Discounted Cash Flow (DCF) Analysis Unlevered

Beamr Imaging Ltd. (BMR)

$4.04

-0.92 (-18.55%)

All numbers are in Millions, Currency in USD

Stock DCF: 10,090,813,153,636,392,960.00 | 4.04 | undervalue

Operating Data

Year A/P	2013 Actual	2014 Actual	2015 Projected	2016 Projected	2017 Projected	2018 Projected	2019 Projected	2020 Projected	2021 Projected	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Revenue	45.30	674.61	10,046.30	149,609.78	2,227,993.49	33,179,347.95	494,107,875.22	7,358,269,750.66	109,579,580,571.01	1,631,862,500,968.33	24,301,746,805,290.23	361,902,364,591,375.81	5,389,461,199,896,859	80,260,022,777,109,712
Revenue (%)
EBITDA	400.19	548.65	48,460.80	721,679.80	10,747,277.86	160,048,794.06	2,383,451,588.30	35,494,434,725.43	528,584,219,064.10	7,871,692,528,840.71	117,225,488,453,511.98	1,745,725,597,489,548.50	25,997,399,558,192,576	387,154,077,800,224,256
EBITDA (%)
EBIT	155.19	294.30	19,399.84	288,902.95	4,302,351.73	64,070,754.90	954,143,662.39	14,209,136,912.95	211,602,906,112.09	3,151,197,018,467.13	46,927,723,402,512.36	698,849,107,446,144.25	10,407,282,509,513,896	154,985,572,820,783,328
EBIT (%)
Depreciation	245	254.34	29,060.97	432,776.84	6,444,926.13	95,978,039.16	1,429,307,925.90	21,285,297,812.48	316,981,312,952	4,720,495,510,373.58	70,297,765,050,999.63	1,046,876,490,043,404.25	15,590,117,048,678,682	232,168,504,979,440,928
Depreciation (%)

Balance Sheet Data

Year A/P	2013 Actual	2014 Actual	2015 Projected	2016 Projected	2017 Projected	2018 Projected	2019 Projected	2020 Actual	2021 Actual	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Total Cash	54.27	105.28	6,801.94	101,294.66	1,508,483.22	22,464,378.80	334,540,223.42	4,981,983,347.78	74,191,850,008.19	1,104,867,323,592.11	16,453,718,334,382.74	245,029,282,020,061.47	3,648,983,641,697,863.50	54,340,777,182,248,944
Total Cash (%)
Account Receivables	8.42	14.63	1,042.72	15,528.16	231,245.85	3,443,720.36	51,283,990.01	763,722,764.35	11,373,383,013.41	169,372,771,387	2,522,304,546,807.62	37,562,237,275,492.66	559,377,998,555,390.94	8,330,274,444,860,817
Account Receivables (%)
Inventories	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Inventories (%)
Accounts Payable	314.38	381.28	37,699.78	561,426.32	8,360,778.09	124,508,965.77	1,854,191,366.86	27,612,675,148.40	411,208,811,817.75	6,123,734,336,054.25	91,194,841,017,148.19	1,358,076,391,259,906.75	20,224,515,596,783,788	301,184,111,407,081,216
Accounts Payable (%)
Capital Expenditure	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price	$ 4.04
Beta	0.000
Diluted Shares Outstanding	2.58
Cost of Debt
Tax Rate	-5.78
After-tax Cost of Debt	11.61%
Risk-Free Rate
Market Risk Premium
Cost of Equity	3.810
Total Debt	0.51
Total Equity	10.42
Total Capital	10.93
Debt Weighting	4.65
Equity Weighting	95.35
Wacc

Build Up Free Cash

Year A/P	2013 Actual	2014 Actual	2015 Projected	2016 Projected	2017 Projected	2018 Projected	2019 Projected	2020 Projected	2021 Projected	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Revenue	45.30	674.61	10,046.30	149,609.78	2,227,993.49	33,179,347.95	494,107,875.22	7,358,269,750.66	109,579,580,571.01	1,631,862,500,968.33	24,301,746,805,290.23	361,902,364,591,375.81	5,389,461,199,896,859	80,260,022,777,109,712
EBITDA	400.19	548.65	48,460.80	721,679.80	10,747,277.86	160,048,794.06	2,383,451,588.30	35,494,434,725.43	528,584,219,064.10	7,871,692,528,840.71	117,225,488,453,511.98	1,745,725,597,489,548.50	25,997,399,558,192,576	387,154,077,800,224,256
EBIT	155.19	294.30	19,399.84	288,902.95	4,302,351.73	64,070,754.90	954,143,662.39	14,209,136,912.95	211,602,906,112.09	3,151,197,018,467.13	46,927,723,402,512.36	698,849,107,446,144.25	10,407,282,509,513,896	154,985,572,820,783,328
Tax Rate	-0.54%	1.21%	-2.28%	-2.28%	-2.28%	-2.28%	-2.28%	-4.02%	-5.78%	-2.28%	-2.28%	-2.28%	-2.28%	-2.28%
EBIAT	156.02	290.73	19,842.22	295,490.90	4,400,459.62	65,531,780.73	975,901,304.28	14,780,147,068.08	223,828,851,798.57	3,223,054,767,931.19	47,997,831,228,654.19	714,785,186,270,081.38	10,644,603,087,944,162	158,519,758,210,345,952
Depreciation	245	254.34	29,060.97	432,776.84	6,444,926.13	95,978,039.16	1,429,307,925.90	21,285,297,812.48	316,981,312,952	4,720,495,510,373.58	70,297,765,050,999.63	1,046,876,490,043,404.25	15,590,117,048,678,682	232,168,504,979,440,928
Accounts Receivable	-	-6.21	-1,028.09	-14,485.44	-215,717.69	-3,212,474.51	-47,840,269.65	-712,438,774.35	-10,609,660,249.06	-157,999,388,373.59	-2,352,931,775,420.62	-35,039,932,728,685.04	-521,815,761,279,898.31	-7,770,896,446,305,425
Inventories	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Accounts Payable	-	66.90	37,318.50	523,726.54	7,799,351.77	116,148,187.68	1,729,682,401.09	25,758,483,781.53	383,596,136,669.35	5,712,525,524,236.50	85,071,106,681,093.95	1,266,881,550,242,758.50	18,866,439,205,523,880	280,959,595,810,297,472
Capital Expenditure	-	-	-	-	-	-	-	-0.01	-0	-	-	-	-	-
UFCF	401.02	605.76	85,193.60	1,237,508.84	18,429,019.84	274,445,533.07	4,087,051,361.63	61,111,489,887.75	913,796,641,170.86	13,498,076,414,167.69	201,013,771,185,327.19	2,993,503,293,827,559	44,579,343,580,866,824	663,876,962,553,778,944
WACC
PV UFCF			92,446.89	1,289,112.95	18,429,019.84	263,459,281.05	3,766,385,482.35	54,062,344,966.13	776,030,697,020.77	11,004,202,193,193.29	157,314,888,356,459.91	2,248,956,686,193,337	32,150,842,359,645,148	459,624,976,675,024,320
SUM PV UFCF														581,925,421,071,859,712

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	4.17
Free cash flow (t + 1)	677,154,501,804,854,400
Terminal Value	31,205,276,580,868,870,144
Present Value of Terminal Value	25,439,859,906,999,525,376

Intrinsic Value

Enterprise Value	26,021,785,328,071,380,992
Net Debt	-0.52
Equity Value	26,021,785,328,071,380,992
Shares Outstanding	2.58
Equity Value Per Share	10,090,813,153,636,392,960.00