Discounted Cash Flow (DCF) Analysis Levered

Box, Inc. (BOX)

$25.645

-0.28 (-1.10%)

All numbers are in Millions, Currency in USD

Stock DCF: 30.00 | 25.645 | undervalue

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	608.39	696.26	770.77	874.33	990.87	1,119.47	1,264.75	1,428.88	1,614.32	1,823.82
Revenue (%)
Operating Cash Flow	55.32	44.71	196.83	234.82	297.98	219.37	247.84	280.01	316.35	357.40
Operating Cash Flow (%)
Capital Expenditure	-17.57	-13.41	-16.49	-10.49	-16.50	-21.98	-24.83	-28.06	-31.70	-35.81
Capital Expenditure (%)
Free Cash Flow	37.75	31.30	180.34	224.33	281.48	197.39	223.01	251.95	284.65	321.59

Weighted Average Cost Of Capital

Share price	$ 25.645
Beta	0.949
Diluted Shares Outstanding	150.19
Cost of Debt
Tax Rate	22.16
After-tax Cost of Debt	3.36%
Risk-Free Rate
Market Risk Premium
Cost of Equity	8.798
Total Debt	564.42
Total Equity	3,851.67
Total Capital	4,416.10
Debt Weighting	12.78
Equity Weighting	87.22
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	608.39	696.26	770.77	874.33	990.87	1,119.47	1,264.75	1,428.88	1,614.32	1,823.82
Operating Cash Flow	55.32	44.71	196.83	234.82	297.98	219.37	247.84	280.01	316.35	357.40
Capital Expenditure	-17.57	-13.41	-16.49	-10.49	-16.50	-21.98	-24.83	-28.06	-31.70	-35.81
Free Cash Flow	37.75	31.30	180.34	224.33	281.48	197.39	223.01	251.95	284.65	321.59
WACC
PV LFCF						182.60	190.84	199.45	208.45	217.86
SUM PV LFCF										999.21

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	8.10
Free cash flow (t + 1)	328.02
Terminal Value	5,377.43
Present Value of Terminal Value	3,642.89

Intrinsic Value

Enterprise Value	4,642.11
Net Debt	135.96
Equity Value	4,506.15
Shares Outstanding	150.19
Equity Value Per Share	30.00