Discounted Cash Flow (DCF) Analysis Unlevered
Tattooed Chef, Inc. (TTCF)
$1.37
+0.09 (+7.03%)
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 | $ 1.37 |
|---|---|
| Beta | 0.568 |
| 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 | 6.285 |
| Total Debt | 15.06 |
| Total Equity | 111.89 |
| Total Capital | 126.95 |
| Debt Weighting | 11.86 |
| Equity Weighting | 88.14 |
| 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 | -33.79 | -52.54 | -79.16 | -119.25 | -179.65 | |||
| SUM PV UFCF | -415.35 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.74 |
| Free cash flow (t + 1) | -216.65 |
| Terminal Value | -5,792.75 |
| Present Value of Terminal Value | -4,382.16 |
Intrinsic Value
| Enterprise Value | -4,797.51 |
|---|---|
| Net Debt | -77.29 |
| Equity Value | -4,720.22 |
| Shares Outstanding | 81.67 |
| Equity Value Per Share | -57.80 |