Discounted Cash Flow (DCF) Analysis Unlevered
CS Disco, Inc. (LAW)
$6.64
+0.33 (+5.23%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 48.56 | 68.44 | 114.34 | 135.19 | 192.08 | 272.92 | 387.77 | 550.96 | 782.83 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | |||||||||
| EBITDA | -28.90 | -20.72 | -22.05 | -67.13 | -76.22 | -108.30 | -153.87 | -218.63 | -310.64 |
| EBITDA (%) | |||||||||
| EBIT | -29.70 | -22.35 | -23.72 | -70.11 | -79.91 | -113.54 | -161.33 | -229.22 | -325.69 |
| EBIT (%) | |||||||||
| Depreciation | 0.80 | 1.62 | 1.67 | 2.97 | 3.69 | 5.25 | 7.46 | 10.59 | 15.05 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Total Cash | 23.22 | 58.57 | 255.48 | 203.24 | 243.55 | 346.04 | 491.67 | 698.58 | 992.57 |
|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | |||||||||
| Account Receivables | 7.36 | 12.91 | 20.74 | 22.72 | 33.12 | 47.06 | 66.86 | 95 | 134.98 |
| Account Receivables (%) | |||||||||
| Inventories | - | - | - | - | - | - | - | - | - |
| Inventories (%) | |||||||||
| Accounts Payable | 3.99 | 3.59 | 4.69 | 8.49 | 11.44 | 16.26 | 23.10 | 32.82 | 46.63 |
| Accounts Payable (%) | |||||||||
| Capital Expenditure | -3.32 | -1.90 | -3.11 | -4.38 | -7.48 | -10.63 | -15.11 | -21.47 | -30.50 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 6.64 |
|---|---|
| Beta | 0.000 |
| Diluted Shares Outstanding | 58.75 |
| Cost of Debt | |
| Tax Rate | -0.26 |
| After-tax Cost of Debt | 4.34% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 3.494 |
| Total Debt | 10.91 |
| Total Equity | 390.12 |
| Total Capital | 401.03 |
| Debt Weighting | 2.72 |
| Equity Weighting | 97.28 |
| Wacc |
Build Up Free Cash
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 48.56 | 68.44 | 114.34 | 135.19 | 192.08 | 272.92 | 387.77 | 550.96 | 782.83 |
|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -28.90 | -20.72 | -22.05 | -67.13 | -76.22 | -108.30 | -153.87 | -218.63 | -310.64 |
| EBIT | -29.70 | -22.35 | -23.72 | -70.11 | -79.91 | -113.54 | -161.33 | -229.22 | -325.69 |
| Tax Rate | -0.03% | -0.31% | -0.33% | -0.26% | -0.24% | -0.24% | -0.24% | -0.24% | -0.24% |
| EBIAT | -29.71 | -22.42 | -23.80 | -70.29 | -80.10 | -113.81 | -161.71 | -229.76 | -326.45 |
| Depreciation | 0.80 | 1.62 | 1.67 | 2.97 | 3.69 | 5.25 | 7.46 | 10.59 | 15.05 |
| Accounts Receivable | - | -5.55 | -7.83 | -1.98 | -10.40 | -13.94 | -19.80 | -28.14 | -39.98 |
| Inventories | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -0.40 | 1.10 | 3.80 | 2.96 | 4.81 | 6.84 | 9.72 | 13.81 |
| Capital Expenditure | -3.33 | -1.90 | -3.11 | -4.38 | -7.48 | -10.63 | -15.11 | -21.47 | -30.50 |
| UFCF | -32.23 | -28.64 | -31.97 | -69.88 | -91.34 | -128.32 | -182.33 | -259.05 | -368.07 |
| WACC | |||||||||
| PV UFCF | -91.34 | -123.96 | -170.14 | -233.52 | -320.51 | ||||
| SUM PV UFCF | -907.51 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 3.52 |
| Free cash flow (t + 1) | -375.44 |
| Terminal Value | -24,699.72 |
| Present Value of Terminal Value | -20,776.42 |
Intrinsic Value
| Enterprise Value | -21,683.93 |
|---|---|
| Net Debt | -192.33 |
| Equity Value | -21,491.60 |
| Shares Outstanding | 58.75 |
| Equity Value Per Share | -365.80 |