Discounted Cash Flow (DCF) Analysis Unlevered

GoPro Inc

GoPro Inc (GPRO)

$6.825
0.195 (+2.94%)

Operating Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
Revenue 985.701,394.201,619.971,185.481,179.741,148.341,194.651,257.771,324.231,394.201,467.861,545.42
Revenue (%)
EBITDA 103.40198.8981.57-333.53-121.25-53.9326.43-19.96-21.01-22.12-23.29-24.52
EBITDA (%)
EBIT 91.40180.9952.58-375.17-162.73-88.990.16-49.73-52.36-55.12-58.04-61.10
EBIT (%)
Depreciation 12.0017.9028.9841.6441.4835.0626.2729.7731.3533.0034.7536.58
Depreciation (%)

Balance Sheet Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
Total Cash 101.40422.30474.06217.95247.39197.51165.15251.95265.26279.28294.03309.57
Total Cash (%)
Account Receivables 122.70184.00149.94164.55112.94129.22200.63155.25163.45172.09181.18190.75
Account Receivables (%)
Inventories 112.00153.00188.23167.19150.55116.46144.24149.20157.08165.38174.12183.32
Inventories (%)
Accounts Payable 126.40126.2089.99205.03138.26148.48160.70148.82156.69164.96173.68182.86
Accounts Payable (%)
Capital Expenditure -18.30-27.20-51.24-43.63-24.06-11.00-8.35-25.78-27.14-28.58-30.09-31.68
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 6.825
Beta 1.471
Diluted Shares Outstanding 144.31
Cost of Debt
Tax Rate 23.22
After-tax Cost of Debt 3.84%
Risk-Free Rate
Market Risk Premium
Cost of Equity 14.171
Total Debt 148.81
Total Equity 984.89
Total Capital 1,133.70
Debt Weighting 13.13
Equity Weighting 86.87
Wacc

Build Up Free Cash

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
Revenue 985.701,394.201,619.971,185.481,179.741,148.341,194.651,257.771,324.231,394.201,467.861,545.42
EBITDA 103.40198.8981.57-333.53-121.25-53.9326.43-19.96-21.01-22.12-23.29-24.52
EBIT 91.40180.9952.58-375.17-162.73-88.990.16-49.73-52.36-55.12-58.04-61.10
Tax Rate 33.63%29.23%31.29%-11.68%-3.68%-1.26%23.22%14.39%14.39%14.39%14.39%14.39%
EBIAT 60.67128.0936.13-419.00-168.71-90.120.12-42.57-44.82-47.19-49.69-52.31
Depreciation 12.0017.9028.9841.6441.4835.0626.2729.7731.3533.0034.7536.58
Accounts Receivable --61.3034.06-14.6151.62-16.28-71.4245.39-8.20-8.64-9.09-9.57
Inventories --41.00-35.2321.0416.6434.09-27.78-4.96-7.88-8.30-8.74-9.20
Accounts Payable --0.20-36.21115.04-66.7710.2212.22-11.877.868.288.729.18
Capital Expenditure -18.30-27.20-51.24-43.63-24.06-11.00-8.35-25.78-27.14-28.58-30.09-31.68
UFCF 54.3716.29-23.52-299.52-149.81-38.02-68.94-10.03-48.84-51.42-54.14-57.00
WACC
PV UFCF -8.89-38.37-35.81-33.42-31.18
SUM PV UFCF -147.67

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 12.82
Free cash flow (t + 1) -59.28
Terminal Value -672.09
Present Value of Terminal Value -367.70

Intrinsic Value

Enterprise Value -515.37
Net Debt -1.49
Equity Value -513.88
Shares Outstanding 144.31
Equity Value Per Share -3.56