Discounted Cash Flow (DCF) Analysis Unlevered

Fiverr International Ltd. (FVRR)

$36.235

-1.02 (-2.75%)
All numbers are in Millions, Currency in USD
Stock DCF: - | 36.235 | 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 52.1175.50107.07189.51297.66461.94716.891,112.541,726.542,679.42
Revenue (%)
EBITDA -17.94-33.81-29.81-10.27-57.98-121.90-189.18-293.58-455.61-707.06
EBITDA (%)
EBIT -19.03-36.06-33.38-14.61-64.85-133.92-207.82-322.52-500.52-776.76
EBIT (%)
Depreciation 1.092.253.574.346.8812.0218.6528.9444.9169.70
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 57.8755.96127.73487.40323.30619.23960.981,491.352,314.423,591.75
Total Cash (%)
Account Receivables 0.580.783.125.4214.2511.7318.2028.2543.8368.03
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 2.613.363.753.628.7016.4425.5239.6061.4595.37
Accounts Payable (%)
Capital Expenditure -3.40-1.60-1.76-4.03-2.58-12.26-19.02-29.52-45.82-71.10
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 36.235
Beta 1.723
Diluted Shares Outstanding 35.96
Cost of Debt
Tax Rate -0.25
After-tax Cost of Debt -%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.687
Total Debt 387.88
Total Equity 1,302.83
Total Capital 1,690.71
Debt Weighting 22.94
Equity Weighting 77.06
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 52.1175.50107.07189.51297.66461.94716.891,112.541,726.542,679.42
EBITDA -17.94-33.81-29.81-10.27-57.98-121.90-189.18-293.58-455.61-707.06
EBIT -19.03-36.06-33.38-14.61-64.85-133.92-207.82-322.52-500.52-776.76
Tax Rate -1.54%0.00%-0.48%-1.37%-0.25%-0.73%-0.73%-0.73%-0.73%-0.73%
EBIAT -19.32-36.06-33.54-14.81-65.01-134.89-209.34-324.87-504.16-782.41
Depreciation 1.092.253.574.346.8812.0218.6528.9444.9169.70
Accounts Receivable --0.20-2.34-2.30-8.832.52-6.47-10.04-15.59-24.19
Inventories ----------
Accounts Payable -0.760.39-0.135.087.749.0714.0821.8533.92
Capital Expenditure -3.40-1.60-1.75-4.04-2.58-12.26-19.02-29.52-45.82-71.10
UFCF -21.63-34.85-33.68-16.93-64.47-124.87-207.11-321.42-498.80-774.09
WACC
PV UFCF -----
SUM PV UFCF -

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) -
Free cash flow (t + 1) -789.58
Terminal Value -
Present Value of Terminal Value -

Intrinsic Value

Enterprise Value -
Net Debt 316.73
Equity Value -
Shares Outstanding 35.96
Equity Value Per Share -