Discounted Cash Flow (DCF) Analysis Levered
Citrix Systems, Inc. (CTXS)
$103.9
+0.04 (+0.04%)
All numbers are in Millions, Currency in USD
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 | 2,824.69 | 2,973.90 | 3,010.56 | 3,236.70 | 3,217.17 | 3,325.13 | 3,436.72 | 3,552.05 | 3,671.25 | 3,794.45 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 908.28 | 1,035.35 | 783.07 | 935.81 | 671.65 | 949.46 | 981.32 | 1,014.25 | 1,048.29 | 1,083.46 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -88.28 | -72.56 | -66.95 | -50.02 | -95.56 | -81.83 | -84.58 | -87.42 | -90.35 | -93.38 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 820 | 962.78 | 716.12 | 885.79 | 576.09 | 867.62 | 896.74 | 926.83 | 957.94 | 990.08 |
Weighted Average Cost Of Capital
| Share price | $ 103.9 |
|---|---|
| Beta | 0.077 |
| Diluted Shares Outstanding | 126.26 |
| Cost of Debt | |
| Tax Rate | -83.97 |
| After-tax Cost of Debt | 2.63% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 4.842 |
| Total Debt | 3,492.34 |
| Total Equity | 13,118.31 |
| Total Capital | 16,610.65 |
| Debt Weighting | 21.02 |
| Equity Weighting | 78.98 |
| 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 | 2,824.69 | 2,973.90 | 3,010.56 | 3,236.70 | 3,217.17 | 3,325.13 | 3,436.72 | 3,552.05 | 3,671.25 | 3,794.45 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 908.28 | 1,035.35 | 783.07 | 935.81 | 671.65 | 949.46 | 981.32 | 1,014.25 | 1,048.29 | 1,083.46 |
| Capital Expenditure | -88.28 | -72.56 | -66.95 | -50.02 | -95.56 | -81.83 | -84.58 | -87.42 | -90.35 | -93.38 |
| Free Cash Flow | 820 | 962.78 | 716.12 | 885.79 | 576.09 | 867.62 | 896.74 | 926.83 | 957.94 | 990.08 |
| WACC | ||||||||||
| PV LFCF | 831.22 | 823.06 | 814.99 | 806.99 | 799.07 | |||||
| SUM PV LFCF | 4,075.32 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.38 |
| Free cash flow (t + 1) | 1,009.88 |
| Terminal Value | 42,432.14 |
| Present Value of Terminal Value | 34,245.89 |
Intrinsic Value
| Enterprise Value | 38,321.21 |
|---|---|
| Net Debt | 2,978.35 |
| Equity Value | 35,342.87 |
| Shares Outstanding | 126.26 |
| Equity Value Per Share | 279.92 |