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Discounted Cash Flow (DCF) Analysis Levered


CyberArk Software Ltd.

CyberArk Software Ltd. (CYBR)

Technology

Free Cash Flow

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 66.16103.00160.81216.62261.72343.21479.44669.72935.541,306.851,825.54
Revenue (%)
Operating Cash Flow 20.1623.2059.1656.3280.74130.11147.47206.01287.77401.99561.54
Operating Cash Flow (%)
Capital Expenditure -0.75-1.41-2.06-2.79-6.75-8.61-8.15-11.39-15.90-22.22-31.03
Capital Expenditure (%)
Free Cash Flow 19.4021.7857.1053.5373.99121.50139.32194.62271.87379.77530.50

Weighted Average Cost Of Capital

Share price $ 109.64
Diluted Shares Outstanding 35.27
Cost of Debt
Tax Rate 9.20
After-tax Cost of Debt -0.41
Risk-Free Rate
Market Risk Premium
Cost of Equity 15.29
Total Debt -
Total Equity 3,867.54
Total Capital 3,867.54
Debt Weighting 0.00
Equity Weighting 100.00
Wacc

Build Up Free Cash Flow

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 66.16103.00160.81216.62261.72343.21479.44669.72935.541,306.851,825.54
Operating Cash Flow 20.1623.2059.1656.3280.74130.11147.47206.01287.77401.99561.54
Capital Expenditure -0.75-1.41-2.06-2.79-6.75-8.61-8.15-11.39-15.90-22.22-31.03
Free Cash Flow 19.4021.7857.1053.5373.99121.50139.32194.62271.87379.77530.50
WACC
PV LFCF 120.85146.42177.41214.96260.45
SUM PV LFCF 580.66

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 15.29
Free cash flow (t + 1) 202.52
Terminal Value 1,793.78
Present Value of Terminal Value 880.67

Intrinsic Value

Enterprise Value 1,099.19
Net Debt -426.99
Equity Value 1,526.19
Shares Outstanding 35.27
Equity Value Per Share 96.58