Discounted Cash Flow (DCF) Analysis Levered

Tenable Holdings, Inc. (TENB)

$34.8

+0.06 (+0.17%)
All numbers are in Millions, Currency in USD
Stock DCF: 3.48 | 34.8 | overvalue

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 187.73267.36354.59440.22541.13706.33921.971,203.451,570.852,050.42
Revenue (%)
Operating Cash Flow -6.27-2.56-10.7464.2396.7735.5346.3760.5379.01103.13
Operating Cash Flow (%)
Capital Expenditure -2.76-5.73-20.67-20.28-6.56-21.56-28.14-36.73-47.95-62.58
Capital Expenditure (%)
Free Cash Flow -9.02-8.29-31.4243.9590.2013.9718.2323.8031.0640.55

Weighted Average Cost Of Capital

Share price $ 34.8
Beta 1.319
Diluted Shares Outstanding 101.01
Cost of Debt
Tax Rate 7.81
After-tax Cost of Debt -1.50%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.031
Total Debt 422.09
Total Equity 3,515.11
Total Capital 3,937.21
Debt Weighting 10.72
Equity Weighting 89.28
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 187.73267.36354.59440.22541.13706.33921.971,203.451,570.852,050.42
Operating Cash Flow -6.27-2.56-10.7464.2396.7735.5346.3760.5379.01103.13
Capital Expenditure -2.76-5.73-20.67-20.28-6.56-21.56-28.14-36.73-47.95-62.58
Free Cash Flow -9.02-8.29-31.4243.9590.2013.9718.2323.8031.0640.55
WACC
PV LFCF 11.8014.1616.9920.3824.46
SUM PV LFCF 95.51

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.79
Free cash flow (t + 1) 41.36
Terminal Value 609.07
Present Value of Terminal Value 399.69

Intrinsic Value

Enterprise Value 495.20
Net Debt 144.09
Equity Value 351.10
Shares Outstanding 101.01
Equity Value Per Share 3.48