Discounted Cash Flow (DCF) Analysis Levered

AppFolio, Inc. (APPF)

$242.13

+0.04 (+0.02%)
All numbers are in Millions, Currency in USD
Stock DCF: 22.09 | 242.13 | overvalue

Free Cash Flow

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 256.01310.06359.37471.88620.45775.26968.691,210.401,512.411,889.78
Revenue (%)
Operating Cash Flow 38.8948.3035.3925.3660.2886.37107.92134.85168.50210.55
Operating Cash Flow (%)
Capital Expenditure -29.08-45.08-32.72-21.23-9.04-63.51-79.35-99.15-123.89-154.81
Capital Expenditure (%)
Free Cash Flow 9.803.222.674.1451.2422.8728.5735.7044.6155.74

Weighted Average Cost Of Capital

Share price $ 242.13
Beta 0.806
Diluted Shares Outstanding 36.42
Cost of Debt
Tax Rate 66.21
After-tax Cost of Debt 1.69%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.963
Total Debt 44.74
Total Equity 8,817.65
Total Capital 8,862.39
Debt Weighting 0.50
Equity Weighting 99.50
Wacc

Build Up Free Cash Flow

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 256.01310.06359.37471.88620.45775.26968.691,210.401,512.411,889.78
Operating Cash Flow 38.8948.3035.3925.3660.2886.37107.92134.85168.50210.55
Capital Expenditure -29.08-45.08-32.72-21.23-9.04-63.51-79.35-99.15-123.89-154.81
Free Cash Flow 9.803.222.674.1451.2422.8728.5735.7044.6155.74
WACC
PV LFCF 21.1924.5328.4032.8738.06
SUM PV LFCF 145.04

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.93
Free cash flow (t + 1) 56.85
Terminal Value 958.75
Present Value of Terminal Value 654.63

Intrinsic Value

Enterprise Value 799.67
Net Debt -4.77
Equity Value 804.44
Shares Outstanding 36.42
Equity Value Per Share 22.09