Discounted Cash Flow (DCF) Analysis Unlevered

Innovid Corp. (CTV)

$2.36

+0.02 (+0.85%)
All numbers are in Millions, Currency in USD
Stock DCF: -8.13 | 2.36 | overvalue

Operating Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 56.3468.8090.29114.38144.89183.55232.52294.55
Revenue (%)
EBITDA -5.611.85-5.19-4.96-6.29-7.97-10.09-12.78
EBITDA (%)
EBIT -6.041.12-5.85-5.94-7.52-9.53-12.07-15.29
EBIT (%)
Depreciation 0.430.730.660.981.241.571.982.51
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 11.6415.64156.7082.71104.78132.74168.15213.01
Total Cash (%)
Account Receivables 26.4334.8035.4252.1366.0483.66105.98134.25
Account Receivables (%)
Inventories --------
Inventories (%)
Accounts Payable 2.401.855.034.776.057.669.7012.29
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 56.3468.8090.29114.38144.89183.55232.52294.55
EBITDA -5.611.85-5.19-4.96-6.29-7.97-10.09-12.78
EBIT -6.041.12-5.85-5.94-7.52-9.53-12.07-15.29
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 0.430.730.660.981.241.571.982.51
Accounts Receivable --8.37-0.62-16.71-13.91-17.62-22.32-28.27
Inventories --------
Accounts Payable --0.553.17-0.251.271.612.042.59
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