DCF Tool

EVRI

Everi Holdings Inc – Other Activities Related to Credit Intermediation
Everi (NYSE: EVRI) is a leading supplier of imaginative entertainment and trusted technology solutions for the casino and digital gaming industry. Everi's mission is to transform the casino floor through innovative gaming and financial technology and loyalty solutions. With a focus on both land-based and digital gaming operators and players, the Company develops entertaining games and gaming machines, gaming systems and services that facilitate memorable player experiences, and is a preeminent and comprehensive provider of financial products and services that offer convenient and secure financial transactions, self-service player loyalty tools and applications, and intelligence software and other intuitive solutions that improve casino operational efficiencies and fulfill regulatory compliance requirements. Everi provides these products and services in its effort to help make customers more successful.
Analysis Results
Intrinsic Value $23.03
Latest Price $21.00
Relative Value 9% undervalued
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Cash Flow (Millions)
Analysis Parameters
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Analysis Details
Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of 8.2%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 10.0%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 8.2%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year Future flow (million) Present value (million)
2022 145 132
2023 157 130
2024 170 128
2025 184 126
2026 200 124
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 2540 million. This corresponds to a present value of 1430 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 639 million. Adding in the terminal value gives a total present value of 2070 million.

There are presently 89.8 million outstanding shares, so the intrinsic value per share is 23.03.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 552,638,000
Current Cash 302,009,000
Current Liabilities 471,794,000
Current Debt 6,000,000
Non-Cash Working Capital (NCWC) -215,165,000
Change in NCWC -76,858,000
EBIT 197,511,000
Tax Provision -51,900,000
Depreciation and Amortization 119,474,000
Capital Expenditure -104,708,000
Unlevered Free Cash Flow 135,419,000
Current Assets 431,639,000
Current Cash 251,706,000
Current Liabilities 319,490,000
Current Debt 1,250,000
Non-Cash Working Capital (NCWC) -138,307,000
Change in NCWC 56,221,000
EBIT -5,415,000
Tax Provision -5,756,000
Depreciation and Amortization 142,764,000
Capital Expenditure -76,429,000
Unlevered Free Cash Flow 117,141,000
Current Assets 502,532,000
Current Cash 289,870,000
Current Liabilities 407,190,000
Current Debt 0
Non-Cash Working Capital (NCWC) -194,528,000
Change in NCWC 77,500,000
EBIT 94,017,000
Tax Provision -523,000
Depreciation and Amortization 132,135,000
Capital Expenditure -114,291,000
Unlevered Free Cash Flow 189,361,000
Current Assets 488,940,000
Current Cash 297,532,000
Current Liabilities 471,636,000
Current Debt 8,200,000
Non-Cash Working Capital (NCWC) -272,028,000
Change in NCWC -139,602,000
EBIT 85,813,000
Tax Provision -9,710,000
Depreciation and Amortization 126,470,000
Capital Expenditure -103,031,000
Unlevered Free Cash Flow -30,350,000
Current Assets 448,408,000
Current Cash 128,586,000
Current Liabilities 460,448,000
Current Debt 8,200,000
Non-Cash Working Capital (NCWC) -132,426,000
Change in NCWC -21,500,000
EBIT 81,819,000
Tax Provision -20,164,000
Depreciation and Amortization 116,787,000
Capital Expenditure -96,490,000
Unlevered Free Cash Flow 80,616,000
Current Assets 341,639,000
Current Cash 119,051,000
Current Liabilities 343,514,000
Current Debt 10,000,000
Non-Cash Working Capital (NCWC) -110,926,000
Change in NCWC -21,348,000
EBIT 27,744,000
Tax Provision 31,696,000
Depreciation and Amortization 144,633,000
Capital Expenditure -80,741,000
Unlevered Free Cash Flow 70,288,000
Current Assets 253,783,000
Current Cash 102,030,000
Current Liabilities 251,331,000
Current Debt 10,000,000
Non-Cash Working Capital (NCWC) -89,578,000
Change in NCWC -23,033,000
EBIT 65,278,000
Tax Provision -18,111,000
Depreciation and Amortization 131,024,000
Capital Expenditure -76,988,000
Unlevered Free Cash Flow 96,281,000
Current Assets 246,375,000
Current Cash 89,095,000
Current Liabilities 233,825,000
Current Debt 10,000,000
Non-Cash Working Capital (NCWC) -66,545,000
Change in NCWC 47,478,000
EBIT 33,782,000
Tax Provision 8,161,000
Depreciation and Amortization 22,944,000
Capital Expenditure -18,021,000
Unlevered Free Cash Flow 72,602,639
Current Assets 205,954,000
Current Cash 114,254,000
Current Liabilities 205,723,000
Current Debt 0
Non-Cash Working Capital (NCWC) -114,023,000
Change in NCWC 52,978,000
EBIT 49,150,000
Tax Provision 14,487,000
Depreciation and Amortization 16,938,000
Capital Expenditure -13,986,000
Unlevered Free Cash Flow 86,768,670
Current Assets 219,655,000
Current Cash 153,020,000
Current Liabilities 233,636,000
Current Debt 0
Non-Cash Working Capital (NCWC) -167,001,000
Change in NCWC -91,871,000
EBIT 55,982,000
Tax Provision 14,774,000
Depreciation and Amortization 16,639,000
Capital Expenditure -13,654,000
Unlevered Free Cash Flow -53,344,354

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