Discounted Cash Flow (DCF) Analysis Unlevered

TRxADE HEALTH, Inc. (MEDS)

$ 4.5771
-0.4329 (-8.64%)

Operating Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 0.961.502.912.482.933.837.4417.1227.1443.0268.19108.09171.32
Revenue (%)
EBITDA -2.08-1.43-0.13-2.610.450.07-0.05-1.68-14.12-22.38-35.47-56.22-89.12
EBITDA (%)
EBIT -2.08-1.43-0.14-2.620.440.06-0.07-1.73-14.20-22.50-35.67-56.54-89.61
EBIT (%)
Depreciation 0000.010.010.010.020.050.080.120.200.310.50
Depreciation (%)

Balance Sheet Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Total Cash 0.080.710.080.010.180.872.875.925.488.6813.7621.8134.57
Total Cash (%)
Account Receivables 0.270.350.350.300.320.430.791.894.056.4110.1716.1225.55
Account Receivables (%)
Inventories 0.040.050.110.090.110.150.280.651.041.642.614.136.55
Inventories (%)
Accounts Payable 0.160.290.220.240.110.400.330.262.503.966.279.9515.76
Accounts Payable (%)
Capital Expenditure -0.01-0.02-0.03-0.03-0.03-0.04-0.09-0.20-0.31-0.49-0.78-1.24-1.97
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 4.5,771
Beta 1.196
Diluted Shares Outstanding 7.57
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 5.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.979
Total Debt 0.63
Total Equity 34.66
Total Capital 35.29
Debt Weighting 1.78
Equity Weighting 98.22
Wacc

Build Up Free Cash

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 0.961.502.912.482.933.837.4417.1227.1443.0268.19108.09171.32
EBITDA -2.08-1.43-0.13-2.610.450.07-0.05-1.68-14.12-22.38-35.47-56.22-89.12
EBIT -2.08-1.43-0.14-2.620.440.06-0.07-1.73-14.20-22.50-35.67-56.54-89.61
Tax Rate 0.00%0.00%-335.41%-135.28%0.00%0.00%0.00%0.00%-58.84%-58.84%-58.84%-58.84%-58.84%
EBIAT -2.08-1.43-0.60-6.150.440.06-0.07-1.73-22.55-35.74-56.65-89.80-142.34
Depreciation 0000.010.010.010.020.050.080.120.200.310.50
Accounts Receivable --0.08-0.010.06-0.02-0.11-0.36-1.10-2.15-2.37-3.75-5.95-9.43
Inventories --0-0.060.02-0.02-0.03-0.14-0.37-0.38-0.61-0.96-1.52-2.42
Accounts Payable -0.13-0.070.02-0.130.29-0.07-0.082.241.462.323.675.82
Capital Expenditure -0.01-0.02-0.03-0.03-0.03-0.02-0.08-0.04-0.31-0.49-0.78-1.24-1.97
UFCF -2.09-1.40-0.77-6.090.240.17-0.70-3.42-23.08-37.62-59.64-94.53-149.84
WACC
PV UFCF -18.45-26.89-38.10-54-76.53
SUM PV UFCF -239.32

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 11.85
Free cash flow (t + 1) -155.83
Terminal Value -1,985.13
Present Value of Terminal Value -1,133.99

Intrinsic Value

Enterprise Value -1,373.31
Net Debt -5.29
Equity Value -1,368.02
Shares Outstanding 7.57
Equity Value Per Share -180.65