Discounted Cash Flow (DCF) Analysis Unlevered

CS Disco, Inc. (LAW)

$7.75

+0.53 (+7.34%)
All numbers are in Millions, Currency in USD
Stock DCF: -493.60 | 7.75 | overvalue

Operating Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 48.5668.44114.34176.10271.21417.68643.27990.69
Revenue (%)
EBITDA -28.90-20.72-22.05-64.02-98.60-151.85-233.87-360.17
EBITDA (%)
EBIT -29.70-22.35-23.72-67.24-103.56-159.50-245.64-378.31
EBIT (%)
Depreciation 0.801.621.673.224.967.6411.7718.13
Depreciation (%)

Balance Sheet Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 23.2258.57255.48209.46322.58496.81765.131,178.37
Total Cash (%)
Account Receivables 7.3612.9120.7430.6247.1672.63111.85172.27
Account Receivables (%)
Inventories --------
Inventories (%)
Accounts Payable 3.993.594.6910.3015.8724.4337.6357.95
Accounts Payable (%)
Capital Expenditure -3.32-1.90-3.11-7.25-11.16-17.19-26.47-40.77
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 7.75
Beta 0.000
Diluted Shares Outstanding 47.71
Cost of Debt
Tax Rate -0.33
After-tax Cost of Debt 54.60%
Risk-Free Rate
Market Risk Premium
Cost of Equity 3.518
Total Debt 0.99
Total Equity 369.77
Total Capital 370.76
Debt Weighting 0.27
Equity Weighting 99.73
Wacc

Build Up Free Cash

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 48.5668.44114.34176.10271.21417.68643.27990.69
EBITDA -28.90-20.72-22.05-64.02-98.60-151.85-233.87-360.17
EBIT -29.70-22.35-23.72-67.24-103.56-159.50-245.64-378.31
Tax Rate -0.03%-0.31%-0.33%-0.23%-0.23%-0.23%-0.23%-0.23%
EBIAT -29.71-22.42-23.80-67.40-103.80-159.86-246.19-379.16
Depreciation 0.801.621.673.224.967.6411.7718.13
Accounts Receivable --5.55-7.83-9.88-16.54-25.47-39.23-60.41
Inventories --------
Accounts Payable --0.401.105.625.568.5713.2020.32
Capital Expenditure -3.33-1.90-3.11-7.25-11.16-17.19-26.47-40.77
UFCF -32.23-28.64-31.97-75.69-120.97-186.30-286.93-441.89
WACC
PV UFCF -78.45-120.97-179.74-267.07-396.83
SUM PV UFCF -970.90

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 3.65
Free cash flow (t + 1) -450.73
Terminal Value -27,316.88
Present Value of Terminal Value -22,834.14

Intrinsic Value

Enterprise Value -23,805.04
Net Debt -254.49
Equity Value -23,550.55
Shares Outstanding 47.71
Equity Value Per Share -493.60