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Discounted Cash Flow (DCF) Analysis Unlevered


Salesforce.com Inc

Salesforce.com Inc (CRM)

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 3,050.204,071.105,373.856,667.338,436.8410,540.1413,282.6916,980.5921,707.9927,751.4935,477.51
Revenue (%)
EBITDA 119.8788.75308.46662.73900.211,259.552,098.661,460.331,866.892,386.633,051.07
EBITDA (%)
EBIT -97.00-280.50-139.72136.68268.29506.981,137.00142.64182.35233.11298.01
EBIT (%)
Depreciation 216.87369.25448.18526.05631.92752.57961.671,317.691,684.542,153.522,753.05
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 867.48838.651,110.242,725.602,208.764,520.674,342.115,151.916,586.208,419.8010,763.88
Total Cash (%)
Account Receivables 872.661,360.971,905.572,496.253,196.723,920.934,923.895,994.157,662.929,796.2812,523.56
Account Receivables (%)
Inventories -----------
Inventories (%)
Accounts Payable 597.84934.321,103.251,349.471,752.3375.892,691.073,034.433,879.224,959.196,339.83
Accounts Payable (%)
Capital Expenditure -179.66-299.23-193.46-461.38-464.03-534.39-595.06-940.72-1,202.62-1,537.43-1,965.45
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 143.72
Diluted Shares Outstanding 775.00
Cost of Debt
Tax Rate -12.92
After-tax Cost of Debt 0.70
Risk-Free Rate
Market Risk Premium
Cost of Equity 13.44
Total Debt 3,173.00
Total Equity 111,383.00
Total Capital 114,556.00
Debt Weighting 2.77
Equity Weighting 97.23
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 3,050.204,071.105,373.856,667.338,436.8410,540.1413,282.6916,980.5921,707.9927,751.4935,477.51
EBITDA 119.8788.75308.46662.73900.211,259.552,098.661,460.331,866.892,386.633,051.07
EBIT -97.00-280.50-139.72136.68268.29506.981,137.00142.64182.35233.11298.01
Tax Rate -111.63%35.13%-23.28%173.78%-80.45%14.29%-12.92%-0.72%-0.72%-0.72%-0.72%
EBIAT -205.27-181.95-172.24-100.84484.12434.561,283.89143.67183.67234.80300.17
Depreciation 216.87369.25448.18526.05631.92752.57961.671,317.691,684.542,153.522,753.05
Accounts Receivable --488.31-544.60-590.68-700.47-724.21-1,002.96-1,070.26-1,668.77-2,133.36-2,727.28
Inventories -----------
Accounts Payable -336.48168.93246.22402.86-1,676.442,615.18343.36844.791,079.971,380.64
Capital Expenditure -119.57-105.77267.922.6570.3660.68345.66261.90334.81428.02
UFCF 11.60155.04-205.50348.66821.08-1,143.183,918.461,080.131,306.121,669.742,134.60
WACC
PV UFCF 842.61899.941,016.151,147.36
SUM PV UFCF 3,597.86

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 13.22
Free cash flow (t + 1) 2,219.98
Terminal Value 24,077.92
Present Value of Terminal Value 12,942.05

Intrinsic Value

Enterprise Value 16,539.91
Net Debt -1,169.11
Equity Value 17,709.02
Shares Outstanding 775.00
Equity Value Per Share 22.85