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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 -193.45-146.06-355.48-169.80-517.18-740.70-1,060.83-1,519.32
EBITDA (%)
EBIT -202.03-156.20-367.58-187.22-544.26-779.49-1,116.38-1,598.88
EBIT (%)
Depreciation 8.5810.1412.1017.4227.0838.7955.5579.56
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 252.58250.39389.13484.07772.191,105.931,583.912,268.48
Total Cash (%)
Account Receivables 49.42101.55130.31242.99262.30375.67538.03770.56
Account Receivables (%)
Inventories --------
Inventories (%)
Accounts Payable 4.083.542.728.2110.6515.2621.8531.30
Accounts Payable (%)
Capital Expenditure -5.55-7.39-12.81-10.03-19.86-28.45-40.75-58.36
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 10.87
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 1,737.20
Total Capital 1,737.20
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 -193.45-146.06-355.48-169.80-517.18-740.70-1,060.83-1,519.32
EBIT -202.03-156.20-367.58-187.22-544.26-779.49-1,116.38-1,598.88
Tax Rate -0.55%-1.40%-0.57%-2.89%-1.35%-1.35%-1.35%-1.35%
EBIAT -203.14-158.39-369.66-192.64-551.62-790.03-1,131.48-1,620.50
Depreciation 8.5810.1412.1017.4227.0838.7955.5579.56
Accounts Receivable --52.14-28.75-112.69-19.31-113.37-162.36-232.54
Inventories --------
Accounts Payable --0.54-0.835.492.454.606.599.45
Capital Expenditure -1.845.42-2.789.838.5912.3017.61
UFCF -194.56-199.09-381.71-285.19-531.56-851.41-1,219.40-1,746.42
WACC
PV UFCF -544.64-851.41-1,190.12-1,663.56
SUM PV UFCF -

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 2.46
Free cash flow (t + 1) -1,816.28
Terminal Value 117,939.96
Present Value of Terminal Value 104,445.37

Intrinsic Value

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