Ispire Technology Inc.

ISPR

Consumer DefensiveTobaccoNASDAQ

$1.72

Market Cap: $98.54M

Ispire Technology Inc. (ISPR) Valuation Summary

Updated Apr 6, 2026 22:26

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$0.37 – $17.57	$3.23	+76.7%
Revenue DCF 10Y	$0.02 – $20.43	$2.90	+58.2%
▸ Trading Multiples
EV/Revenue	$1.12 – $5.82	$1.92	+5.1%

Valuation History

DCF Analysis

Ispire Technology Inc. (ISPR) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$2.90

Market Price

$1.72

Upside / Downside

+68.6%

Verdict

Undervalued

Using a Revenue DCF model with operating margin convergence from -29.7% to a target of 7.6% over 5 years, discounted at a WACC of 6.9%, Ispire Technology Inc. (ISPR) has an intrinsic value of $2.90 per share (range: $0.02 – $20.43).

Key Assumptions

Current Operating Margin

-29.7%

Target Operating Margin

7.6%

WACC

6.9%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

0.8%

Target CapEx/Rev

6.0%

D&A/Revenue

0.9%

Tax Rate

18.9%

Operating margin fades linearly from the current level to the industry target over the 5-year projection. CapEx intensity fades from the historical average to a maintenance level (D&A × 1.5). Tax is only applied when operating income is positive (NOL shield).

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	99	-22.7%	-22.2%	-22	-22	1	(1)	-8	-14	-14
2027	113	14.3%	-14.8%	-17	-17	1	(2)	-3	-15	-14
2028	179	59.0%	-7.3%	-13	-13	2	(4)	-12	-4	-3
2029	213	19.1%	0.1%	0	0	2	(6)	-6	2	2
2030	254	19.1%	7.6%	19	16	2	(9)	-7	17	12
2031	295	16.4%	7.6%	22	18	3	(12)	-7	17	12
2032	336	13.7%	7.6%	26	21	3	(15)	-7	16	10
2033	373	11.0%	7.6%	28	23	3	(18)	-7	14	9
2034	404	8.4%	7.6%	31	25	4	(22)	-6	12	7
2035	427	5.7%	7.6%	32	26	4	(26)	-4	9	5

Enterprise Value Bridge

Sum of PV(FCFF)25

Terminal Value (Gordon Growth at 3.0%)230

PV of Terminal Value122

Enterprise Value147

(–) Net Debt-17

Equity Value165

(÷) Shares Outstanding57

Fair Value per Share$2.90

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	1.6%	4.6%	7.6%	10.6%	13.6%
4.9%	$-1	$0	$6	$13	$20
5.9%	$-1	$0	$4	$8	$13
6.9%	$-1	$0	$3	$6	$9
7.9%	$-1	$0	$2	$5	$7
8.9%	$-1	$0	$2	$4	$6

Current price: $1.72. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at -17.8% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Ispire Technology Inc. (ISPR) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$3.23

Market Price

$1.72

Upside / Downside

+87.8%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-29.7%

Target Operating Margin

7.6%

WACC

6.9%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

0.8%

Target CapEx/Rev

6.0%

D&A/Revenue

0.9%

Tax Rate

18.9%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	99	-22.7%	-22.2%	-22	-22	1	(2)	-8	-15	-15
2027	113	14.3%	-14.8%	-17	-17	1	(3)	-3	-16	-15
2028	179	59.0%	-7.3%	-13	-13	2	(7)	-12	-7	-6
2029	213	19.1%	0.1%	0	0	2	(11)	-6	-2	-2
2030	254	19.1%	7.6%	19	16	2	(15)	-7	10	7

Enterprise Value Bridge

Sum of PV(FCFF)-29

Terminal Value (Gordon Growth at 3.0%)264

PV of Terminal Value196

Enterprise Value167

(–) Net Debt-17

Equity Value184

(÷) Shares Outstanding57

Fair Value per Share$3.23

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	1.6%	4.6%	7.6%	10.6%	13.6%
4.9%	$-1	$2	$8	$13	$18
5.9%	$-1	$1	$5	$8	$11
6.9%	$-1	$1	$3	$6	$8
7.9%	$-1	$1	$2	$4	$6
8.9%	$-1	$0	$2	$3	$5

Current price: $1.72. Green = undervalued, Red = overvalued.

Working Capital Assumption

Trading Multiples

Fair Value

$1.92

Market Price

$1.72

Upside / Downside

+11.9%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Ispire Technology Inc. (ISPR) has a fair value of $1.92 based on 8 comparable companies in the Tobacco industry.

