Discounted Cash Flow

Doubleverify Holdings, Inc.

DV · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2019 $182.7m $23.3m $23.5m 12.8%
2020 $243.9m (33.5%) $20.5m (-12.2%) $11.5m (-51.2%) 8.4% (-34.3%)
2021 $332.7m (36.4%) $29.3m (43.3%) $73.4m (539.8%) 8.8% (5.0%)
2022 $452.4m (36.0%) $43.3m (47.6%) $54.9m (-25.2%) 9.6% (8.6%)
2023 $572.5m (26.6%) $71.5m (65.2%) $102.7m (87.2%) 12.5% (30.5%)
2024 $656.8m (14.7%) $56.2m (-21.3%) $132.5m (29.0%) 8.6% (-31.4%)
2025 $748.3m (13.9%) $50.6m (-9.9%) $172.7m (30.3%) 6.8% (-20.9%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model