Discounted Cash Flow (DCF) Analysis Levered

AppFolio, Inc. (APPF)

$142.83

+2.33 (+1.66%)
All numbers are in Millions, Currency in USD
Stock DCF: 20.94 | 142.83 | overvalue

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 190.07256.01310.06359.37471.88593.41746.24938.431,180.111,484.03
Revenue (%)
Operating Cash Flow 36.2738.8948.3035.3925.3677.2397.12122.13153.58193.14
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 21.869.803.222.674.1421.3526.8533.7742.4653.40

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 190.07256.01310.06359.37471.88593.41746.24938.431,180.111,484.03
Operating Cash Flow 36.2738.8948.3035.3925.3677.2397.12122.13153.58193.14
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 21.869.803.222.674.1421.3526.8533.7742.4653.40
WACC
PV LFCF 19.7122.8826.5630.8335.79
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