Discounted Cash Flow (DCF) Analysis Levered
Tufin Software Technologies Ltd. (TUFN)
$12.35
+0.02 (+0.16%)
All numbers are in Millions, Currency in USD
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 | 64.54 | 84.98 | 103.27 | 100.83 | 110.95 | 127.83 | 147.28 | 169.69 | 195.52 | 225.27 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | -0.43 | 4.63 | -9.62 | -17.44 | -14.24 | -8.86 | -10.21 | -11.77 | -13.56 | -15.62 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -0.89 | -1.69 | -2.55 | -2.07 | -1.68 | -2.40 | -2.77 | -3.19 | -3.68 | -4.23 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | -1.32 | 2.94 | -12.17 | -19.51 | -15.92 | -11.27 | -12.98 | -14.96 | -17.23 | -19.85 |
Weighted Average Cost Of Capital
Share price | $ 12.35 |
---|---|
Beta | 0.874 |
Diluted Shares Outstanding | 35.67 |
Cost of Debt | |
Tax Rate | 1.35 |
After-tax Cost of Debt | 4.93% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 7.004 |
Total Debt | 21.27 |
Total Equity | 440.57 |
Total Capital | 461.85 |
Debt Weighting | 4.61 |
Equity Weighting | 95.39 |
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 | 64.54 | 84.98 | 103.27 | 100.83 | 110.95 | 127.83 | 147.28 | 169.69 | 195.52 | 225.27 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | -0.43 | 4.63 | -9.62 | -17.44 | -14.24 | -8.86 | -10.21 | -11.77 | -13.56 | -15.62 |
Capital Expenditure | -0.89 | -1.69 | -2.55 | -2.07 | -1.68 | -2.40 | -2.77 | -3.19 | -3.68 | -4.23 |
Free Cash Flow | -1.32 | 2.94 | -12.17 | -19.51 | -15.92 | -11.27 | -12.98 | -14.96 | -17.23 | -19.85 |
WACC | ||||||||||
PV LFCF | -10.54 | -11.36 | -12.24 | -13.19 | -14.21 | |||||
SUM PV LFCF | -61.54 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 6.91 |
Free cash flow (t + 1) | -20.25 |
Terminal Value | -412.42 |
Present Value of Terminal Value | -295.29 |
Intrinsic Value
Enterprise Value | -356.82 |
---|---|
Net Debt | -23.16 |
Equity Value | -333.66 |
Shares Outstanding | 35.67 |
Equity Value Per Share | -9.35 |