Discounted Cash Flow (DCF) Analysis Unlevered
Beamr Imaging Ltd. (BMR)
$1.24
-0.03 (-2.36%)
All numbers are in Millions, Currency in USD
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 | 2027 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 | 1,195,234,740,034,021,888 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 5,765,510,493,533,484,032 |
| 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 | 2,308,049,941,051,161,088 |
| 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 | 3,457,460,552,482,322,944 |
| 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 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 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 | 809,244,533,471,474,048 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 124,054,704,521,650,384 |
| 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 | 4,485,243,096,675,138,048 |
| Accounts Payable (%) | |||||||||||||||
| Capital Expenditure | -252.13 | -414.45 | -31,043.58 | -462,301.92 | -6,884,614.41 | -102,525,890.58 | -1,526,818,731.58 | -22,737,431,744.62 | -338,606,536,354.86 | -5,042,539,005,724.68 | -75,093,646,738,132.59 | -1,118,296,908,368,891.25 | -16,653,712,125,986,968 | -248,007,595,746,439,744 | -3,693,336,781,770,765,312 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 1.24 |
|---|---|
| Beta | 0.000 |
| Diluted Shares Outstanding | 2.58 |
| Cost of Debt | |
| Tax Rate | -4.35 |
| After-tax Cost of Debt | -23.01% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 4.542 |
| Total Debt | 0.72 |
| Total Equity | 3.20 |
| Total Capital | 3.91 |
| Debt Weighting | 18.32 |
| Equity Weighting | 81.68 |
| 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 | 2027 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 | 1,195,234,740,034,021,888 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 5,765,510,493,533,484,032 |
| 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 | 2,308,049,941,051,161,088 |
| Tax Rate | -0.54% | 1.21% | -2.69% | -2.69% | -2.69% | -2.69% | -2.69% | -4.02% | -5.78% | -4.35% | -2.69% | -2.69% | -2.69% | -2.69% | -2.69% |
| EBIAT | 156.02 | 290.73 | 19,922.43 | 296,685.51 | 4,418,249.80 | 65,796,712.57 | 979,846,677.32 | 14,780,147,068.08 | 223,828,851,798.57 | 3,288,205,584,487.44 | 48,191,876,823,447.66 | 717,674,919,265,695.13 | 10,687,637,081,036,490 | 159,160,621,765,657,632 | 2,370,224,898,988,992,000 |
| 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 | 3,457,460,552,482,322,944 |
| 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 | -115,724,430,076,789,568 |
| 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 | 4,184,058,985,268,056,576 |
| Capital Expenditure | -252.13 | -414.45 | -31,043.58 | -462,301.92 | -6,884,614.41 | -102,525,890.58 | -1,526,818,731.58 | -0.01 | -0 | -0 | -75,093,646,738,132.59 | -1,118,296,908,368,891.25 | -16,653,712,125,986,968 | -248,007,595,746,439,744 | -3,693,336,781,770,765,312 |
| UFCF | 148.90 | 191.31 | 54,230.24 | 776,401.53 | 11,562,195.60 | 172,184,574.33 | 2,564,178,003.09 | 38,374,058,143.13 | 575,190,104,815.99 | 8,520,688,224,999.26 | 126,114,170,041,988.06 | 1,878,096,118,454,282 | 27,968,665,447,972,192 | 416,510,230,362,650,880 | 6,202,683,224,891,815,936 |
| WACC | |||||||||||||||
| PV UFCF | 53,689.30 | 772,519.52 | 11,562,195.60 | 173,049,823.44 | 2,590,013,386.62 | 38,955,473,453.87 | 586,839,155,097.48 | 8,736,938,342,882.91 | 129,964,697,913,434.09 | 1,945,164,119,131,329.75 | 29,113,009,233,293,152 | 435,730,485,814,388,928 | 6,521,519,460,479,593,472 | ||
| SUM PV UFCF | 6,815,465,528,026,222,592 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | -0.50 |
| Free cash flow (t + 1) | 6,326,736,889,389,651,968 |
| Terminal Value | -253,069,475,575,586,062,336 |
| Present Value of Terminal Value | -259,492,231,869,544,824,832 |
Intrinsic Value
| Enterprise Value | -252,676,766,341,518,622,720 |
|---|---|
| Net Debt | 0.02 |
| Equity Value | -252,676,766,341,518,622,720 |
| Shares Outstanding | 2.58 |
| Equity Value Per Share | -97,983,824,140,873,367,552.00 |