Discounted Cash Flow (DCF) Analysis Levered
nCino, Inc. (NCNO)
$37
+1.44 (+4.05%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 91.53 | 138.18 | 204.29 | 273.87 | 395.15 | 570.15 | 822.66 | 1,186.98 | 1,712.66 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | |||||||||
| Operating Cash Flow | -4.59 | -9 | 9.22 | -19.23 | -13.86 | -20 | -28.86 | -41.64 | -60.08 |
| Operating Cash Flow (%) | |||||||||
| Capital Expenditure | -7.97 | -5.76 | -4.34 | -5.46 | -16.78 | -24.21 | -34.94 | -50.41 | -72.74 |
| Capital Expenditure (%) | |||||||||
| Free Cash Flow | -12.55 | -14.76 | 4.88 | -24.69 | -30.64 | -44.22 | -63.80 | -92.05 | -132.82 |
Weighted Average Cost Of Capital
| Share price | $ 37 |
|---|---|
| Beta | 0.802 |
| Diluted Shares Outstanding | 89.64 |
| Cost of Debt | |
| Tax Rate | 33.14 |
| After-tax Cost of Debt | 6.87% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 6.562 |
| Total Debt | 14.75 |
| Total Equity | 3,316.80 |
| Total Capital | 3,331.54 |
| Debt Weighting | 0.44 |
| Equity Weighting | 99.56 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 91.53 | 138.18 | 204.29 | 273.87 | 395.15 | 570.15 | 822.66 | 1,186.98 | 1,712.66 |
|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -4.59 | -9 | 9.22 | -19.23 | -13.86 | -20 | -28.86 | -41.64 | -60.08 |
| Capital Expenditure | -7.97 | -5.76 | -4.34 | -5.46 | -16.78 | -24.21 | -34.94 | -50.41 | -72.74 |
| Free Cash Flow | -12.55 | -14.76 | 4.88 | -24.69 | -30.64 | -44.22 | -63.80 | -92.05 | -132.82 |
| WACC | |||||||||
| PV LFCF | -30.64 | -41.49 | -56.19 | -76.08 | -103.01 | ||||
| SUM PV LFCF | -288.49 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.56 |
| Free cash flow (t + 1) | -135.48 |
| Terminal Value | -2,970.99 |
| Present Value of Terminal Value | -2,162.37 |
Intrinsic Value
| Enterprise Value | -2,450.86 |
|---|---|
| Net Debt | -73.27 |
| Equity Value | -2,377.59 |
| Shares Outstanding | 89.64 |
| Equity Value Per Share | -26.52 |