Discounted Cash Flow (DCF) Analysis Unlevered

Cyberark Software Ltd

Cyberark Software Ltd (CYBR)

$99.39
1.26 (+1.28%)

Operating Data

Year
A/P
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
Revenue 103.00160.81216.61261.70343.20433.89580.74777.271,040.321,392.391,863.61
Revenue (%)
EBITDA 9.2232.5242.9329.9066.4788.5396.98129.79173.72232.51311.20
EBITDA (%)
EBIT 8.4830.2636.4522.0456.3977.8883.90112.29150.29201.15269.23
EBIT (%)
Depreciation 0.752.256.497.8610.0810.6513.0817.5123.4331.3641.97
Depreciation (%)

Balance Sheet Data

Year
A/P
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
Total Cash 177.18238.25275.03302.93426.981,064.84902.781,208.311,617.232,164.542,897.07
Total Cash (%)
Account Receivables 19.2620.4133.3345.3148.4372.9591.97123.10164.75220.51295.14
Account Receivables (%)
Inventories -----------
Inventories (%)
Accounts Payable 1.842.532.701.964.925.677.8310.4814.0318.7825.14
Accounts Payable (%)
Capital Expenditure -1.41-2.07-2.80-6.76-8.61-7.04-10.31-13.80-18.47-24.73-33.10
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 99.39
Beta 1.203
Diluted Shares Outstanding 38.89
Cost of Debt
Tax Rate 10.02
After-tax Cost of Debt 4.50%
Risk-Free Rate
Market Risk Premium
Cost of Equity 12.033
Total Debt 485.12
Total Equity 3,865.29
Total Capital 4,350.41
Debt Weighting 11.15
Equity Weighting 88.85
Wacc

Build Up Free Cash

Year
A/P
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
Revenue 103.00160.81216.61261.70343.20433.89580.74777.271,040.321,392.391,863.61
EBITDA 9.2232.5242.9329.9066.4788.5396.98129.79173.72232.51311.20
EBIT 8.4830.2636.4522.0456.3977.8883.90112.29150.29201.15269.23
Tax Rate 31.19%18.74%22.31%34.44%9.20%10.02%20.98%20.98%20.98%20.98%20.98%
EBIAT 5.8324.5928.3114.4551.2070.0866.2988.73118.75158.94212.73
Depreciation 0.752.256.497.8610.0810.6513.0817.5123.4331.3641.97
Accounts Receivable --1.15-12.92-11.98-3.12-24.52-19.02-31.13-41.66-55.76-74.63
Inventories -----------
Accounts Payable -0.700.17-0.742.960.752.162.653.554.756.36
Capital Expenditure -1.41-2.07-2.79-6.76-8.61-7.04-10.31-13.80-18.47-24.73-33.10
UFCF 5.1724.3319.262.8252.5249.9252.2063.9585.60114.57153.34
WACC
PV UFCF 52.2057.5269.2483.34100.32
SUM PV UFCF 326.12

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 11.19
Free cash flow (t + 1) 159.47
Terminal Value 2,217.97
Present Value of Terminal Value 1,305.05

Intrinsic Value

Enterprise Value 1,631.17
Net Debt -307.24
Equity Value 1,938.41
Shares Outstanding 38.89
Equity Value Per Share 49.84