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 |