) Analysis Unlevered
SRAX, Inc. (SRAX)
$0.2
-0.15 (0.00%)
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 | 23.35 | 9.88 | 3.58 | 8.65 | 28.55 | 46.40 | 75.40 | 122.53 | 199.11 | 323.57 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -4.57 | -11.72 | -16.68 | -10.29 | 2.80 | -66.16 | -107.51 | -174.71 | -283.92 | -461.40 |
| EBITDA (%) | ||||||||||
| EBIT | -5.10 | -12.49 | -17.85 | -11.60 | 1.88 | -71.80 | -116.68 | -189.61 | -308.12 | -500.72 |
| EBIT (%) | ||||||||||
| Depreciation | 0.53 | 0.77 | 1.16 | 1.30 | 0.92 | 5.64 | 9.16 | 14.89 | 24.20 | 39.33 |
| 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 | 1.02 | 2.78 | 0.03 | 8.90 | 21.24 | 19.55 | 31.78 | 51.64 | 83.92 | 136.38 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 4.35 | 1.83 | 0.81 | 2.61 | 2.10 | 9.01 | 14.65 | 23.80 | 38.68 | 62.85 |
| Account Receivables (%) | ||||||||||
| Inventories | 0.47 | 0.47 | 0.71 | 0.77 | 2.54 | 4.13 | 6.71 | 10.90 | 17.71 | 28.78 |
| Inventories (%) | ||||||||||
| Accounts Payable | 2.86 | 2.52 | 1.71 | 2.63 | 1.94 | 11.38 | 18.49 | 30.04 | 48.82 | 79.34 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -0.76 | -1.04 | -1.36 | -1.20 | -0.87 | -6.39 | -10.38 | -16.87 | -27.42 | -44.56 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 0.2 |
|---|---|
| Beta | 1.422 |
| Diluted Shares Outstanding | 23.55 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 799.30% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 11.149 |
| Total Debt | 1.29 |
| Total Equity | 4.71 |
| Total Capital | 6 |
| Debt Weighting | 21.47 |
| Equity Weighting | 78.53 |
| 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 | 23.35 | 9.88 | 3.58 | 8.65 | 28.55 | 46.40 | 75.40 | 122.53 | 199.11 | 323.57 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -4.57 | -11.72 | -16.68 | -10.29 | 2.80 | -66.16 | -107.51 | -174.71 | -283.92 | -461.40 |
| EBIT | -5.10 | -12.49 | -17.85 | -11.60 | 1.88 | -71.80 | -116.68 | -189.61 | -308.12 | -500.72 |
| Tax Rate | -12.20% | -287.44% | -4.31% | -0.18% | 0.00% | -60.82% | -60.82% | -60.82% | -60.82% | -60.82% |
| EBIAT | -5.72 | -48.38 | -18.62 | -11.62 | 1.88 | -115.47 | -187.64 | -304.93 | -495.54 | -805.29 |
| Depreciation | 0.53 | 0.77 | 1.16 | 1.30 | 0.92 | 5.64 | 9.16 | 14.89 | 24.20 | 39.33 |
| Accounts Receivable | - | 2.52 | 1.02 | -1.80 | 0.50 | -6.91 | -5.63 | -9.15 | -14.88 | -24.18 |
| Inventories | - | 0 | -0.25 | -0.05 | -1.77 | -1.59 | -2.58 | -4.19 | -6.81 | -11.07 |
| Accounts Payable | - | -0.34 | -0.81 | 0.92 | -0.69 | 9.44 | 7.11 | 11.56 | 18.78 | 30.52 |
| Capital Expenditure | -0.76 | -1.04 | -1.36 | -1.21 | -0.87 | -6.39 | -10.38 | -16.87 | -27.42 | -44.56 |
| UFCF | -5.95 | -46.47 | -18.85 | -12.45 | -0.03 | -115.28 | -189.96 | -308.70 | -501.67 | -815.24 |
| WACC | ||||||||||
| PV UFCF | -41.11 | -24.16 | -14 | -8.12 | -4.70 | |||||
| SUM PV UFCF | -92.10 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 180.39 |
| Free cash flow (t + 1) | -831.55 |
| Terminal Value | -466.14 |
| Present Value of Terminal Value | -2.69 |
Intrinsic Value
| Enterprise Value | -94.79 |
|---|---|
| Net Debt | -0.06 |
| Equity Value | -94.73 |
| Shares Outstanding | 23.55 |
| Equity Value Per Share | -4.02 |