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 |