Discounted Cash Flow (DCF) Analysis Unlevered
CS Disco, Inc. (LAW)
$7.75
+0.53 (+7.34%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 48.56 | 68.44 | 114.34 | 176.10 | 271.21 | 417.68 | 643.27 | 990.69 |
|---|---|---|---|---|---|---|---|---|
| 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 | 0.80 | 1.62 | 1.67 | 3.22 | 4.96 | 7.64 | 11.77 | 18.13 |
| 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 | 23.22 | 58.57 | 255.48 | 209.46 | 322.58 | 496.81 | 765.13 | 1,178.37 |
|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||
| Account Receivables | 7.36 | 12.91 | 20.74 | 30.62 | 47.16 | 72.63 | 111.85 | 172.27 |
| Account Receivables (%) | ||||||||
| Inventories | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||
| Accounts Payable | 3.99 | 3.59 | 4.69 | 10.30 | 15.87 | 24.43 | 37.63 | 57.95 |
| 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 | 48.56 | 68.44 | 114.34 | 176.10 | 271.21 | 417.68 | 643.27 | 990.69 |
|---|---|---|---|---|---|---|---|---|
| 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 | 0.80 | 1.62 | 1.67 | 3.22 | 4.96 | 7.64 | 11.77 | 18.13 |
| Accounts Receivable | - | -5.55 | -7.83 | -9.88 | -16.54 | -25.47 | -39.23 | -60.41 |
| Inventories | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -0.40 | 1.10 | 5.62 | 5.56 | 8.57 | 13.20 | 20.32 |
| 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 |