Discounted Cash Flow (DCF) Analysis Levered

Box, Inc. (BOX)

$26.66

-0.83 (-3.02%)
All numbers are in Millions, Currency in USD
Stock DCF: 27.12 | 26.66 | undervalue

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 506.14608.39696.26770.77874.331,002.821,150.191,319.221,513.081,735.44
Revenue (%)
Operating Cash Flow 61.8255.3244.71196.83234.82160.70184.31211.40242.47278.10
Operating Cash Flow (%)
Capital Expenditure -11.82-17.57-13.41-16.49-10.49-21.04-24.13-27.67-31.74-36.40
Capital Expenditure (%)
Free Cash Flow 5037.7531.30180.34224.33139.66160.19183.73210.73241.70

Weighted Average Cost Of Capital

Share price $ 26.66
Beta 1.152
Diluted Shares Outstanding 155.85
Cost of Debt
Tax Rate -10.66
After-tax Cost of Debt -1.18%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.172
Total Debt 834.30
Total Equity 4,154.93
Total Capital 4,989.23
Debt Weighting 16.72
Equity Weighting 83.28
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 506.14608.39696.26770.77874.331,002.821,150.191,319.221,513.081,735.44
Operating Cash Flow 61.8255.3244.71196.83234.82160.70184.31211.40242.47278.10
Capital Expenditure -11.82-17.57-13.41-16.49-10.49-21.04-24.13-27.67-31.74-36.40
Free Cash Flow 5037.7531.30180.34224.33139.66160.19183.73210.73241.70
WACC
PV LFCF 131140.94151.63163.13175.50
SUM PV LFCF 762.20

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.61
Free cash flow (t + 1) 246.53
Terminal Value 5,347.70
Present Value of Terminal Value 3,883.09

Intrinsic Value

Enterprise Value 4,645.29
Net Debt 418.02
Equity Value 4,227.27
Shares Outstanding 155.85
Equity Value Per Share 27.12