Discounted Cash Flow (DCF) Analysis Unlevered

Zevia PBC (ZVIA)

$4.38

-0.05 (-1.13%)
All numbers are in Millions, Currency in USD
Stock DCF: - | 4.38 | undervalue

Operating Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 85.56110.02138.17175.60223.16283.61360.43458.06
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 0.790.9311.461.852.352.993.80
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 3.2414.9473.1141.1452.2866.4484.43107.30
Total Cash (%)
Account Receivables 4.886.949.0510.8613.8017.5422.2928.33
Account Receivables (%)
Inventories 11.3920.8031.5032.2040.9352.0166.1084
Inventories (%)
Accounts Payable 5.607.7713.4913.6817.3822.0928.0835.68
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 85.56110.02138.17175.60223.16283.61360.43458.06
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 0.790.9311.461.852.352.993.80
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 -2.175.720.193.704.715.987.60
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 -