Discounted Cash Flow (DCF) Analysis Levered
Digimarc Corporation (DMRC)
$21.62
-0.38 (-1.73%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 25.21 | 21.19 | 22.99 | 23.99 | 26.52 | 27.01 | 27.51 | 28.03 | 28.55 | 29.08 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -17.61 | -21.21 | -22.41 | -20.35 | -26.12 | -24.35 | -24.80 | -25.26 | -25.73 | -26.21 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -3.01 | -2.04 | -1.71 | -1.63 | -1.57 | -2.25 | -2.30 | -2.34 | -2.38 | -2.43 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -20.62 | -23.25 | -24.13 | -21.98 | -27.69 | -26.61 | -27.10 | -27.60 | -28.12 | -28.64 |
Weighted Average Cost Of Capital
| Share price | $ 21.62 |
|---|---|
| Beta | 1.532 |
| Diluted Shares Outstanding | 16.43 |
| Cost of Debt | |
| Tax Rate | -0.05 |
| After-tax Cost of Debt | -% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.763 |
| Total Debt | 1.78 |
| Total Equity | 355.22 |
| Total Capital | 357 |
| Debt Weighting | 0.50 |
| Equity Weighting | 99.50 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 25.21 | 21.19 | 22.99 | 23.99 | 26.52 | 27.01 | 27.51 | 28.03 | 28.55 | 29.08 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -17.61 | -21.21 | -22.41 | -20.35 | -26.12 | -24.35 | -24.80 | -25.26 | -25.73 | -26.21 |
| Capital Expenditure | -3.01 | -2.04 | -1.71 | -1.63 | -1.57 | -2.25 | -2.30 | -2.34 | -2.38 | -2.43 |
| Free Cash Flow | -20.62 | -23.25 | -24.13 | -21.98 | -27.69 | -26.61 | -27.10 | -27.60 | -28.12 | -28.64 |
| WACC | ||||||||||
| PV LFCF | - | - | - | - | - | |||||
| SUM PV LFCF | - |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | - |
| Free cash flow (t + 1) | -29.21 |
| Terminal Value | - |
| Present Value of Terminal Value | - |
Intrinsic Value
| Enterprise Value | - |
|---|---|
| Net Debt | -12.01 |
| Equity Value | - |
| Shares Outstanding | 16.43 |
| Equity Value Per Share | - |