Discounted Cash Flow (DCF) Analysis Levered

Commvault Systems, Inc. (CVLT)

$69.22

+1.13 (+1.66%)

All numbers are in Millions, Currency in USD

Stock DCF: 65.26 | 69.22 | overvalue

Free Cash Flow

Year A/P	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Actual	2024 Projected	2025 Projected	2026 Projected	2027 Projected	2028 Projected
Revenue	710.96	670.88	723.47	769.59	784.59	805.24	826.43	848.17	870.49	893.40
Revenue (%)
Operating Cash Flow	110.18	88.46	123.96	177.18	170.29	145.82	149.66	153.59	157.63	161.78
Operating Cash Flow (%)
Capital Expenditure	-6.56	-3.20	-8.18	-3.91	-3.24	-5.56	-5.70	-5.85	-6.01	-6.17
Capital Expenditure (%)
Free Cash Flow	103.62	85.26	115.78	173.27	167.05	140.26	143.95	147.74	151.63	155.62

Weighted Average Cost Of Capital

Share price	$ 69.22
Beta	0.614
Diluted Shares Outstanding	44.66
Cost of Debt
Tax Rate	-132.87
After-tax Cost of Debt	3.69%
Risk-Free Rate
Market Risk Premium
Cost of Equity	7.442
Total Debt	12.78
Total Equity	3,091.64
Total Capital	3,104.42
Debt Weighting	0.41
Equity Weighting	99.59
Wacc

Build Up Free Cash Flow

Year A/P	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Actual	2024 Projected	2025 Projected	2026 Projected	2027 Projected	2028 Projected
Revenue	710.96	670.88	723.47	769.59	784.59	805.24	826.43	848.17	870.49	893.40
Operating Cash Flow	110.18	88.46	123.96	177.18	170.29	145.82	149.66	153.59	157.63	161.78
Capital Expenditure	-6.56	-3.20	-8.18	-3.91	-3.24	-5.56	-5.70	-5.85	-6.01	-6.17
Free Cash Flow	103.62	85.26	115.78	173.27	167.05	140.26	143.95	147.74	151.63	155.62
WACC
PV LFCF						130.56	124.73	119.16	113.83	108.75
SUM PV LFCF										597.03

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	7.43
Free cash flow (t + 1)	158.73
Terminal Value	2,923.17
Present Value of Terminal Value	2,042.80

Intrinsic Value

Enterprise Value	2,639.83
Net Debt	-275
Equity Value	2,914.83
Shares Outstanding	44.66
Equity Value Per Share	65.26