Discounted Cash Flow (DCF) Analysis Unlevered

Digimarc Corporation (DMRC)

$23.13

-0.06 (-0.26%)
All numbers are in Millions, Currency in USD
Stock DCF: - | 23.13 | undervalue

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 25.2121.1922.9923.9926.5227.0127.5128.0328.5529.08
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 2.432.142.212.772.542.732.782.832.882.94
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 67.7443.6636.8277.7333.3358.5959.6860.7961.9263.07
Total Cash (%)
Account Receivables 6.403.894.023.918.375.8966.116.236.34
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 1.911.091.461.531.691.721.751.791.821.85
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 $ 23.13
Beta 1.353
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 9.983
Total Debt 1.78
Total Equity 380.03
Total Capital 381.81
Debt Weighting 0.47
Equity Weighting 99.53
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 25.2121.1922.9923.9926.5227.0127.5128.0328.5529.08
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 2.432.142.212.772.542.732.782.832.882.94
Accounts Receivable -2.52-0.130.11-4.462.48-0.11-0.11-0.11-0.12
Inventories ----------
Accounts Payable --0.820.370.060.160.030.030.030.030.03
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 -