Discounted Cash Flow (DCF) Analysis Unlevered

Marin Software Incorporated (MRIN)

$1.39

+0.01 (+0.72%)
All numbers are in Millions, Currency in USD
Stock DCF: - | 1.39 | undervalue

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 74.9958.6349.0429.9824.4218.5814.1410.768.196.23
Revenue (%)
EBITDA -19.21-31.69-4.88-9.76-9.87-6.04-4.60-3.50-2.66-2.03
EBITDA (%)
EBIT -30.48-40.66-12.53-14.76-13.08-8.86-6.74-5.13-3.90-2.97
EBIT (%)
Depreciation 11.288.977.6553.212.822.141.631.240.94
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 27.5410.2111.1314.2846.8411.768.956.815.183.94
Total Cash (%)
Account Receivables 12.2412.918.945.064.633.442.611.991.511.15
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 4.992.701.680.930.980.810.620.470.360.27
Accounts Payable (%)
Capital Expenditure -2.53-2.71-2.66-1.88-1.30-0.93-0.71-0.54-0.41-0.31
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1.39
Beta 0.342
Diluted Shares Outstanding 7.34
Cost of Debt
Tax Rate 1.02
After-tax Cost of Debt -%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.442
Total Debt 5.33
Total Equity 10.21
Total Capital 15.53
Debt Weighting 34.29
Equity Weighting 65.71
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 74.9958.6349.0429.9824.4218.5814.1410.768.196.23
EBITDA -19.21-31.69-4.88-9.76-9.87-6.04-4.60-3.50-2.66-2.03
EBIT -30.48-40.66-12.53-14.76-13.08-8.86-6.74-5.13-3.90-2.97
Tax Rate -3.30%-1.44%0.96%4.82%1.02%0.41%0.41%0.41%0.41%0.41%
EBIAT -31.49-41.24-12.41-14.05-12.94-8.82-6.71-5.11-3.89-2.96
Depreciation 11.288.977.6553.212.822.141.631.240.94
Accounts Receivable --0.673.973.880.431.200.820.620.480.36
Inventories ----------
Accounts Payable --2.29-1.02-0.750.05-0.17-0.19-0.15-0.11-0.09
Capital Expenditure -2.53-2.71-2.66-1.88-1.30-0.93-0.71-0.54-0.41-0.31
UFCF -22.74-37.95-4.47-7.81-10.56-5.90-4.65-3.54-2.69-2.05
WACC
PV UFCF -----
SUM PV UFCF -

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) -
Free cash flow (t + 1) -2.09
Terminal Value -
Present Value of Terminal Value -

Intrinsic Value

Enterprise Value -
Net Debt -41.52
Equity Value -
Shares Outstanding 7.34
Equity Value Per Share -