Discounted Cash Flow (DCF) Analysis Unlevered
Vericity, Inc. (VERY)
$7.14
+0.01 (+0.14%)
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 | 115.87 | 123.98 | 135.30 | 147.83 | 176.58 | 196.37 | 218.38 | 242.86 | 270.09 | 300.36 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -10.12 | -14.75 | -18.76 | -27.30 | -17.03 | -24.59 | -27.35 | -30.41 | -33.82 | -37.61 |
| EBITDA (%) | ||||||||||
| EBIT | -10.94 | -16.20 | -20.20 | -28.75 | -18.76 | -26.51 | -29.49 | -32.79 | -36.47 | -40.55 |
| EBIT (%) | ||||||||||
| Depreciation | 0.82 | 1.45 | 1.44 | 1.45 | 1.73 | 1.92 | 2.14 | 2.38 | 2.64 | 2.94 |
| 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 | 349.54 | 327.67 | 382.52 | 2.61 | 0.43 | 334.11 | 371.56 | 413.21 | 459.52 | 511.03 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 145.95 | 138.46 | 144.14 | 169.60 | 202.58 | 225.29 | 250.54 | 278.63 | 309.86 | 344.59 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 7.47 | 6.17 | 15.38 | 11.23 | 13.41 | 14.92 | 16.59 | 18.45 | 20.52 | 22.82 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 7.14 |
|---|---|
| Beta | 0.624 |
| Diluted Shares Outstanding | 14.88 |
| Cost of Debt | |
| Tax Rate | 2.22 |
| After-tax Cost of Debt | -% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 5.741 |
| Total Debt | 0.03 |
| Total Equity | 106.21 |
| Total Capital | 106.23 |
| Debt Weighting | 0.02 |
| Equity Weighting | 99.98 |
| 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 | 115.87 | 123.98 | 135.30 | 147.83 | 176.58 | 196.37 | 218.38 | 242.86 | 270.09 | 300.36 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -10.12 | -14.75 | -18.76 | -27.30 | -17.03 | -24.59 | -27.35 | -30.41 | -33.82 | -37.61 |
| EBIT | -10.94 | -16.20 | -20.20 | -28.75 | -18.76 | -26.51 | -29.49 | -32.79 | -36.47 | -40.55 |
| Tax Rate | 24.68% | 14.51% | 4.32% | 8.33% | 2.22% | 10.81% | 10.81% | 10.81% | 10.81% | 10.81% |
| EBIAT | -8.24 | -13.85 | -19.32 | -26.35 | -18.35 | -23.65 | -26.30 | -29.24 | -32.52 | -36.17 |
| Depreciation | 0.82 | 1.45 | 1.44 | 1.45 | 1.73 | 1.92 | 2.14 | 2.38 | 2.64 | 2.94 |
| Accounts Receivable | - | 7.48 | -5.68 | -25.46 | -32.98 | -22.71 | -25.25 | -28.08 | -31.23 | -34.73 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -1.30 | 9.22 | -4.15 | 2.18 | 1.50 | 1.67 | 1.86 | 2.07 | 2.30 |
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| UFCF | - | - | - | - | - | -42.93 | -47.74 | -53.09 | -59.05 | -65.66 |
| WACC | ||||||||||
| PV UFCF | - | - | - | - | - | |||||
| SUM PV UFCF | - |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | - |
| Free cash flow (t + 1) | -66.98 |
| Terminal Value | - |
| Present Value of Terminal Value | - |
Intrinsic Value
| Enterprise Value | - |
|---|---|
| Net Debt | 0 |
| Equity Value | - |
| Shares Outstanding | 14.88 |
| Equity Value Per Share | - |