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 |