Zevia PBC Stock: Buy, But Value The Risks (NYSE:ZVIA)


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ZVIA Sector Median
EV/Sales [FWD] 0.14 1.11
P/S [FWD] 0.59 1.06
P/B [FWD] 1.2 2.53
P/B [TTM] 0.89 2.23
1-Year Total Return -48.26% 3.57%

Year 1H 2023 1H 2022 2022 2021 2020
Operating revenue 100% 100% 100% 100% 100%
Cost of sales 53% 58% 57% 54% 55%
Gross margin 47% 42% 43% 46% 45%
Selling and marketing 33% 36% 32% 33% 25%
General and administrative 17% 24% 23% 20% 17%
Equity-based compensation 6% 20% 16% 56% 7%
Depreciation and amortization 1% 1% 1% 1% 1%

2022 2023E 2024E 2025E 2026E 2027E
Income statement
Sales 163181 165000 189750 216315 242273 261655
Cost of sales 93160 90750 102465 114647 128405 138677
Gross margin 70021 74250 87285 101668 113868 122978

Year 2022 2023E 2024E 2025E 2026E 2027E
Change in Residual operating income [ReOI] 27780 6431 6773 9865 1931
Cost of operations 8.7%
Total Present Value [PV] of ReOI to 2023 44612
Continuing value [CV] 42734
PV of CV 28160
Net Operating Assets as of 2023 35918
Value of operations 108690
Net Financial Obligations 45868
Value of common equity 154558
Number of shares outstanding 70984
Value per share $2.18



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