Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Viant Technology Inc.'s cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from -27.8% to 12.9% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 187, DPO 215, DIO 60). At a 9.0% WACC with mid-year discounting, the terminal value (0% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 28.2x to Year 6 EBITDA. After subtracting net debt, the equity value implies a fair price of $0.27 per share, suggesting DSP is overvalued by 97.5% at the current price of $10.59.
Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.
| 2026 | 2027 | 2028 | 2029 | 2030 | Terminal | |
|---|---|---|---|---|---|---|
| Profit Before Tax | -5 | -5 | -6 | -7 | -8 | -8 |
| (−) Net Interest | -0 | -0 | -0 | -0 | -0 | -0 |
| (+) D&A | 3 | 2 | 2 | 3 | 3 | 3 |
| EBITDA | -2 | -4 | -4 | -4 | -5 | -5 |
| (−) Tax | 0 | 0 | 0 | 0 | 0 | — |
| (−) CapEx | 3 | 3 | 4 | 4 | 5 | — |
| (−) ΔWC | -17 | 13 | 13 | 14 | 15 | — |
| Free Cash Flow (FCF) | 13 | -20 | -21 | -22 | -25 | — |
| Peers' EBITDA Multiple | 28.2x | |||||
| Terminal Value | -147 | |||||
| WACC / Discount Rate | 8.96% | |||||
| Timing of FCF (mid year) | 0.5 | 1.5 | 2.5 | 3.5 | 4.5 | 5 |
| Present Value of FCF | 12 | -17 | -17 | -16 | -17 | -96 |
| Enterprise Value | -151 | |||||
| Projection Period | -56 | 0.0% | ||||
| Terminal Value | -96 | 0.0% | ||||
| (−) Current Net Debt | (169) | |||||
| Equity Value | 18 | |||||
| (÷) Outstanding Shares | 67M | |||||
| Fair Price | $0 | -97.5% | ||||
| WACC \ EV/EBITDA Exit Multiple | 24.2x | 26.2x | 28.2x | 30.2x | 32.2x |
|---|---|---|---|---|---|
| 7.0% | $0 | $0 | $0 | $0 | $0 |
| 8.0% | $0 | $0 | $0 | $0 | $0 |
| 9.0% | $0 | $0 | $0 | $0 | $0 |
| 10.0% | $1 | $0 | $0 | $0 | $0 |
| 11.0% | $1 | $1 | $0 | $0 | $0 |
Current price: $10.59. Green = undervalued, Red = overvalued.
Based on default parameters
Using the industry peer median P/E Multiples multiple (trailing + forward), Viant Technology Inc. (DSP) has a fair value of $16.53 based on 3 comparable companies in the Software - Application industry.
USD in millions except Fair Price. Subject company highlighted.
| Mkt Cap ($M) | Trailing P/E | Forward P/E | |
|---|---|---|---|
| Viant Technology Inc.DSP | 658 | 81.5x | 29.2x |
| Research Solutions, Inc. | 81 | 61.3x | 37.7x |
| Health In Tech, Inc. | 80 | 74.5x | 99.3x |
| Airship AI Holdings, Inc. | 77 | 3.0x | — |
| Industry Median | 61.3x | 68.5x | |
| (*) Profit after tax | 24 | 23 | |
| Equity Value | 1,476 | 579 | |
| (/) Outstanding shares | 62 | 62 | |
| Fair Price | $24 | $9 | |
Using the industry peer median EV/EBITDA multiple (trailing + forward), Viant Technology Inc. (DSP) has a fair value of $69.16 based on 3 comparable companies in the Software - Application industry.
USD in millions except Fair Price. Subject company highlighted.
| Mkt Cap ($M) | Trailing EV/EBITDA | Forward EV/EBITDA | |
|---|---|---|---|
| Viant Technology Inc.DSP | 658 | 2.9x | 4.0x |
| SoundThinking, Inc. | 89 | 35.8x | 35.4x |
| Research Solutions, Inc. | 81 | 19.3x | 25.2x |
| Health In Tech, Inc. | 80 | 28.2x | 29.1x |
| Industry Median | 28.2x | 29.1x | |
| (*) EBITDA | 168 | 121 | |
| = Enterprise Value | 4,730 | 3,526 | |
| (-) Net Debt | -169 | -169 | |
| Equity Value | 4,899 | 3,696 | |
| (/) Outstanding shares | 62 | 62 | |
| Fair Price | $79 | $59 | |
Using the industry peer median EV/Revenue multiple (trailing + forward), Viant Technology Inc. (DSP) has a fair value of $9.15 based on 9 comparable companies in the Software - Application industry.
USD in millions except Fair Price. Subject company highlighted.
| Mkt Cap ($M) | Trailing EV/Revenue | Forward EV/Revenue | |
|---|---|---|---|
| Viant Technology Inc.DSP | 658 | 1.4x | 2.0x |
| TROOPS, Inc. | 357 | 34.9x | — |
| Roadzen, Inc. | 117 | 3.1x | 2.6x |
| Nerdy, Inc. | 111 | 0.5x | 0.5x |
| Expensify, Inc. | 90 | 0.2x | 0.2x |
| Teads Holding Co. | 90 | 0.5x | 0.7x |
| SoundThinking, Inc. | 89 | 0.7x | 0.7x |
| Research Solutions, Inc. | 81 | 1.4x | 1.8x |
| Health In Tech, Inc. | 80 | 2.2x | 2.2x |
| Airship AI Holdings, Inc. | 77 | 4.3x | 2.8x |
| Industry Median | 1.4x | 1.3x | |
| (*) Revenue | 344 | 249 | |
| = Enterprise Value | 480 | 319 | |
| (-) Net Debt | -169 | -169 | |
| Equity Value | 649 | 488 | |
| (/) Outstanding shares | 62 | 62 | |
| Fair Price | $10 | $8 | |
Using the PEG framework with analyst consensus forward EPS growth of 25.0%, the company has a fair value of $9.06 based on NTM EPS (FY2026) of $0.36. The current PEG ratio is 0.95.
PEG < 1 = bargain, 1–1.5 = fair, > 2 = expensive.
Growth above 25% is capped — hypergrowth may not be sustainable long-term.
| EPS Growth RateForward | 30.6% |
| Adjusted Growth (clamped 8–25%)Clamped | 25.0% |
| Fair P/E | 25.0x |
| NTM EPS (FY2026) | $0.36 |
| Fair Value | $9.06 |
| Period | EPS Est. | Growth | Analysts |
|---|---|---|---|
| FY2025 (actual) | $0.36 | — | — |
| FY2026E | $0.36 | +0.6% | 7 |
| FY2027E | $0.51 | +39.6% | 6 |
| FY2028E | $0.63 | +24.2% | 4 |
| FY2029E | $1.02 | +63.2% | 3 |
| FY2030E | $1.37 | +33.7% | 3 |
5Y Forward EPS CAGR: 30.6%
| Year | Net Income | EPS | YoY |
|---|---|---|---|
| FY2021 | $-7.7M | $-0.62 | — |
| FY2022 | $-11.9M | $-0.84 | — |
| FY2023 | $-3.4M | $-0.23 | — |
| FY2024 | $2.4M | $0.12 | — |
| FY2025 | $24.1M | $0.36 | +200.0% |
4Y Historical EPS CAGR: 200.0%
Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.