Discounted Cash Flow (DCF) Analysis Levered

Mitek Systems, Inc. (MITK)

$9.29

-0.11 (-1.17%)
All numbers are in Millions, Currency in USD
Stock DCF: 33.65 | 9.29 | 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 45.3963.5684.59101.31119.80153.08195.61249.96319.40408.14
Revenue (%)
Operating Cash Flow 10.455.6314.2524.1237.3431.7540.5751.8466.2484.64
Operating Cash Flow (%)
Capital Expenditure -0.49-4.31-1.06-0.80-1.39-3.39-4.33-5.53-7.06-9.03
Capital Expenditure (%)
Free Cash Flow 9.961.3213.1923.3235.9528.3636.2446.3159.1775.61

Weighted Average Cost Of Capital

Share price $ 9.29
Beta 0.661
Diluted Shares Outstanding 45.08
Cost of Debt
Tax Rate 9.36
After-tax Cost of Debt 3.59%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.818
Total Debt 129.45
Total Equity 418.82
Total Capital 548.27
Debt Weighting 23.61
Equity Weighting 76.39
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 45.3963.5684.59101.31119.80153.08195.61249.96319.40408.14
Operating Cash Flow 10.455.6314.2524.1237.3431.7540.5751.8466.2484.64
Capital Expenditure -0.49-4.31-1.06-0.80-1.39-3.39-4.33-5.53-7.06-9.03
Free Cash Flow 9.961.3213.1923.3235.9528.3636.2446.3159.1775.61
WACC
PV LFCF 26.7432.2238.8146.7656.34
SUM PV LFCF 200.88

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.06
Free cash flow (t + 1) 77.13
Terminal Value 1,899.63
Present Value of Terminal Value 1,415.51

Intrinsic Value

Enterprise Value 1,616.38
Net Debt 99.14
Equity Value 1,517.25
Shares Outstanding 45.08
Equity Value Per Share 33.65