Complete CRSR Stock Valuation Analysis
Comprehensive intrinsic value analysis using 2 different methodologies
CRSR DCF Analysis
CRSR (Corsair Gaming, Inc.) discounted cash flow analysis with multiple scenarios, growth assumptions, and terminal value calculations
Financial Projections
| Metrics | 2022 (Historical) | 2023 (Historical) | 2024 (Historical) | 2025 (Projected) | 2026 (Projected) | 2027 (Projected) | 2028 (Projected) | 2029 (Projected) |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.4B | $1.5B | $1.3B | $1.2B | $1.2B | $1.1B | $1.0B | $1.0B |
| Revenue Growth % | - | 6.2% | -9.8% | -6.5% | -5.8% | -5.2% | -4.7% | -4.2% |
| EBIT | $-54.8M | $9.7M | $-50.0M | $61.6M | $58.0M | $55.0M | $52.4M | $50.2M |
| EBIT Margin % | -4.0% | 0.7% | -3.8% | 5.0% | 5.0% | 5.0% | 5.0% | 5.0% |
| Tax Rate % | 25.0% | 25.0% | 25.0% | 20.5% | 20.9% | 21.4% | 21.8% | 22.3% |
| NOPAT | $-41.1M | $7.3M | $-37.5M | $49.0M | $45.9M | $43.2M | $40.9M | $39.0M |
| NOPAT Margin % | -3.0% | 0.5% | -2.8% | 4.0% | 4.0% | 3.9% | 3.9% | 3.9% |
| Capex | $26.3M | $12.8M | $9.8M | $12.3M | $11.6M | $11.0M | $10.5M | $10.0M |
| Capex / Revenue % | 1.9% | 0.9% | 0.7% | 1.0% | 1.0% | 1.0% | 1.0% | 1.0% |
| Depreciation | $53.5M | $50.7M | $51.9M | $46.4M | $43.7M | $41.4M | $39.5M | $37.8M |
| D&A / Revenue % | 3.9% | 3.5% | 3.9% | 3.8% | 3.8% | 3.8% | 3.8% | 3.8% |
| Change in NWC | $20.8M | $13.3M | $-66.0M | $3.1M | $2.3M | $1.8M | $1.4M | $1.0M |
| NWC Change / Revenue % | 1.5% | 0.9% | -5.0% | 0.3% | 0.2% | 0.2% | 0.1% | 0.1% |
| Unlevered FCF | $-34.7M | $31.9M | $70.6M | $80.0M | $75.6M | $71.9M | $68.6M | $65.7M |
| UFCF % Chg. | - | 192.0% | 121.4% | 13.2% | -5.4% | -5.0% | -4.6% | -4.2% |
| FCF / Revenue % | -2.5% | 2.2% | 5.4% | 6.5% | 6.5% | 6.5% | 6.5% | 6.6% |
| Discount Factor | - | - | - | 0.904 | 0.818 | 0.739 | 0.669 | 0.605 |
| Present Value of FCF | - | - | - | $72.3M | $61.9M | $53.2M | $45.9M | $39.7M |
| Sum of PV of UFCF | - | - | - | $72.3M | $134.2M | $187.3M | $233.2M | $272.9M |
WACC Calculation
Weighted Average Cost of Capital used for discounting cash flows.
| WACC Calculation | Value |
|---|---|
| Cost of Debt | 7.0% |
| Tax Rate | 20.5% |
| After Tax Cost of Debt | 5.5% |
| Risk Free Rate | 4.46% |
| Market Risk Premium | 4.3% |
| Beta | 1.70 |
| Cost of Equity | 11.8% |
| Total Debt | $237.0M |
| Market Cap | $956.1M |
| Total Capital | $1.2B |
| Debt Weighting | 19.9% |
| Equity Weighting | 80.1% |
| WACC | 10.6% |
Terminal Value
Choose between perpetuity growth or exit multiple methods.
| Terminal Value Calculation | Value |
|---|---|
| Terminal Growth Rate | 2.5% |
| Final Year FCF | $65.7M |
| Terminal Value | $833.2M |
| PV of Terminal Value | $503.8M |
| Cumulative PV of UFCF | $272.9M |
| Net Debt | $130.0M |
| Equity Value | $646.7M |
| Shares Outstanding | 104.2M |
| Implied Share Price | $6 |
| Current Share Price | $9 |
| Implied Upside/(Downside) | -31.3% |
Valuation Summary
$6.21
Implied Price
$9.04
Current Price
-31.3%
Upside/Downside
10.6%
WACC
CRSR Peer Valuation Analysis
Relative valuation based on comparable company trading multiples
Peer Valuation Analysis
Fair Value Range Analysis
Based on median multiples from 10 peer companies in Technology
P/E Ratio
$-10.03
-211.1%
Peer Median: 11.7x
EV/EBITDA
$3.48
-61.5%
Peer Median: 14.9x
P/S Ratio
$9.04
+0.0%
Peer Median: 0.7x
Interpretation: Each multiple provides a different perspective on fair value. Consider which multiple is most relevant for CRSR's business model and current situation.
Multiple Comparison
| Multiple | CRSR Current | Peer Median | Peer Average | Premium/Discount | Assessment |
|---|---|---|---|---|---|
| P/E Ratio | -10.6x | 11.7x | 13.2x | -190.0% | Undervalued |
| EV/EBITDA | 44.0x | 14.9x | 16.8x | 195.0% | Overvalued |
| P/S Ratio | 0.7x | 0.7x | 1.7x | 0.0% | Fair Value |
Peer Companies
Click any company to view their valuation
| Company | Market Cap | P/E Ratio | EV/EBITDA | P/S Ratio |
|---|---|---|---|---|
| $18.71B | 11.7x | 8.3x | 1.3x | |
| $9.97B | 0.0x | 0.0x | 231.6x | |
| $5.61B | 0.0x | 0.0x | 0.8x | |
| $1.83B | 0.0x | 8.0x | 0.5x | |
| $1.41B | 12.7x | 14.9x | 3.8x | |
| $0.96B | 0.0x | 43.9x | 0.7x | |
| $0.63B | 0.0x | 26.4x | 0.1x | |
| $0.47B | 7.4x | 9.4x | 0.5x | |
| $0.25B | 2.8x | 1.1x | 0.2x | |
| $3034.21B | 31.4x | 22.4x | 7.6x |