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Discounted Cash Flow (DCF) Analysis Unlevered


Box Inc. Class A

Box Inc. Class A (BOX)

Technology

Operating Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 58.80124.19216.44302.71398.61506.16608.40916.861,381.712,082.243,137.93
Revenue (%)
EBITDA -102.12-149.41-137.76-160.71-109.82-113.13-86.58-622.00-937.35-1,412.59-2,128.77
EBITDA (%)
EBIT -110.74-167.29-166.79-201.09-149.96-153.21-132.88-728.63-1,098.05-1,654.76-2,493.72
EBIT (%)
Depreciation 8.6117.8729.0240.3840.1440.0946.30106.63160.69242.16364.94
Depreciation (%)

Balance Sheet Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Total Cash 127.62108.85333.79221.07204.17208.44217.75864.691,303.091,963.762,959.39
Total Cash (%)
Account Receivables 17.2242.6754.1799.53120.10162.12175.16278.36419.49632.17952.68
Account Receivables (%)
Inventories -----------
Inventories (%)
Accounts Payable 11.9112.4117.499.876.6617.0615.4564.3697.00146.17220.28
Accounts Payable (%)
Capital Expenditure -19.50-32.19-38.87-73.14-14.87-11.69-17.58-144.22-217.34-327.54-493.60
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 18.13
Diluted Shares Outstanding 141.35
Cost of Debt
Tax Rate -1.05
After-tax Cost of Debt 0.10
Risk-Free Rate
Market Risk Premium
Cost of Equity 14.23
Total Debt 84.60
Total Equity 2,562.69
Total Capital 2,647.29
Debt Weighting 3.20
Equity Weighting 96.80
Wacc

Build Up Free Cash

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 58.80124.19216.44302.71398.61506.16608.40916.861,381.712,082.243,137.93
EBITDA -102.12-149.41-137.76-160.71-109.82-113.13-86.58-622.00-937.35-1,412.59-2,128.77
EBIT -110.74-167.29-166.79-201.09-149.96-153.21-132.88-728.63-1,098.05-1,654.76-2,493.72
Tax Rate -0.05%1.42%0.34%-0.34%-0.61%-0.46%-1.05%-0.11%-0.11%-0.11%-0.11%
EBIAT -110.80-164.91-166.23-201.78-150.87-153.92-134.27-729.41-1,099.23-1,656.54-2,496.40
Depreciation 8.6117.8729.0240.3840.1440.0946.30106.63160.69242.16364.94
Accounts Receivable --25.46-11.50-45.36-20.57-42.02-13.04-103.20-141.13-212.68-320.51
Inventories -----------
Accounts Payable -0.505.08-7.62-3.2110.40-1.6048.9132.6349.1874.11
Capital Expenditure -12.696.6834.26-58.27-3.185.89126.6473.12110.19166.06
UFCF -102.18-159.30-136.94-180.11-192.78-148.63-96.72-550.43-973.91-1,467.68-2,211.80
WACC
PV UFCF -423.99-658.40-870.82-1,151.77
SUM PV UFCF -2,038.00

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 13.94
Free cash flow (t + 1) -2,300.27
Terminal Value -23,141.55
Present Value of Terminal Value -12,050.67

Intrinsic Value

Enterprise Value -14,088.67
Net Debt -133.15
Equity Value -13,955.52
Shares Outstanding 141.35
Equity Value Per Share -98.73