Discounted Cash Flow (DCF) Analysis Unlevered
Digimarc Corporation (DMRC)
$21.62
-0.38 (-1.73%)
All numbers are in Millions, Currency in USD
Operating Data
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 (%) | ||||||||||
| EBITDA | -23.55 | -30.32 | -30.61 | -29.76 | -32.20 | -33.23 | -33.85 | -34.48 | -35.12 | -35.77 |
| EBITDA (%) | ||||||||||
| EBIT | -25.98 | -32.47 | -32.82 | -32.54 | -34.74 | -35.96 | -36.63 | -37.31 | -38 | -38.71 |
| EBIT (%) | ||||||||||
| Depreciation | 2.43 | 2.14 | 2.21 | 2.77 | 2.54 | 2.73 | 2.78 | 2.83 | 2.88 | 2.94 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Total Cash | 67.74 | 43.66 | 36.82 | 77.73 | 33.33 | 58.59 | 59.68 | 60.79 | 61.92 | 63.07 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 6.40 | 3.89 | 4.02 | 3.91 | 8.37 | 5.89 | 6 | 6.11 | 6.23 | 6.34 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 1.91 | 1.09 | 1.46 | 1.53 | 1.69 | 1.72 | 1.75 | 1.79 | 1.82 | 1.85 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -3.01 | -2.04 | -1.71 | -1.63 | -1.57 | -2.25 | -2.30 | -2.34 | -2.38 | -2.43 |
| Capital Expenditure (%) |
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
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -23.55 | -30.32 | -30.61 | -29.76 | -32.20 | -33.23 | -33.85 | -34.48 | -35.12 | -35.77 |
| EBIT | -25.98 | -32.47 | -32.82 | -32.54 | -34.74 | -35.96 | -36.63 | -37.31 | -38 | -38.71 |
| Tax Rate | 0.79% | -0.12% | -0.06% | -0.00% | -0.05% | 0.11% | 0.11% | 0.11% | 0.11% | 0.11% |
| EBIAT | -25.77 | -32.51 | -32.84 | -32.54 | -34.76 | -35.92 | -36.59 | -37.27 | -37.96 | -38.67 |
| Depreciation | 2.43 | 2.14 | 2.21 | 2.77 | 2.54 | 2.73 | 2.78 | 2.83 | 2.88 | 2.94 |
| Accounts Receivable | - | 2.52 | -0.13 | 0.11 | -4.46 | 2.48 | -0.11 | -0.11 | -0.11 | -0.12 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -0.82 | 0.37 | 0.06 | 0.16 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 |
| Capital Expenditure | -3.01 | -2.04 | -1.71 | -1.63 | -1.57 | -2.25 | -2.30 | -2.34 | -2.38 | -2.43 |
| UFCF | -26.35 | -30.71 | -32.11 | -31.22 | -38.09 | -32.94 | -36.19 | -36.86 | -37.54 | -38.24 |
| WACC | ||||||||||
| PV UFCF | - | - | - | - | - | |||||
| SUM PV UFCF | - |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | - |
| Free cash flow (t + 1) | -39 |
| 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 | - |