Discounted Cash Flow (DCF) Analysis Levered
A10 Networks, Inc. (ATEN)
$15.95
+0.11 (+0.69%)
All numbers are in Millions, Currency in USD
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 | 235.43 | 232.22 | 212.63 | 225.53 | 250.04 | 254.50 | 259.04 | 263.67 | 268.37 | 273.16 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 14.31 | -2.69 | -0.43 | 55.29 | 50.10 | 25.08 | 25.53 | 25.98 | 26.44 | 26.92 |
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 | -4.77 | 51.72 | 44.93 | 20.33 | 20.69 | 21.06 | 21.44 | 21.82 |
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 | 235.43 | 232.22 | 212.63 | 225.53 | 250.04 | 254.50 | 259.04 | 263.67 | 268.37 | 273.16 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 14.31 | -2.69 | -0.43 | 55.29 | 50.10 | 25.08 | 25.53 | 25.98 | 26.44 | 26.92 |
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 | -4.77 | 51.72 | 44.93 | 20.33 | 20.69 | 21.06 | 21.44 | 21.82 |
WACC | ||||||||||
PV LFCF | 14.39 | 13.67 | 12.99 | 12.34 | 11.72 | |||||
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 |