Discounted Cash Flow (DCF) Analysis Unlevered
ASAP, Inc. (WTRH)
$0.0931
-0.01 (-5.96%)
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 | 69.27 | 191.68 | 204.33 | 182.19 | 111.80 | 149.21 | 199.13 | 265.75 | 354.66 | 473.32 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | -34.93 | -264.15 | 33.79 | 14.30 | -187.75 | -99.01 | -132.13 | -176.34 | -235.34 | -314.07 |
EBITDA (%) | ||||||||||
EBIT | -36.15 | -279.92 | 25.42 | 1.87 | -201.04 | -108.80 | -145.20 | -193.78 | -258.61 | -345.13 |
EBIT (%) | ||||||||||
Depreciation | 1.22 | 15.77 | 8.38 | 12.43 | 13.30 | 9.79 | 13.07 | 17.44 | 23.27 | 31.06 |
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 | 209.34 | 29.32 | 84.71 | 60.11 | 12.07 | 120.18 | 160.39 | 214.05 | 285.66 | 381.24 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 3.69 | 3.27 | 2.95 | 3.03 | 3.98 | 4.09 | 5.46 | 7.28 | 9.72 | 12.97 |
Account Receivables (%) | ||||||||||
Inventories | - | - | - | - | - | - | - | - | - | - |
Inventories (%) | ||||||||||
Accounts Payable | 1.83 | 4.38 | 4.38 | 7.02 | 5.69 | 4.78 | 6.38 | 8.51 | 11.36 | 15.16 |
Accounts Payable (%) | ||||||||||
Capital Expenditure | -3.76 | -3.44 | -5.54 | -12.52 | -0.28 | -5.09 | -6.80 | -9.07 | -12.10 | -16.15 |
Capital Expenditure (%) |
Weighted Average Cost Of Capital
Share price | $ 0.0,931 |
---|---|
Beta | 0.560 |
Diluted Shares Outstanding | 8.99 |
Cost of Debt | |
Tax Rate | -0.04 |
After-tax Cost of Debt | 9.62% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 6.897 |
Total Debt | 58.90 |
Total Equity | 0.84 |
Total Capital | 59.73 |
Debt Weighting | 98.60 |
Equity Weighting | 1.40 |
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 | 69.27 | 191.68 | 204.33 | 182.19 | 111.80 | 149.21 | 199.13 | 265.75 | 354.66 | 473.32 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | -34.93 | -264.15 | 33.79 | 14.30 | -187.75 | -99.01 | -132.13 | -176.34 | -235.34 | -314.07 |
EBIT | -36.15 | -279.92 | 25.42 | 1.87 | -201.04 | -108.80 | -145.20 | -193.78 | -258.61 | -345.13 |
Tax Rate | 1.23% | 0.62% | 0.76% | -0.46% | -0.04% | 0.42% | 0.42% | 0.42% | 0.42% | 0.42% |
EBIAT | -35.71 | -278.17 | 25.22 | 1.88 | -201.12 | -108.34 | -144.58 | -192.96 | -257.51 | -343.67 |
Depreciation | 1.22 | 15.77 | 8.38 | 12.43 | 13.30 | 9.79 | 13.07 | 17.44 | 23.27 | 31.06 |
Accounts Receivable | - | 0.42 | 0.32 | -0.07 | -0.96 | -0.11 | -1.37 | -1.83 | -2.44 | -3.25 |
Inventories | - | - | - | - | - | - | - | - | - | - |
Accounts Payable | - | 2.56 | -0 | 2.64 | -1.33 | -0.91 | 1.60 | 2.13 | 2.85 | 3.80 |
Capital Expenditure | -3.76 | -3.44 | -5.54 | -12.53 | -0.28 | -5.09 | -6.80 | -9.07 | -12.10 | -16.15 |
UFCF | -38.25 | -262.87 | 28.38 | 4.34 | -190.39 | -104.66 | -138.08 | -184.28 | -245.93 | -328.21 |
WACC | ||||||||||
PV UFCF | -95.51 | -114.99 | -140.05 | -170.57 | -207.73 | |||||
SUM PV UFCF | -728.85 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 9.58 |
Free cash flow (t + 1) | -334.78 |
Terminal Value | -4,416.61 |
Present Value of Terminal Value | -2,795.33 |
Intrinsic Value
Enterprise Value | -3,524.17 |
---|---|
Net Debt | 46.83 |
Equity Value | -3,571 |
Shares Outstanding | 8.99 |
Equity Value Per Share | -397.16 |