Discounted Cash Flow (DCF) Analysis Levered

Commvault Systems, Inc. (CVLT)

$65.99

+3.81 (+6.13%)
All numbers are in Millions, Currency in USD
Stock DCF: 67.70 | 65.99 | 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 699.39710.96670.88723.47769.59789.27809.46830.16851.39873.17
Revenue (%)
Operating Cash Flow 84.17110.1888.46123.95177.18127.66130.93134.28137.71141.23
Operating Cash Flow (%)
Capital Expenditure -7.05-6.56-3.20-8.18-3.91-6.39-6.55-6.72-6.89-7.07
Capital Expenditure (%)
Free Cash Flow 77.12103.6285.26115.78173.27121.28124.38127.56130.82134.17

Weighted Average Cost Of Capital

Share price $ 65.99
Beta 0.658
Diluted Shares Outstanding 47.22
Cost of Debt
Tax Rate 22.55
After-tax Cost of Debt 0.53%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.230
Total Debt 16.05
Total Equity 3,116.05
Total Capital 3,132.10
Debt Weighting 0.51
Equity Weighting 99.49
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 699.39710.96670.88723.47769.59789.27809.46830.16851.39873.17
Operating Cash Flow 84.17110.1888.46123.95177.18127.66130.93134.28137.71141.23
Capital Expenditure -7.05-6.56-3.20-8.18-3.91-6.39-6.55-6.72-6.89-7.07
Free Cash Flow 77.12103.6285.26115.78173.27121.28124.38127.56130.82134.17
WACC
PV LFCF 114.20110.28106.50102.8499.32
SUM PV LFCF 533.14

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.20
Free cash flow (t + 1) 136.85
Terminal Value 3,258.36
Present Value of Terminal Value 2,412

Intrinsic Value

Enterprise Value 2,945.13
Net Debt -251.46
Equity Value 3,196.59
Shares Outstanding 47.22
Equity Value Per Share 67.70