Discounted Cash Flow (DCF) Analysis Levered
A10 Networks, Inc. (ATEN)
$12.67
+0.18 (+1.44%)
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 | 232.22 | 212.63 | 225.53 | 250.04 | 280.34 | 294.79 | 309.98 | 325.95 | 342.75 | 360.42 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | -2.69 | -0.43 | 55.29 | 50.10 | 66.10 | 39.36 | 41.39 | 43.53 | 45.77 | 48.13 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -2.80 | -4.34 | -3.56 | -5.17 | -10.80 | -6.34 | -6.66 | -7.01 | -7.37 | -7.75 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | -5.49 | -4.77 | 51.72 | 44.93 | 55.30 | 33.03 | 34.73 | 36.52 | 38.40 | 40.38 |
Weighted Average Cost Of Capital
Share price | $ 12.67 |
---|---|
Beta | 1.050 |
Diluted Shares Outstanding | 80.02 |
Cost of Debt | |
Tax Rate | 11.02 |
After-tax Cost of Debt | 6.85% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 9.112 |
Total Debt | 21.64 |
Total Equity | 1,013.84 |
Total Capital | 1,035.48 |
Debt Weighting | 2.09 |
Equity Weighting | 97.91 |
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 | 232.22 | 212.63 | 225.53 | 250.04 | 280.34 | 294.79 | 309.98 | 325.95 | 342.75 | 360.42 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | -2.69 | -0.43 | 55.29 | 50.10 | 66.10 | 39.36 | 41.39 | 43.53 | 45.77 | 48.13 |
Capital Expenditure | -2.80 | -4.34 | -3.56 | -5.17 | -10.80 | -6.34 | -6.66 | -7.01 | -7.37 | -7.75 |
Free Cash Flow | -5.49 | -4.77 | 51.72 | 44.93 | 55.30 | 33.03 | 34.73 | 36.52 | 38.40 | 40.38 |
WACC | ||||||||||
PV LFCF | 30.29 | 29.20 | 28.15 | 27.15 | 26.17 | |||||
SUM PV LFCF | 140.96 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 9.06 |
Free cash flow (t + 1) | 41.19 |
Terminal Value | 583.43 |
Present Value of Terminal Value | 378.15 |
Intrinsic Value
Enterprise Value | 519.11 |
---|---|
Net Debt | -46.33 |
Equity Value | 565.44 |
Shares Outstanding | 80.02 |
Equity Value Per Share | 7.07 |