Discounted Cash Flow (DCF) Analysis Unlevered

Inuvo, Inc. (INUV)

$0.407

-0.03 (-7.50%)
All numbers are in Millions, Currency in USD
Stock DCF: -0.52 | 0.407 | overvalue

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 79.5573.3361.5344.6459.8357.2454.7652.3850.1147.94
Revenue (%)
EBITDA -1.21-2.29-0.92-3.45-7.69-3.06-2.92-2.80-2.68-2.56
EBITDA (%)
EBIT -4.24-5.47-4.34-7.05-10.95-6.17-5.91-5.65-5.41-5.17
EBIT (%)
Depreciation 3.033.183.423.613.263.122.982.852.732.61
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 4.080.230.370.010.010.700.670.640.610.58
Total Cash (%)
Account Receivables 10.766.727.540.010.0143.833.663.513.35
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 13.619.507.52004.844.634.434.244.06
Accounts Payable (%)
Capital Expenditure -1.56-1.63-1.19-1.19-1.31-1.26-1.20-1.15-1.10-1.05
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 0.407
Beta 0.718
Diluted Shares Outstanding 117.61
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt -11,687.19%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.191
Total Debt 0
Total Equity 47.87
Total Capital 47.87
Debt Weighting 0.00
Equity Weighting 100.00
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 79.5573.3361.5344.6459.8357.2454.7652.3850.1147.94
EBITDA -1.21-2.29-0.92-3.45-7.69-3.06-2.92-2.80-2.68-2.56
EBIT -4.24-5.47-4.34-7.05-10.95-6.17-5.91-5.65-5.41-5.17
Tax Rate 32.87%0.00%6.93%0.00%0.00%7.96%7.96%7.96%7.96%7.96%
EBIAT -2.84-5.47-4.04-7.05-10.95-5.68-5.44-5.20-4.98-4.76
Depreciation 3.033.183.423.613.263.122.982.852.732.61
Accounts Receivable -4.04-0.817.53-0-3.990.170.170.160.15
Inventories ----------
Accounts Payable --4.11-1.98-7.5204.84-0.21-0.20-0.19-0.18
Capital Expenditure -1.56-1.63-1.19-1.19-1.31-1.26-1.20-1.15-1.10-1.05
UFCF -1.37-4-4.60-4.62-9-2.98-3.69-3.53-3.38-3.23
WACC
PV UFCF -2.78-3.22-2.88-2.58-2.30
SUM PV UFCF -13.77

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.01
Free cash flow (t + 1) -3.30
Terminal Value -65.82
Present Value of Terminal Value -46.91

Intrinsic Value

Enterprise Value -60.68
Net Debt -0.01
Equity Value -60.67
Shares Outstanding 117.61
Equity Value Per Share -0.52