Discounted Cash Flow (DCF) Analysis Levered

Model N, Inc. (MODN)

$38.51

-0.33 (-0.85%)
All numbers are in Millions, Currency in USD
Stock DCF: 14.42 | 38.51 | overvalue

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 154.63141.24161.06193.45219.16240.41263.71289.28317.32348.08
Revenue (%)
Operating Cash Flow 2.5210.4514.4119.5925.2919.0620.9122.9325.1627.60
Operating Cash Flow (%)
Capital Expenditure -0.25-0.28-0.58-1.06-0.99-0.83-0.91-0.99-1.09-1.20
Capital Expenditure (%)
Free Cash Flow 2.2710.1713.8318.5324.2918.232021.9424.0726.40

Weighted Average Cost Of Capital

Share price $ 38.51
Beta 0.625
Diluted Shares Outstanding 36.74
Cost of Debt
Tax Rate -5.43
After-tax Cost of Debt 9.70%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.547
Total Debt 152.21
Total Equity 1,415.01
Total Capital 1,567.22
Debt Weighting 9.71
Equity Weighting 90.29
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 154.63141.24161.06193.45219.16240.41263.71289.28317.32348.08
Operating Cash Flow 2.5210.4514.4119.5925.2919.0620.9122.9325.1627.60
Capital Expenditure -0.25-0.28-0.58-1.06-0.99-0.83-0.91-0.99-1.09-1.20
Free Cash Flow 2.2710.1713.8318.5324.2918.232021.9424.0726.40
WACC
PV LFCF 17.0617.5217.9818.4618.95
SUM PV LFCF 89.99

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.85
Free cash flow (t + 1) 26.93
Terminal Value 555.20
Present Value of Terminal Value 398.64

Intrinsic Value

Enterprise Value 488.62
Net Debt -41.31
Equity Value 529.94
Shares Outstanding 36.74
Equity Value Per Share 14.42