Discounted Cash Flow (DCF) Analysis Unlevered

Similarweb Ltd. (SMWB)

$5.16

+0.08 (+1.57%)
All numbers are in Millions, Currency in USD
Stock DCF: -309.41 | 5.16 | overvalue

Operating Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 70.5993.49137.67192.53269.24376.53526.57736.40
Revenue (%)
EBITDA -15.47-19.39-62.94-56.72-79.32-110.93-155.13-216.94
EBITDA (%)
EBIT -17.25-21.36-66.11-61.16-85.53-119.61-167.27-233.93
EBIT (%)
Depreciation 1.781.963.174.446.218.6812.1416.98
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 7.4853.94128.88103.91145.32203.22284.20397.45
Total Cash (%)
Account Receivables 19.2125.7531.0249.6069.3697135.65189.70
Account Receivables (%)
Inventories --------
Inventories (%)
Accounts Payable 3.054.3511.3011.0315.4321.5730.1742.19
Accounts Payable (%)
Capital Expenditure -1.81-1.14-3.11-3.87-5.42-7.57-10.59-14.81
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 5.16
Beta 0.000
Diluted Shares Outstanding 53.20
Cost of Debt
Tax Rate -1.44
After-tax Cost of Debt 5.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity 3.506
Total Debt -
Total Equity 274.52
Total Capital 274.52
Debt Weighting 0.00
Equity Weighting 100.00
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 70.5993.49137.67192.53269.24376.53526.57736.40
EBITDA -15.47-19.39-62.94-56.72-79.32-110.93-155.13-216.94
EBIT -17.25-21.36-66.11-61.16-85.53-119.61-167.27-233.93
Tax Rate -2.66%-3.00%-1.44%-2.36%-2.36%-2.36%-2.36%-2.36%
EBIAT -17.71-22-67.06-62.60-87.55-122.44-171.23-239.46
Depreciation 1.781.963.174.446.218.6812.1416.98
Accounts Receivable --6.54-5.27-18.58-19.76-27.64-38.65-54.05
Inventories --------
Accounts Payable -1.296.95-0.274.406.158.6012.02
Capital Expenditure -1.81-1.14-3.11-3.87-5.42-7.57-10.59-14.81
UFCF -17.74-26.41-65.32-80.89-102.12-142.82-199.73-279.32
WACC
PV UFCF -83.73-102.12-137.98-186.41-251.85
SUM PV UFCF -711.29

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 3.51
Free cash flow (t + 1) -284.90
Terminal Value -18,867.76
Present Value of Terminal Value -15,878.47

Intrinsic Value

Enterprise Value -16,589.76
Net Debt -128.88
Equity Value -16,460.88
Shares Outstanding 53.20
Equity Value Per Share -309.41