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Discounted Cash Flow (DCF) Analysis Unlevered


CyberArk Software Ltd.

CyberArk Software Ltd. (CYBR)

Technology

Operating Data

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 (%)
EBITDA 9.5521.2035.4842.7032.3061.9285.63119.61167.09233.40326.04
EBITDA (%)
EBIT 9.0820.4633.2236.2024.4451.8376.23106.49148.75207.79290.26
EBIT (%)
Depreciation 0.480.742.256.507.8510.099.4013.1318.3425.6135.78
Depreciation (%)

Balance Sheet Data

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
Total Cash 65.37177.18238.25275.04302.94426.99628.16877.471,225.741,712.232,391.82
Total Cash (%)
Account Receivables 12.7319.2620.4133.3445.3048.4377.86108.76151.93212.23296.47
Account Receivables (%)
Inventories -----------
Inventories (%)
Accounts Payable 1.771.832.522.711.964.917.5810.5814.7820.6528.84
Accounts Payable (%)
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 (%)

Weighted Average Cost Of Capital

Share price $ 120.89
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 4,264.38
Total Capital 4,264.38
Debt Weighting 0.00
Equity Weighting 100.00
Wacc

Build Up Free Cash

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
EBITDA 9.5521.2035.4842.7032.3061.9285.63119.61167.09233.40326.04
EBIT 9.0820.4633.2236.2024.4451.8376.23106.49148.75207.79290.26
Tax Rate 16.59%31.19%18.74%22.31%34.44%9.20%22.08%22.08%22.08%22.08%22.08%
EBIAT 7.5714.0827.0028.1216.0247.0659.4082.97115.91161.91226.17
Depreciation 0.480.742.256.507.8510.099.4013.1318.3425.6135.78
Accounts Receivable --6.53-1.15-12.93-11.97-3.12-29.43-30.90-43.17-60.30-84.24
Inventories -----------
Accounts Payable -0.070.690.18-0.742.952.673.014.205.878.20
Capital Expenditure -0.660.650.743.961.86-0.463.234.526.318.82
UFCF 8.059.0129.4422.6115.1258.8341.5771.4499.79139.40194.73
WACC
PV UFCF 36.0553.7565.1278.9095.60
SUM PV UFCF 218.53

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 43.27