Discounted Cash Flow (DCF) Analysis Unlevered
SRAX, Inc. (SRAX)
$0.45
+0.09 (+25.00%)
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 | 26.71 | 41.98 | 65.98 | 103.71 | 163.01 | 256.21 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -3.32 | 13.78 | -14.97 | -1.23 | -23.68 | -33.19 | -52.17 | -81.99 | -128.88 | -202.57 |
| EBITDA (%) | ||||||||||
| EBIT | -3.84 | 13.01 | -16.13 | -2.53 | -24.59 | -38.31 | -60.21 | -94.64 | -148.76 | -233.82 |
| EBIT (%) | ||||||||||
| Depreciation | 0.53 | 0.77 | 1.16 | 1.30 | 0.92 | 5.12 | 8.05 | 12.65 | 19.88 | 31.25 |
| 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 | 16.96 | 16.78 | 26.37 | 41.45 | 65.16 | 102.41 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 4.35 | 1.83 | 0.81 | 2.61 | 1.67 | 8.06 | 12.67 | 19.91 | 31.29 | 49.19 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 2.86 | 2.52 | 1.71 | 2.63 | 1.94 | 10.33 | 16.24 | 25.53 | 40.12 | 63.06 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -0.76 | -1.04 | -1.36 | -1.20 | -0.87 | -5.80 | -9.11 | -14.32 | -22.51 | -35.39 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 0.45 |
|---|---|
| Beta | 1.515 |
| Diluted Shares Outstanding | 26 |
| Cost of Debt | |
| Tax Rate | -113.34 |
| After-tax Cost of Debt | 726.02% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.757 |
| Total Debt | 1.42 |
| Total Equity | 11.70 |
| Total Capital | 13.12 |
| Debt Weighting | 10.81 |
| Equity Weighting | 89.19 |
| 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 | 26.71 | 41.98 | 65.98 | 103.71 | 163.01 | 256.21 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -3.32 | 13.78 | -14.97 | -1.23 | -23.68 | -33.19 | -52.17 | -81.99 | -128.88 | -202.57 |
| EBIT | -3.84 | 13.01 | -16.13 | -2.53 | -24.59 | -38.31 | -60.21 | -94.64 | -148.76 | -233.82 |
| Tax Rate | 0.00% | 0.00% | 0.00% | -0.18% | -113.34% | -22.70% | -22.70% | -22.70% | -22.70% | -22.70% |
| EBIAT | -3.84 | 13.01 | -16.13 | -2.53 | -52.47 | -47.01 | -73.89 | -116.13 | -182.54 | -286.91 |
| Depreciation | 0.53 | 0.77 | 1.16 | 1.30 | 0.92 | 5.12 | 8.05 | 12.65 | 19.88 | 31.25 |
| Accounts Receivable | - | 2.52 | 1.02 | -1.80 | 0.94 | -6.39 | -4.61 | -7.24 | -11.38 | -17.89 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -0.34 | -0.81 | 0.92 | -0.69 | 8.39 | 5.91 | 9.29 | 14.60 | 22.94 |
| Capital Expenditure | -0.76 | -1.04 | -1.36 | -1.21 | -0.87 | -5.80 | -9.11 | -14.32 | -22.51 | -35.39 |
| UFCF | -4.07 | 14.91 | -16.12 | -3.32 | -52.17 | -45.68 | -73.65 | -115.76 | -181.95 | -285.99 |
| WACC | ||||||||||
| PV UFCF | -24.29 | -20.82 | -17.40 | -14.54 | -12.15 | |||||
| SUM PV UFCF | -89.19 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 88.09 |
| Free cash flow (t + 1) | -291.71 |
| Terminal Value | -338.85 |
| Present Value of Terminal Value | -14.39 |
Intrinsic Value
| Enterprise Value | -103.58 |
|---|---|
| Net Debt | 0.07 |
| Equity Value | -103.65 |
| Shares Outstanding | 26 |
| Equity Value Per Share | -3.99 |