Discounted Cash Flow (DCF) Analysis Unlevered

ASAP, Inc. (WTRH)

$0.0931

-0.01 (-5.96%)
All numbers are in Millions, Currency in USD
Stock DCF: -397.16 | 0.0931 | overvalue

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 69.27191.68204.33182.19111.80149.21199.13265.75354.66473.32
Revenue (%)
EBITDA -34.93-264.1533.7914.30-187.75-99.01-132.13-176.34-235.34-314.07
EBITDA (%)
EBIT -36.15-279.9225.421.87-201.04-108.80-145.20-193.78-258.61-345.13
EBIT (%)
Depreciation 1.2215.778.3812.4313.309.7913.0717.4423.2731.06
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 209.3429.3284.7160.1112.07120.18160.39214.05285.66381.24
Total Cash (%)
Account Receivables 3.693.272.953.033.984.095.467.289.7212.97
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 1.834.384.387.025.694.786.388.5111.3615.16
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 69.27191.68204.33182.19111.80149.21199.13265.75354.66473.32
EBITDA -34.93-264.1533.7914.30-187.75-99.01-132.13-176.34-235.34-314.07
EBIT -36.15-279.9225.421.87-201.04-108.80-145.20-193.78-258.61-345.13
Tax Rate 1.23%0.62%0.76%-0.46%-0.04%0.42%0.42%0.42%0.42%0.42%
EBIAT -35.71-278.1725.221.88-201.12-108.34-144.58-192.96-257.51-343.67
Depreciation 1.2215.778.3812.4313.309.7913.0717.4423.2731.06
Accounts Receivable -0.420.32-0.07-0.96-0.11-1.37-1.83-2.44-3.25
Inventories ----------
Accounts Payable -2.56-02.64-1.33-0.911.602.132.853.80
Capital Expenditure -3.76-3.44-5.54-12.53-0.28-5.09-6.80-9.07-12.10-16.15
UFCF -38.25-262.8728.384.34-190.39-104.66-138.08-184.28-245.93-328.21
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