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Discounted Cash Flow (DCF) Analysis Unlevered


Cloudera Inc.

Cloudera Inc. (CLDR)

Technology

Operating Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 166.05272.55372.30479.94687.37984.451,409.932,019.30
Revenue (%)
EBITDA -193.45-146.06-355.48-169.80-422.66-605.34-866.96-1,241.67
EBITDA (%)
EBIT -202.03-156.20-367.58-187.22-446.93-640.09-916.73-1,312.95
EBIT (%)
Depreciation 8.5810.1412.1017.4224.2634.7549.7771.28
Depreciation (%)

Balance Sheet Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Total Cash 252.58250.39389.13484.07681.04975.391,396.952,000.72
Total Cash (%)
Account Receivables 49.42101.55130.31242.99281.55403.23577.51827.10
Account Receivables (%)
Inventories --------
Inventories (%)
Accounts Payable 4.083.542.728.218.5912.3117.6225.24
Accounts Payable (%)
Capital Expenditure -5.55-7.39-12.81-10.03-18.90-27.07-38.77-55.53
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 6.35
Diluted Shares Outstanding 159.82
Cost of Debt
Tax Rate -2.89
After-tax Cost of Debt 0.19
Risk-Free Rate
Market Risk Premium
Cost of Equity 2.46
Total Debt -
Total Equity 1,014.83
Total Capital 1,014.83
Debt Weighting 0.00
Equity Weighting 100.00
Wacc

Build Up Free Cash

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 166.05272.55372.30479.94687.37984.451,409.932,019.30
EBITDA -193.45-146.06-355.48-169.80-422.66-605.34-866.96-1,241.67
EBIT -202.03-156.20-367.58-187.22-446.93-640.09-916.73-1,312.95
Tax Rate -0.55%-1.40%-0.57%-2.89%-1.35%-1.35%-1.35%-1.35%
EBIAT -203.14-158.39-369.66-192.64-452.97-648.74-929.13-1,330.70
Depreciation 8.5810.1412.1017.4224.2634.7549.7771.28
Accounts Receivable --52.14-28.75-112.69-38.55-121.68-174.28-249.60
Inventories --------
Accounts Payable --0.54-0.835.490.393.715.327.62
Capital Expenditure -1.845.42-2.788.878.1711.7016.76
UFCF -194.56-199.09-381.71-285.19-458.00-723.79-1,036.62-1,484.64
WACC
PV UFCF -469.27-723.79-1,011.73-1,414.21
SUM PV UFCF -

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 2.46
Free cash flow (t + 1) -1,544.03
Terminal Value 100,261.57
Present Value of Terminal Value 88,789.73

Intrinsic Value

Enterprise Value -
Net Debt -484.07
Equity Value -
Shares Outstanding 159.82
Equity Value Per Share -

Results Unlevered DCF

Wacc / Long-term Growth -4 (%)-3 (%)-2 (%)-1 (%)0 (%)1 (%)2 (%)3 (%)4 (%)
4.46 (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell
3.96 (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell
3.46 (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell
2.96 (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell
2.46 (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell
1.96 (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell
1.46 (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell
0.96 (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell
0.46 (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell