Discounted Cash Flow (DCF) Analysis Levered
AppFolio, Inc. (APPF)
$116.57
-3.87 (-3.21%)
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 | $ 116.57 |
---|---|
Beta | 0.974 |
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 | 8.097 |
Total Debt | 50.24 |
Total Equity | 4,081.12 |
Total Capital | 4,131.35 |
Debt Weighting | 1.22 |
Equity Weighting | 98.78 |
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 | 19.76 | 23.01 | 26.78 | 31.18 | 36.29 | |||||
SUM PV LFCF | 137.02 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 8.03 |
Free cash flow (t + 1) | 54.47 |
Terminal Value | 903.24 |
Present Value of Terminal Value | 613.88 |
Intrinsic Value
Enterprise Value | 750.90 |
---|---|
Net Debt | -20.53 |
Equity Value | 771.43 |
Shares Outstanding | 35.01 |
Equity Value Per Share | 22.03 |