EV/Revenue Valuation — Tobacco

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Ispire Technology Inc.ISPR	98	0.6x	0.5x
Legacy Education Inc.LGCY	160	2.5x	2.5x
HF Foods Group Inc.HFFG	107	0.3x	0.3x
Chegg, Inc.CHGG	84	0.4x	0.2x
The Hain Celestial Group, Inc.HAIN	74	0.5x	0.6x
LifeVantage CorporationLFVN	53	0.2x	0.2x
Skillsoft Corp.SKIL	39	1.0x	1.0x
Genius Group LimitedGNS	31	4.7x	2.2x
Borealis Foods Inc.BRLS	30	2.2x	—
Industry Median		0.8x	0.6x
(*) Revenue		127	157
= Enterprise Value		96	88
(-) Net Debt		-17	-17
Equity Value		113	106
(/) Outstanding shares		57	57
Fair Price		$2	$2

Selected Fair Value (avg of trailing + forward)

$1.92

+11.9%

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.

Model

Range

Fair Value

Upside

▸ Discounted Cash Flow

Revenue DCF 5Y

$0.37 – $17.57

$3.23

+76.7%

Revenue DCF 10Y

$0.02 – $20.43

$2.90

+58.2%

▸ Trading Multiples

EV/Revenue

$1.12 – $5.82

$1.92

+5.1%

DCF Analysis

Ispire Technology Inc. (ISPR) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$2.90

Market Price

$1.72

Upside / Downside

+68.6%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-29.7%

Target Operating Margin

7.6%

WACC

6.9%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

0.8%

Target CapEx/Rev

6.0%

D&A/Revenue

0.9%

Tax Rate

18.9%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	99	-22.7%	-22.2%	-22	-22	1	(1)	-8	-14	-14
2027	113	14.3%	-14.8%	-17	-17	1	(2)	-3	-15	-14
2028	179	59.0%	-7.3%	-13	-13	2	(4)	-12	-4	-3
2029	213	19.1%	0.1%	0	0	2	(6)	-6	2	2
2030	254	19.1%	7.6%	19	16	2	(9)	-7	17	12
2031	295	16.4%	7.6%	22	18	3	(12)	-7	17	12
2032	336	13.7%	7.6%	26	21	3	(15)	-7	16	10
2033	373	11.0%	7.6%	28	23	3	(18)	-7	14	9
2034	404	8.4%	7.6%	31	25	4	(22)	-6	12	7
2035	427	5.7%	7.6%	32	26	4	(26)	-4	9	5

Enterprise Value Bridge

Sum of PV(FCFF)25

Terminal Value (Gordon Growth at 3.0%)230

PV of Terminal Value122

Enterprise Value147

(–) Net Debt-17

Equity Value165

(÷) Shares Outstanding57

Fair Value per Share$2.90

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	1.6%	4.6%	7.6%	10.6%	13.6%
4.9%	$-1	$0	$6	$13	$20
5.9%	$-1	$0	$4	$8	$13
6.9%	$-1	$0	$3	$6	$9
7.9%	$-1	$0	$2	$5	$7
8.9%	$-1	$0	$2	$4	$6

Current price: $1.72. Green = undervalued, Red = overvalued.

Working Capital Assumption

Trading Multiples

Fair Value

$1.92

Market Price

$1.72

Upside / Downside

+11.9%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Ispire Technology Inc. (ISPR) has a fair value of $1.92 based on 8 comparable companies in the Tobacco industry.

EV/Revenue Valuation — Tobacco

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Ispire Technology Inc.ISPR	98	0.6x	0.5x
Legacy Education Inc.LGCY	160	2.5x	2.5x
HF Foods Group Inc.HFFG	107	0.3x	0.3x
Chegg, Inc.CHGG	84	0.4x	0.2x
The Hain Celestial Group, Inc.HAIN	74	0.5x	0.6x
LifeVantage CorporationLFVN	53	0.2x	0.2x
Skillsoft Corp.SKIL	39	1.0x	1.0x
Genius Group LimitedGNS	31	4.7x	2.2x
Borealis Foods Inc.BRLS	30	2.2x	—
Industry Median		0.8x	0.6x
(*) Revenue		127	157
= Enterprise Value		96	88
(-) Net Debt		-17	-17
Equity Value		113	106
(/) Outstanding shares		57	57
Fair Price		$2	$2

Selected Fair Value (avg of trailing + forward)

$1.92

+11.9%