Discounted Cash Flow (DCF) Analysis Unlevered
Innovid Corp. (CTV)
$2.36
+0.02 (+0.85%)
All numbers are in Millions, Currency in USD
Operating Data
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 (%) | ||||||||
| EBITDA | -5.61 | 1.85 | -5.19 | -4.96 | -6.29 | -7.97 | -10.09 | -12.78 |
| EBITDA (%) | ||||||||
| EBIT | -6.04 | 1.12 | -5.85 | -5.94 | -7.52 | -9.53 | -12.07 | -15.29 |
| EBIT (%) | ||||||||
| Depreciation | 0.43 | 0.73 | 0.66 | 0.98 | 1.24 | 1.57 | 1.98 | 2.51 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Total Cash | 11.64 | 15.64 | 156.70 | 82.71 | 104.78 | 132.74 | 168.15 | 213.01 |
|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||
| Account Receivables | 26.43 | 34.80 | 35.42 | 52.13 | 66.04 | 83.66 | 105.98 | 134.25 |
| Account Receivables (%) | ||||||||
| Inventories | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||
| Accounts Payable | 2.40 | 1.85 | 5.03 | 4.77 | 6.05 | 7.66 | 9.70 | 12.29 |
| Accounts Payable (%) | ||||||||
| Capital Expenditure | -1.66 | -1.03 | -3.14 | -3.02 | -3.82 | -4.85 | -6.14 | -7.78 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 2.36 |
|---|---|
| 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 | 3.493 |
| Total Debt | 7.42 |
| Total Equity | 63.12 |
| Total Capital | 70.53 |
| Debt Weighting | 10.51 |
| Equity Weighting | 89.49 |
| Wacc |
Build Up Free Cash
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 |
|---|---|---|---|---|---|---|---|---|
| EBITDA | -5.61 | 1.85 | -5.19 | -4.96 | -6.29 | -7.97 | -10.09 | -12.78 |
| EBIT | -6.04 | 1.12 | -5.85 | -5.94 | -7.52 | -9.53 | -12.07 | -15.29 |
| Tax Rate | -14.02% | 309.28% | -12.09% | 94.39% | 94.39% | 94.39% | 94.39% | 94.39% |
| EBIAT | -6.89 | -2.35 | -6.56 | -0.33 | -0.42 | -0.53 | -0.68 | -0.86 |
| Depreciation | 0.43 | 0.73 | 0.66 | 0.98 | 1.24 | 1.57 | 1.98 | 2.51 |
| Accounts Receivable | - | -8.37 | -0.62 | -16.71 | -13.91 | -17.62 | -22.32 | -28.27 |
| Inventories | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -0.55 | 3.17 | -0.25 | 1.27 | 1.61 | 2.04 | 2.59 |
| Capital Expenditure | -1.66 | -1.03 | -3.14 | -3.02 | -3.82 | -4.85 | -6.14 | -7.78 |
| UFCF | -8.12 | -11.57 | -6.48 | -19.34 | -15.65 | -19.82 | -25.11 | -31.81 |
| WACC | ||||||||
| PV UFCF | -21.15 | -15.65 | -18.13 | -21 | -24.33 | |||
| SUM PV UFCF | -83.86 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 9.34 |
| Free cash flow (t + 1) | -32.44 |
| Terminal Value | -441.99 |
| Present Value of Terminal Value | -282.83 |
Intrinsic Value
| Enterprise Value | -366.68 |
|---|---|
| Net Debt | -149.28 |
| Equity Value | -217.40 |
| Shares Outstanding | 26.75 |
| Equity Value Per Share | -8.13 |