Discounted Cash Flow (DCF) Analysis Levered

A10 Networks, Inc. (ATEN)

$15.95

+0.11 (+0.69%)
All numbers are in Millions, Currency in USD
Stock DCF: 5.88 | 15.95 | overvalue

Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 235.43232.22212.63225.53250.04254.50259.04263.67268.37273.16
Revenue (%)
Operating Cash Flow 14.31-2.69-0.4355.2950.1025.0825.5325.9826.4426.92
Operating Cash Flow (%)
Capital Expenditure -5.73-2.80-4.34-3.56-5.17-4.75-4.83-4.92-5.01-5.10
Capital Expenditure (%)
Free Cash Flow 8.58-5.49-4.7751.7244.9320.3320.6921.0621.4421.82

Weighted Average Cost Of Capital

Share price $ 15.95
Beta 0.924
Diluted Shares Outstanding 80.02
Cost of Debt
Tax Rate -199.88
After-tax Cost of Debt 5.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.150
Total Debt -
Total Equity 1,276.30
Total Capital 1,276.30
Debt Weighting 0.00
Equity Weighting 100.00
Wacc

Build Up Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 235.43232.22212.63225.53250.04254.50259.04263.67268.37273.16
Operating Cash Flow 14.31-2.69-0.4355.2950.1025.0825.5325.9826.4426.92
Capital Expenditure -5.73-2.80-4.34-3.56-5.17-4.75-4.83-4.92-5.01-5.10
Free Cash Flow 8.58-5.49-4.7751.7244.9320.3320.6921.0621.4421.82
WACC
PV LFCF 14.3913.6712.9912.3411.72
SUM PV LFCF 85.83

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.15
Free cash flow (t + 1) 22.26
Terminal Value 432.16
Present Value of Terminal Value 305.97

Intrinsic Value

Enterprise Value 391.80
Net Debt -78.92
Equity Value 470.72
Shares Outstanding 80.02
Equity Value Per Share 5.88