Complete RPAY Stock Valuation Analysis
Comprehensive intrinsic value analysis using 2 different methodologies
RPAY DCF Analysis
RPAY (Repay Holdings Corporation) 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 | $279.2M | $296.6M | $313.0M | $355.9M | $399.8M | $444.1M | $488.5M | $532.4M |
| Revenue Growth % | - | 6.2% | 5.5% | 13.7% | 12.3% | 11.1% | 10.0% | 9.0% |
| EBIT | $24.1M | $-111.4M | $-7.8M | $17.8M | $20.0M | $22.2M | $24.4M | $26.6M |
| EBIT Margin % | 8.6% | -37.6% | -2.5% | 5.0% | 5.0% | 5.0% | 5.0% | 5.0% |
| Tax Rate % | 41.4% | 25.0% | 25.0% | 28.3% | 28.0% | 27.6% | 27.3% | 27.0% |
| NOPAT | $14.1M | $-83.6M | $-5.8M | $12.8M | $14.4M | $16.1M | $17.8M | $19.4M |
| NOPAT Margin % | 5.1% | -28.2% | -1.9% | 3.6% | 3.6% | 3.6% | 3.6% | 3.7% |
| Capex | $39.5M | $64.4M | $989.0K | $36.4M | $38.8M | $40.9M | $42.8M | $44.3M |
| Capex / Revenue % | 14.2% | 21.7% | 0.3% | 10.2% | 9.7% | 9.2% | 8.8% | 8.3% |
| Depreciation | $107.8M | $103.9M | $103.7M | $126.6M | $142.2M | $158.0M | $173.8M | $189.4M |
| D&A / Revenue % | 38.6% | 35.0% | 33.1% | 35.6% | 35.6% | 35.6% | 35.6% | 35.6% |
| Change in NWC | $31.2M | $77.3M | $61.1M | $0 | $0 | $0 | $0 | $0 |
| NWC Change / Revenue % | 11.2% | 26.1% | 19.5% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Unlevered FCF | $51.1M | $-121.4M | $35.8M | $103.0M | $117.8M | $133.1M | $148.8M | $164.6M |
| UFCF % Chg. | - | -337.3% | 129.5% | 188.2% | 14.4% | 13.0% | 11.7% | 10.6% |
| FCF / Revenue % | 18.3% | -40.9% | 11.4% | 28.9% | 29.5% | 30.0% | 30.5% | 30.9% |
| Discount Factor | - | - | - | 0.926 | 0.857 | 0.794 | 0.735 | 0.681 |
| Present Value of FCF | - | - | - | $95.4M | $101.0M | $105.7M | $109.4M | $112.0M |
| Sum of PV of UFCF | - | - | - | $95.4M | $196.5M | $302.2M | $411.5M | $523.6M |
WACC Calculation
Weighted Average Cost of Capital used for discounting cash flows.
| WACC Calculation | Value |
|---|---|
| Cost of Debt | 6.9% |
| Tax Rate | 28.3% |
| After Tax Cost of Debt | 4.9% |
| Risk Free Rate | 4.40% |
| Market Risk Premium | 4.3% |
| Beta | 1.60 |
| Cost of Equity | 11.3% |
| Total Debt | $508.5M |
| Market Cap | $466.6M |
| Total Capital | $975.1M |
| Debt Weighting | 52.1% |
| Equity Weighting | 47.9% |
| WACC | 8.0% |
Terminal Value
Choose between perpetuity growth or exit multiple methods.
| Terminal Value Calculation | Value |
|---|---|
| Terminal Growth Rate | 2.5% |
| Final Year FCF | $164.6M |
| Terminal Value | $3.1B |
| PV of Terminal Value | $2.1B |
| Cumulative PV of UFCF | $523.6M |
| Net Debt | $319.0M |
| Equity Value | $2.3B |
| Shares Outstanding | 89.9M |
| Implied Share Price | $26 |
| Current Share Price | $5 |
| Implied Upside/(Downside) | +388.0% |
Valuation Summary
$25.52
Implied Price
$5.23
Current Price
+388.0%
Upside/Downside
8.0%
WACC
RPAY Peer Valuation Analysis
Relative valuation based on comparable company trading multiples
Peer Valuation Analysis
Fair Value Range Analysis
Based on median multiples from 8 peer companies in Technology
P/E Ratio
$-3.99
-176.3%
Peer Median: 27.5x
EV/EBITDA
$10.10
+93.2%
Peer Median: 10.5x
P/S Ratio
$8.40
+60.6%
Peer Median: 2.4x
Interpretation: Each multiple provides a different perspective on fair value. Consider which multiple is most relevant for RPAY's business model and current situation.
Multiple Comparison
| Multiple | RPAY Current | Peer Median | Peer Average | Premium/Discount | Assessment |
|---|---|---|---|---|---|
| P/E Ratio | -36.1x | 27.5x | 25.6x | -231.1% | Undervalued |
| EV/EBITDA | 9.1x | 10.5x | 14.0x | -12.9% | Fair Value |
| P/S Ratio | 1.5x | 2.4x | 4.2x | -37.7% | Undervalued |
Peer Companies
Click any company to view their valuation
| Company | Market Cap | P/E Ratio | EV/EBITDA | P/S Ratio |
|---|---|---|---|---|
| $1.24B | 257.1x | 110.3x | 2.4x | |
| $0.68B | 24.5x | 10.5x | 0.8x | |
| $0.64B | 10.9x | 5.1x | 2.2x | |
| $0.57B | 27.5x | 20.2x | 2.7x | |
| $0.47B | 0.0x | 9.1x | 1.5x | |
| $0.34B | 6.4x | 3.8x | 0.5x | |
| $0.26B | 43.4x | 21.3x | 4.1x | |
| $716.28B | 40.9x | 28.1x | 19.0x |