Discounted Cash Flow (DCF) Analysis Levered
Ciena Corporation (CIEN)
$47.16
-0.10 (-0.21%)
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 | 3,094.29 | 3,572.13 | 3,532.16 | 3,620.68 | 3,632.66 | 3,788.51 | 3,951.05 | 4,120.55 | 4,297.33 | 4,481.70 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 229.26 | 413.14 | 493.65 | 541.65 | -167.76 | 328.03 | 342.10 | 356.78 | 372.09 | 388.05 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -67.62 | -62.58 | -82.67 | -79.55 | -90.82 | -83.15 | -86.72 | -90.44 | -94.32 | -98.37 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 161.65 | 350.56 | 410.99 | 462.10 | -258.57 | 244.87 | 255.38 | 266.34 | 277.76 | 289.68 |
Weighted Average Cost Of Capital
| Share price | $ 47.16 |
|---|---|
| Beta | 0.969 |
| Diluted Shares Outstanding | 152.19 |
| Cost of Debt | |
| Tax Rate | 16.22 |
| After-tax Cost of Debt | 3.49% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.281 |
| Total Debt | 1,129.37 |
| Total Equity | 7,177.42 |
| Total Capital | 8,306.79 |
| Debt Weighting | 13.60 |
| Equity Weighting | 86.40 |
| 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 | 3,094.29 | 3,572.13 | 3,532.16 | 3,620.68 | 3,632.66 | 3,788.51 | 3,951.05 | 4,120.55 | 4,297.33 | 4,481.70 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 229.26 | 413.14 | 493.65 | 541.65 | -167.76 | 328.03 | 342.10 | 356.78 | 372.09 | 388.05 |
| Capital Expenditure | -67.62 | -62.58 | -82.67 | -79.55 | -90.82 | -83.15 | -86.72 | -90.44 | -94.32 | -98.37 |
| Free Cash Flow | 161.65 | 350.56 | 410.99 | 462.10 | -258.57 | 244.87 | 255.38 | 266.34 | 277.76 | 289.68 |
| WACC | ||||||||||
| PV LFCF | 225.71 | 216.97 | 208.57 | 200.50 | 192.74 | |||||
| SUM PV LFCF | 1,044.50 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 8.49 |
| Free cash flow (t + 1) | 295.47 |
| Terminal Value | 4,552.74 |
| Present Value of Terminal Value | 3,029.17 |
Intrinsic Value
| Enterprise Value | 4,073.67 |
|---|---|
| Net Debt | 135.02 |
| Equity Value | 3,938.65 |
| Shares Outstanding | 152.19 |
| Equity Value Per Share | 25.88 |