Discounted Cash Flow (DCF) Analysis Unlevered

Net Element Inc (NETE)

$ 9.83
-0.33 (-3.25%)

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 18.7521.1940.2454.2960.0665.796565.7180.5298.68120.94148.21181.63
Revenue (%)
EBITDA -30.43-4.89-8.01-3.68-6.060.27-1.11-1.46-22.72-27.84-34.12-41.81-51.24
EBITDA (%)
EBIT -32.67-7.25-10.52-7.15-8.60-2.19-4.23-4.49-28.06-34.39-42.14-51.65-63.29
EBIT (%)
Depreciation 2.242.362.513.472.532.453.123.045.346.558.039.8412.05
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 0.130.501.030.6211.291.650.494.543.594.405.406.618.10
Total Cash (%)
Account Receivables 10.623.425.207.135.476.296.567.1113.9317.0720.9225.6431.42
Account Receivables (%)
Inventories -------------
Inventories (%)
Accounts Payable 3.192.705.867.516.796.376.047.171012.2515.0218.4022.55
Accounts Payable (%)
Capital Expenditure -0.38-1.79-1.46-0.19-1.99-5.53-2.45-2.81-3.44-4.22-5.17-6.34-7.77
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 9.83
Beta 2.085
Diluted Shares Outstanding 4.42
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 5.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity 19.056
Total Debt 1.33
Total Equity 43.46
Total Capital 44.79
Debt Weighting 2.97
Equity Weighting 97.03
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 18.7521.1940.2454.2960.0665.796565.7180.5298.68120.94148.21181.63
EBITDA -30.43-4.89-8.01-3.68-6.060.27-1.11-1.46-22.72-27.84-34.12-41.81-51.24
EBIT -32.67-7.25-10.52-7.15-8.60-2.19-4.23-4.49-28.06-34.39-42.14-51.65-63.29
Tax Rate -0.88%0.29%0.56%0.94%1.09%1.72%1.62%0.00%0.67%0.67%0.67%0.67%0.67%
EBIAT -32.96-7.23-10.46-7.08-8.50-2.15-4.17-4.49-27.87-34.16-41.86-51.30-62.87
Depreciation 2.242.362.513.472.532.453.123.045.346.558.039.8412.05
Accounts Receivable -7.20-1.78-1.931.65-0.82-0.27-0.55-6.82-3.14-3.85-4.72-5.78
Inventories -------------
Accounts Payable --0.493.161.65-0.72-0.42-0.331.132.832.252.763.394.15
Capital Expenditure -0.38-1.79-1.46-0.19-1.99-5.53-2.45-2.81-3.44-4.22-5.17-6.34-7.77
UFCF -31.100.05-8.03-4.08-7.03-6.46-4.10-3.68-29.97-32.71-40.09-49.13-60.21
WACC
PV UFCF -21.29-19.59-20.24-20.90-21.59
SUM PV UFCF -122.93

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 18.64
Free cash flow (t + 1) -62.62
Terminal Value -427.75
Present Value of Terminal Value -181.99

Intrinsic Value

Enterprise Value -304.91
Net Debt -3.21
Equity Value -301.70
Shares Outstanding 4.42
Equity Value Per Share -68.25