Discounted Cash Flow (DCF) Analysis Levered
Innovid Corp. (CTV)
$2.27
-0.12 (-5.02%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 56.34 | 68.80 | 90.29 | 114.38 | 144.89 | 183.55 | 232.52 | 294.55 |
|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||
| Operating Cash Flow | -8.98 | -4.16 | -2.42 | -9.41 | -11.91 | -15.09 | -19.12 | -24.22 |
| Operating Cash Flow (%) | ||||||||
| Capital Expenditure | -1.66 | -1.03 | -3.14 | -3.02 | -3.82 | -4.85 | -6.14 | -7.78 |
| Capital Expenditure (%) | ||||||||
| Free Cash Flow | -10.64 | -5.19 | -5.56 | -12.42 | -15.74 | -19.94 | -25.26 | -32 |
Weighted Average Cost Of Capital
| Share price | $ 2.27 |
|---|---|
| Beta | 0.000 |
| Diluted Shares Outstanding | 26.75 |
| Cost of Debt | |
| Tax Rate | -12.09 |
| After-tax Cost of Debt | 59.14% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 3.640 |
| Total Debt | 7.42 |
| Total Equity | 60.71 |
| Total Capital | 68.13 |
| Debt Weighting | 10.89 |
| Equity Weighting | 89.11 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 56.34 | 68.80 | 90.29 | 114.38 | 144.89 | 183.55 | 232.52 | 294.55 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -8.98 | -4.16 | -2.42 | -9.41 | -11.91 | -15.09 | -19.12 | -24.22 |
| Capital Expenditure | -1.66 | -1.03 | -3.14 | -3.02 | -3.82 | -4.85 | -6.14 | -7.78 |
| Free Cash Flow | -10.64 | -5.19 | -5.56 | -12.42 | -15.74 | -19.94 | -25.26 | -32 |
| WACC | ||||||||
| PV LFCF | -12.42 | -14.35 | -16.57 | -19.14 | -22.11 | |||
| SUM PV LFCF | -77.14 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 9.68 |
| Free cash flow (t + 1) | -32.64 |
| Terminal Value | -424.95 |
| Present Value of Terminal Value | -267.73 |
Intrinsic Value
| Enterprise Value | -344.87 |
|---|---|
| Net Debt | -149.28 |
| Equity Value | -195.59 |
| Shares Outstanding | 26.75 |
| Equity Value Per Share | -7.31 |