Discounted Cash Flow (DCF) Analysis Unlevered
Zevia PBC (ZVIA)
$4.38
-0.05 (-1.13%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 85.56 | 110.02 | 138.17 | 175.60 | 223.16 | 283.61 | 360.43 | 458.06 |
|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||
| EBITDA | -4.62 | -5.14 | -46.87 | -25.75 | -32.72 | -41.59 | -52.85 | -67.17 |
| EBITDA (%) | ||||||||
| EBIT | -5.41 | -6.07 | -47.86 | -27.21 | -34.57 | -43.94 | -55.84 | -70.97 |
| EBIT (%) | ||||||||
| Depreciation | 0.79 | 0.93 | 1 | 1.46 | 1.85 | 2.35 | 2.99 | 3.80 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Total Cash | 3.24 | 14.94 | 73.11 | 41.14 | 52.28 | 66.44 | 84.43 | 107.30 |
|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||
| Account Receivables | 4.88 | 6.94 | 9.05 | 10.86 | 13.80 | 17.54 | 22.29 | 28.33 |
| Account Receivables (%) | ||||||||
| Inventories | 11.39 | 20.80 | 31.50 | 32.20 | 40.93 | 52.01 | 66.10 | 84 |
| Inventories (%) | ||||||||
| Accounts Payable | 5.60 | 7.77 | 13.49 | 13.68 | 17.38 | 22.09 | 28.08 | 35.68 |
| Accounts Payable (%) | ||||||||
| Capital Expenditure | -0.46 | -0.81 | -3.14 | -2.07 | -2.63 | -3.35 | -4.25 | -5.40 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 4.38 |
|---|---|
| Beta | 0.000 |
| Diluted Shares Outstanding | 64.53 |
| Cost of Debt | |
| Tax Rate | 45.34 |
| After-tax Cost of Debt | -% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 3.551 |
| Total Debt | 0.24 |
| Total Equity | 282.65 |
| Total Capital | 282.88 |
| Debt Weighting | 0.08 |
| Equity Weighting | 99.92 |
| Wacc |
Build Up Free Cash
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 85.56 | 110.02 | 138.17 | 175.60 | 223.16 | 283.61 | 360.43 | 458.06 |
|---|---|---|---|---|---|---|---|---|
| EBITDA | -4.62 | -5.14 | -46.87 | -25.75 | -32.72 | -41.59 | -52.85 | -67.17 |
| EBIT | -5.41 | -6.07 | -47.86 | -27.21 | -34.57 | -43.94 | -55.84 | -70.97 |
| Tax Rate | 0.00% | 0.00% | 45.34% | 15.11% | 15.11% | 15.11% | 15.11% | 15.11% |
| EBIAT | -5.41 | -6.07 | -26.16 | -23.09 | -29.35 | -37.30 | -47.40 | -60.24 |
| Depreciation | 0.79 | 0.93 | 1 | 1.46 | 1.85 | 2.35 | 2.99 | 3.80 |
| Accounts Receivable | - | -2.07 | -2.10 | -1.81 | -2.94 | -3.74 | -4.75 | -6.04 |
| Inventories | - | -9.41 | -10.70 | -0.70 | -8.72 | -11.09 | -14.09 | -17.90 |
| Accounts Payable | - | 2.17 | 5.72 | 0.19 | 3.70 | 4.71 | 5.98 | 7.60 |
| Capital Expenditure | -0.46 | -0.81 | -3.14 | -2.07 | -2.63 | -3.35 | -4.25 | -5.40 |
| UFCF | -5.08 | -15.25 | -35.39 | -26.04 | -38.09 | -48.41 | -61.52 | -78.19 |
| WACC | ||||||||
| PV UFCF | - | -38.09 | - | - | - | |||
| SUM PV UFCF | - |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | - |
| Free cash flow (t + 1) | -79.75 |
| Terminal Value | - |
| Present Value of Terminal Value | - |
Intrinsic Value
| Enterprise Value | - |
|---|---|
| Net Debt | -42.87 |
| Equity Value | - |
| Shares Outstanding | 64.53 |
| Equity Value Per Share | - |