Discounted Cash Flow (DCF) Analysis Levered
Innovid Corp. (CTV)
$1.43
-0.08 (-5.30%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 56.34 | 68.80 | 90.29 | 127.12 | 167.01 | 219.42 | 288.27 | 378.73 | 497.58 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | |||||||||
| Operating Cash Flow | -8.98 | -4.16 | -2.42 | -11.56 | -14.10 | -18.52 | -24.33 | -31.97 | -42 |
| Operating Cash Flow (%) | |||||||||
| Capital Expenditure | -1.66 | -1.03 | -3.14 | -10.45 | -6.74 | -8.85 | -11.63 | -15.28 | -20.08 |
| Capital Expenditure (%) | |||||||||
| Free Cash Flow | -10.64 | -5.19 | -5.56 | -22.01 | -20.84 | -27.37 | -35.96 | -47.25 | -62.08 |
Weighted Average Cost Of Capital
| Share price | $ 1.43 |
|---|---|
| Beta | 0.000 |
| Diluted Shares Outstanding | 130.76 |
| Cost of Debt | |
| Tax Rate | -12.30 |
| After-tax Cost of Debt | 5.00% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 3.380 |
| Total Debt | 21.64 |
| Total Equity | 186.98 |
| Total Capital | 208.62 |
| Debt Weighting | 10.37 |
| Equity Weighting | 89.63 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 56.34 | 68.80 | 90.29 | 127.12 | 167.01 | 219.42 | 288.27 | 378.73 | 497.58 |
|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -8.98 | -4.16 | -2.42 | -11.56 | -14.10 | -18.52 | -24.33 | -31.97 | -42 |
| Capital Expenditure | -1.66 | -1.03 | -3.14 | -10.45 | -6.74 | -8.85 | -11.63 | -15.28 | -20.08 |
| Free Cash Flow | -10.64 | -5.19 | -5.56 | -22.01 | -20.84 | -27.37 | -35.96 | -47.25 | -62.08 |
| WACC | |||||||||
| PV LFCF | -20.84 | -26.44 | -33.54 | -42.56 | -53.99 | ||||
| SUM PV LFCF | -171.28 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 3.55 |
| Free cash flow (t + 1) | -63.32 |
| Terminal Value | -4,085.10 |
| Present Value of Terminal Value | -3,431.25 |
Intrinsic Value
| Enterprise Value | -3,602.53 |
|---|---|
| Net Debt | -15.90 |
| Equity Value | -3,586.63 |
| Shares Outstanding | 130.76 |
| Equity Value Per Share | -27.43 |