Discounted Cash Flow (DCF) Analysis Levered

Axway Software SA (AXW.PA)

18.75 €

-0.45 (-2.34%)
All numbers are in Millions, Currency in USD
Stock DCF: 16.30 | 18.75 | 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 299.85283.83299.96297.23285.55282.34279.16276.02272.92269.85
Revenue (%)
Operating Cash Flow 29.5422.6113.6112.1212.9417.4917.2917.0916.9016.71
Operating Cash Flow (%)
Capital Expenditure -4.19-4.37-4.55-7.75-2.83-4.55-4.50-4.45-4.40-4.35
Capital Expenditure (%)
Free Cash Flow 25.3518.249.054.3810.1212.9412.7912.6512.5112.37

Weighted Average Cost Of Capital

Share price $ 18.75
Beta 0.385
Diluted Shares Outstanding 22.36
Cost of Debt
Tax Rate 41.85
After-tax Cost of Debt 0.84%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.516
Total Debt 95.38
Total Equity 419.23
Total Capital 514.61
Debt Weighting 18.54
Equity Weighting 81.46
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 299.85283.83299.96297.23285.55282.34279.16276.02272.92269.85
Operating Cash Flow 29.5422.6113.6112.1212.9417.4917.2917.0916.9016.71
Capital Expenditure -4.19-4.37-4.55-7.75-2.83-4.55-4.50-4.45-4.40-4.35
Free Cash Flow 25.3518.249.054.3810.1212.9412.7912.6512.5112.37
WACC
PV LFCF 12.3611.6811.0410.439.85
SUM PV LFCF 55.36

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.65
Free cash flow (t + 1) 12.61
Terminal Value 475.97
Present Value of Terminal Value 379.21

Intrinsic Value

Enterprise Value 434.57
Net Debt 70.03
Equity Value 364.54
Shares Outstanding 22.36
Equity Value Per Share 16.30