Discounted Cash Flow (DCF) Analysis Unlevered
Tattooed Chef, Inc. (TTCF)
$0.5916
+0.02 (+2.76%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
Revenue | 84.92 | 148.49 | 213.43 | 339.99 | 541.60 | 862.76 | 1,374.36 | 2,189.34 |
---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||
EBITDA | 5.66 | 29.13 | -35.62 | 10.88 | 17.32 | 27.60 | 43.96 | 70.03 |
EBITDA (%) | ||||||||
EBIT | 5 | 27.71 | -39.22 | 6.99 | 11.14 | 17.75 | 28.27 | 45.04 |
EBIT (%) | ||||||||
Depreciation | 0.66 | 1.43 | 3.60 | 3.88 | 6.18 | 9.85 | 15.69 | 24.99 |
Depreciation (%) |
Balance Sheet Data
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
Total Cash | 4.54 | 131.58 | 92.35 | 155.51 | 247.73 | 394.63 | 628.65 | 1,001.42 |
---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||
Account Receivables | 11.67 | 33.42 | 26.22 | 55 | 87.61 | 139.57 | 222.33 | 354.17 |
Account Receivables (%) | ||||||||
Inventories | 17.96 | 38.66 | 54.56 | 82.45 | 131.34 | 209.22 | 333.28 | 530.91 |
Inventories (%) | ||||||||
Accounts Payable | 15.81 | 25.39 | 28.33 | 55.53 | 88.45 | 140.91 | 224.46 | 357.56 |
Accounts Payable (%) | ||||||||
Capital Expenditure | -3.41 | -7.04 | -16.85 | -18.87 | -30.06 | -47.88 | -76.27 | -121.50 |
Capital Expenditure (%) |
Weighted Average Cost Of Capital
Share price | $ 0.5,916 |
---|---|
Beta | 0.592 |
Diluted Shares Outstanding | 81.67 |
Cost of Debt | |
Tax Rate | -121.39 |
After-tax Cost of Debt | 1.73% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 6.578 |
Total Debt | 15.06 |
Total Equity | 48.32 |
Total Capital | 63.37 |
Debt Weighting | 23.76 |
Equity Weighting | 76.24 |
Wacc |
Build Up Free Cash
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
Revenue | 84.92 | 148.49 | 213.43 | 339.99 | 541.60 | 862.76 | 1,374.36 | 2,189.34 |
---|---|---|---|---|---|---|---|---|
EBITDA | 5.66 | 29.13 | -35.62 | 10.88 | 17.32 | 27.60 | 43.96 | 70.03 |
EBIT | 5 | 27.71 | -39.22 | 6.99 | 11.14 | 17.75 | 28.27 | 45.04 |
Tax Rate | 21.76% | -136.41% | -121.39% | -78.68% | -78.68% | -78.68% | -78.68% | -78.68% |
EBIAT | 3.91 | 65.50 | -86.83 | 12.50 | 19.91 | 31.71 | 50.52 | 80.48 |
Depreciation | 0.66 | 1.43 | 3.60 | 3.88 | 6.18 | 9.85 | 15.69 | 24.99 |
Accounts Receivable | - | -21.75 | 7.19 | -28.78 | -32.61 | -51.95 | -82.76 | -131.84 |
Inventories | - | -20.70 | -15.90 | -27.88 | -48.89 | -77.88 | -124.06 | -197.63 |
Accounts Payable | - | 9.58 | 2.94 | 27.19 | 32.93 | 52.45 | 83.56 | 133.10 |
Capital Expenditure | -3.41 | -7.04 | -16.85 | -18.87 | -30.06 | -47.88 | -76.27 | -121.50 |
UFCF | 1.16 | 27.02 | -105.84 | -31.96 | -52.54 | -83.70 | -133.34 | -212.40 |
WACC | ||||||||
PV UFCF | -33.69 | -52.54 | -79.39 | -119.95 | -181.24 | |||
SUM PV UFCF | -419.98 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 5.43 |
Free cash flow (t + 1) | -216.65 |
Terminal Value | -6,316.30 |
Present Value of Terminal Value | -4,848.88 |
Intrinsic Value
Enterprise Value | -5,268.86 |
---|---|
Net Debt | -77.29 |
Equity Value | -5,191.57 |
Shares Outstanding | 81.67 |
Equity Value Per Share | -63.57 |