Discounted Cash Flow (DCF) Analysis Levered
AppFolio, Inc. (APPF)
$142.83
+2.33 (+1.66%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
Revenue | 190.07 | 256.01 | 310.06 | 359.37 | 471.88 | 593.41 | 746.24 | 938.43 | 1,180.11 | 1,484.03 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 36.27 | 38.89 | 48.30 | 35.39 | 25.36 | 77.23 | 97.12 | 122.13 | 153.58 | 193.14 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -14.41 | -29.08 | -45.08 | -32.72 | -21.23 | -55.88 | -70.27 | -88.36 | -111.12 | -139.74 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 21.86 | 9.80 | 3.22 | 2.67 | 4.14 | 21.35 | 26.85 | 33.77 | 42.46 | 53.40 |
Weighted Average Cost Of Capital
Share price | $ 142.83 |
---|---|
Beta | 0.971 |
Diluted Shares Outstanding | 35.01 |
Cost of Debt | |
Tax Rate | -2.10 |
After-tax Cost of Debt | 2.36% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 8.394 |
Total Debt | 50.24 |
Total Equity | 5,000.48 |
Total Capital | 5,050.72 |
Debt Weighting | 0.99 |
Equity Weighting | 99.01 |
Wacc |
Build Up Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
Revenue | 190.07 | 256.01 | 310.06 | 359.37 | 471.88 | 593.41 | 746.24 | 938.43 | 1,180.11 | 1,484.03 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 36.27 | 38.89 | 48.30 | 35.39 | 25.36 | 77.23 | 97.12 | 122.13 | 153.58 | 193.14 |
Capital Expenditure | -14.41 | -29.08 | -45.08 | -32.72 | -21.23 | -55.88 | -70.27 | -88.36 | -111.12 | -139.74 |
Free Cash Flow | 21.86 | 9.80 | 3.22 | 2.67 | 4.14 | 21.35 | 26.85 | 33.77 | 42.46 | 53.40 |
WACC | ||||||||||
PV LFCF | 19.71 | 22.88 | 26.56 | 30.83 | 35.79 | |||||
SUM PV LFCF | 135.77 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 8.33 |
Free cash flow (t + 1) | 54.47 |
Terminal Value | 860.43 |
Present Value of Terminal Value | 576.73 |
Intrinsic Value
Enterprise Value | 712.50 |
---|---|
Net Debt | -20.53 |
Equity Value | 733.03 |
Shares Outstanding | 35.01 |
Equity Value Per Share | 20.94 |