Discounted Cash Flow (DCF) Analysis Unlevered

Tattooed Chef, Inc. (TTCF)

$0.5916

+0.02 (+2.76%)
All numbers are in Millions, Currency in USD
Stock DCF: -63.57 | 0.5916 | overvalue

Operating Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 84.92148.49213.43339.99541.60862.761,374.362,189.34
Revenue (%)
EBITDA 5.6629.13-35.6210.8817.3227.6043.9670.03
EBITDA (%)
EBIT 527.71-39.226.9911.1417.7528.2745.04
EBIT (%)
Depreciation 0.661.433.603.886.189.8515.6924.99
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 4.54131.5892.35155.51247.73394.63628.651,001.42
Total Cash (%)
Account Receivables 11.6733.4226.225587.61139.57222.33354.17
Account Receivables (%)
Inventories 17.9638.6654.5682.45131.34209.22333.28530.91
Inventories (%)
Accounts Payable 15.8125.3928.3355.5388.45140.91224.46357.56
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 84.92148.49213.43339.99541.60862.761,374.362,189.34
EBITDA 5.6629.13-35.6210.8817.3227.6043.9670.03
EBIT 527.71-39.226.9911.1417.7528.2745.04
Tax Rate 21.76%-136.41%-121.39%-78.68%-78.68%-78.68%-78.68%-78.68%
EBIAT 3.9165.50-86.8312.5019.9131.7150.5280.48
Depreciation 0.661.433.603.886.189.8515.6924.99
Accounts Receivable --21.757.19-28.78-32.61-51.95-82.76-131.84
Inventories --20.70-15.90-27.88-48.89-77.88-124.06-197.63
Accounts Payable -9.582.9427.1932.9352.4583.56133.10
Capital Expenditure -3.41-7.04-16.85-18.87-30.06-47.88-76.27-121.50
UFCF 1.1627.02-105.84-31.96-52.54-83.70-133.34-212.40
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