Discounted Cash Flow (DCF) Analysis Unlevered
Semrush Holdings, Inc. (SEMR)
$9.43
+0.52 (+5.84%)
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 | 92.11 | 124.87 | 188 | 268.96 | 384.78 | 550.47 | 787.52 | 1,126.64 |
|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||
| EBITDA | -8.65 | -4.95 | 0.52 | -11.73 | -16.78 | -24 | -34.34 | -49.13 |
| EBITDA (%) | ||||||||
| EBIT | -9.70 | -6.43 | -3.02 | -15.50 | -22.18 | -31.73 | -45.39 | -64.93 |
| EBIT (%) | ||||||||
| Depreciation | 1.05 | 1.48 | 3.53 | 3.77 | 5.40 | 7.72 | 11.05 | 15.81 |
| 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 | 37.43 | 35.53 | 269.66 | 190.54 | 272.59 | 389.98 | 557.91 | 798.16 |
|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||
| Account Receivables | 1.94 | 1.40 | 2.19 | 3.94 | 5.64 | 8.07 | 11.54 | 16.51 |
| Account Receivables (%) | ||||||||
| Inventories | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||
| Accounts Payable | 6.82 | 8.65 | 9.94 | 17.59 | 25.17 | 36 | 51.50 | 73.68 |
| Accounts Payable (%) | ||||||||
| Capital Expenditure | -1.16 | -3.40 | -3.78 | -5.38 | -7.69 | -11 | -15.74 | -22.52 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 9.43 |
|---|---|
| Beta | 0.000 |
| Diluted Shares Outstanding | 135.67 |
| Cost of Debt | |
| Tax Rate | -8.96 |
| After-tax Cost of Debt | -% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 3.518 |
| Total Debt | - |
| Total Equity | 1,279.40 |
| Total Capital | - |
| Debt Weighting | - |
| Equity Weighting | - |
| 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 | 92.11 | 124.87 | 188 | 268.96 | 384.78 | 550.47 | 787.52 | 1,126.64 |
|---|---|---|---|---|---|---|---|---|
| EBITDA | -8.65 | -4.95 | 0.52 | -11.73 | -16.78 | -24 | -34.34 | -49.13 |
| EBIT | -9.70 | -6.43 | -3.02 | -15.50 | -22.18 | -31.73 | -45.39 | -64.93 |
| Tax Rate | -4.78% | -8.97% | -8.96% | -7.57% | -7.57% | -7.57% | -7.57% | -7.57% |
| EBIAT | -10.17 | -7.01 | -3.29 | -16.67 | -23.85 | -34.13 | -48.82 | -69.85 |
| Depreciation | 1.05 | 1.48 | 3.53 | 3.77 | 5.40 | 7.72 | 11.05 | 15.81 |
| Accounts Receivable | - | 0.55 | -0.79 | -1.75 | -1.70 | -2.43 | -3.47 | -4.97 |
| Inventories | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 1.84 | 1.29 | 7.65 | 7.57 | 10.84 | 15.50 | 22.18 |
| Capital Expenditure | -1.16 | -3.40 | -3.78 | -5.38 | -7.69 | -11 | -15.74 | -22.52 |
| UFCF | -10.28 | -6.55 | -3.04 | -12.38 | -20.27 | -29 | -41.49 | -59.35 |
| WACC | ||||||||
| PV UFCF | - | -20.27 | - | - | - | |||
| SUM PV UFCF | - |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | - |
| Free cash flow (t + 1) | -60.54 |
| Terminal Value | - |
| Present Value of Terminal Value | - |
Intrinsic Value
| Enterprise Value | - |
|---|---|
| Net Debt | -269.67 |
| Equity Value | - |
| Shares Outstanding | 135.67 |
| Equity Value Per Share | - |