Discounted Cash Flow (DCF) Analysis Unlevered
Vroom, Inc. (VRM)
$0.9687
+0.04 (+4.16%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 855.43 | 1,191.82 | 1,357.70 | 3,184.26 | 1,948.90 | 2,674.77 | 3,670.98 | 5,038.24 | 6,914.73 | 9,490.12 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -69.50 | -122.06 | -188.41 | -334.99 | -352.83 | -325.61 | -446.89 | -613.33 | -841.76 | -1,155.28 |
| EBITDA (%) | ||||||||||
| EBIT | -76.44 | -128.21 | -193.06 | -348.21 | -391.54 | -347.39 | -476.77 | -654.35 | -898.06 | -1,232.54 |
| EBIT (%) | ||||||||||
| Depreciation | 6.93 | 6.16 | 4.65 | 13.22 | 38.71 | 21.78 | 29.89 | 41.02 | 56.30 | 77.27 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Total Cash | 161.66 | 217.73 | 1,056.21 | 1,132.32 | 398.91 | 914.72 | 1,255.40 | 1,722.98 | 2,364.70 | 3,245.43 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 13.21 | 30.85 | 60.58 | 105.43 | 13.97 | 67.52 | 92.67 | 127.18 | 174.55 | 239.56 |
| Account Receivables (%) | ||||||||||
| Inventories | 115.55 | 205.75 | 423.65 | 726.38 | 320.65 | 541.58 | 743.29 | 1,020.13 | 1,400.08 | 1,921.54 |
| Inventories (%) | ||||||||||
| Accounts Payable | 14.82 | 18.99 | 32.92 | 52.65 | 34.70 | 49.14 | 67.44 | 92.55 | 127.03 | 174.34 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -2.06 | -3.53 | -11.33 | -28.41 | -24.23 | -18.76 | -25.75 | -35.34 | -48.50 | -66.57 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 0.9,687 |
|---|---|
| Beta | 1.637 |
| Diluted Shares Outstanding | 137.91 |
| Cost of Debt | |
| Tax Rate | 4.17 |
| After-tax Cost of Debt | 8.14% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 11.516 |
| Total Debt | 479.25 |
| Total Equity | 133.59 |
| Total Capital | 612.84 |
| Debt Weighting | 78.20 |
| Equity Weighting | 21.80 |
| Wacc |
Build Up Free Cash
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 855.43 | 1,191.82 | 1,357.70 | 3,184.26 | 1,948.90 | 2,674.77 | 3,670.98 | 5,038.24 | 6,914.73 | 9,490.12 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -69.50 | -122.06 | -188.41 | -334.99 | -352.83 | -325.61 | -446.89 | -613.33 | -841.76 | -1,155.28 |
| EBIT | -76.44 | -128.21 | -193.06 | -348.21 | -391.54 | -347.39 | -476.77 | -654.35 | -898.06 | -1,232.54 |
| Tax Rate | -0.27% | -0.12% | -0.04% | -0.20% | 4.17% | 0.71% | 0.71% | 0.71% | 0.71% | 0.71% |
| EBIAT | -76.64 | -128.36 | -193.14 | -348.92 | -375.20 | -344.93 | -473.40 | -649.72 | -891.70 | -1,223.82 |
| Depreciation | 6.93 | 6.16 | 4.65 | 13.22 | 38.71 | 21.78 | 29.89 | 41.02 | 56.30 | 77.27 |
| Accounts Receivable | - | -17.64 | -29.73 | -44.86 | 91.47 | -53.55 | -25.15 | -34.51 | -47.37 | -65.01 |
| Inventories | - | -90.20 | -217.90 | -302.74 | 405.74 | -220.93 | -201.71 | -276.84 | -379.95 | -521.46 |
| Accounts Payable | - | 4.16 | 13.94 | 19.73 | -17.95 | 14.43 | 18.30 | 25.12 | 34.47 | 47.31 |
| Capital Expenditure | -2.06 | -3.53 | -11.33 | -28.41 | -24.23 | -18.76 | -25.75 | -35.34 | -48.50 | -66.57 |
| UFCF | -71.77 | -229.41 | -433.50 | -691.98 | 118.53 | -601.97 | -677.82 | -930.27 | -1,276.75 | -1,752.28 |
| WACC | ||||||||||
| PV UFCF | -552.92 | -571.87 | -720.92 | -908.81 | -1,145.68 | |||||
| SUM PV UFCF | -3,900.20 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 8.87 |
| Free cash flow (t + 1) | -1,787.32 |
| Terminal Value | -26,016.35 |
| Present Value of Terminal Value | -17,010.04 |
Intrinsic Value
| Enterprise Value | -20,910.23 |
|---|---|
| Net Debt | 80.34 |
| Equity Value | -20,990.57 |
| Shares Outstanding | 137.91 |
| Equity Value Per Share | -152.21 |