Discounted Cash Flow (DCF) Analysis Levered

Citrix Systems, Inc. (CTXS)

$99.27

-0.19 (-0.19%)
All numbers are in Millions, Currency in USD
Stock DCF: 808.21 | 99.27 | undervalue

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 2,824.692,973.903,010.563,236.703,217.173,325.133,436.723,552.053,671.253,794.45
Revenue (%)
Operating Cash Flow 908.281,035.35783.07935.81671.65949.46981.321,014.251,048.291,083.46
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 820962.78716.12885.79576.09867.62896.74926.83957.94990.08

Weighted Average Cost Of Capital

Share price $ 99.27
Beta 0.031
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 2.933
Total Debt 3,492.34
Total Equity 12,533.73
Total Capital 16,026.07
Debt Weighting 21.79
Equity Weighting 78.21
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 2,824.692,973.903,010.563,236.703,217.173,325.133,436.723,552.053,671.253,794.45
Operating Cash Flow 908.281,035.35783.07935.81671.65949.46981.321,014.251,048.291,083.46
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 820962.78716.12885.79576.09867.62896.74926.83957.94990.08
WACC
PV LFCF 843.42847.40851.40855.42859.46
SUM PV LFCF 4,257.11

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 2.87
Free cash flow (t + 1) 1,009.88
Terminal Value 116,078.73
Present Value of Terminal Value 100,764.82

Intrinsic Value

Enterprise Value 105,021.94
Net Debt 2,978.35
Equity Value 102,043.59
Shares Outstanding 126.26
Equity Value Per Share 808.21