Discounted Cash Flow (DCF) Analysis Unlevered
Fiverr International Ltd. (FVRR)
$36.235
-1.02 (-2.75%)
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 | 52.11 | 75.50 | 107.07 | 189.51 | 297.66 | 461.94 | 716.89 | 1,112.54 | 1,726.54 | 2,679.42 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 1.09 | 2.25 | 3.57 | 4.34 | 6.88 | 12.02 | 18.65 | 28.94 | 44.91 | 69.70 |
| 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 | 57.87 | 55.96 | 127.73 | 487.40 | 323.30 | 619.23 | 960.98 | 1,491.35 | 2,314.42 | 3,591.75 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 0.58 | 0.78 | 3.12 | 5.42 | 14.25 | 11.73 | 18.20 | 28.25 | 43.83 | 68.03 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 2.61 | 3.36 | 3.75 | 3.62 | 8.70 | 16.44 | 25.52 | 39.60 | 61.45 | 95.37 |
| 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 | 52.11 | 75.50 | 107.07 | 189.51 | 297.66 | 461.94 | 716.89 | 1,112.54 | 1,726.54 | 2,679.42 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 1.09 | 2.25 | 3.57 | 4.34 | 6.88 | 12.02 | 18.65 | 28.94 | 44.91 | 69.70 |
| Accounts Receivable | - | -0.20 | -2.34 | -2.30 | -8.83 | 2.52 | -6.47 | -10.04 | -15.59 | -24.19 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 0.76 | 0.39 | -0.13 | 5.08 | 7.74 | 9.07 | 14.08 | 21.85 | 33.92 |
| 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 | - |