Discounted Cash Flow (DCF) Analysis Levered
Tufin Software Technologies Ltd. (TUFN)
$12.94
+0.32 (+2.54%)
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 | $ 12.94 |
|---|---|
| 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 | 7.743 |
| Total Debt | 21.27 |
| Total Equity | 461.62 |
| Total Capital | 482.90 |
| Debt Weighting | 4.41 |
| Equity Weighting | 95.59 |
| 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 | -10.47 | -11.21 | -12 | -12.84 | -13.75 | |||||
| SUM PV LFCF | -60.27 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.62 |
| Free cash flow (t + 1) | -20.25 |
| Terminal Value | -360.31 |
| Present Value of Terminal Value | -249.58 |
Intrinsic Value
| Enterprise Value | -309.85 |
|---|---|
| Net Debt | -23.16 |
| Equity Value | -286.69 |
| Shares Outstanding | 35.67 |
| Equity Value Per Share | -8.04 |