Discounted Cash Flow (DCF) Analysis Levered
Tyler Technologies, Inc. (TYL)
$398.22
+0.53 (+0.13%)
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 | 2028 Projected |
| Revenue | 1,086.43 | 1,116.66 | 1,592.29 | 1,850.20 | 2,229.95 | 2,687.65 | 3,239.28 | 3,904.13 | 4,705.45 | 5,671.23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 254.72 | 355.09 | 371.75 | 381.46 | 553.08 | 666.60 | 803.41 | 968.31 | 1,167.06 | 1,406.59 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -42.04 | -28.47 | -55.61 | -22.53 | -62.04 | -74.78 | -90.12 | -108.62 | -130.92 | -157.79 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 212.68 | 326.62 | 316.14 | 358.93 | 491.03 | 591.82 | 713.29 | 859.69 | 1,036.14 | 1,248.80 |
Weighted Average Cost Of Capital
| Share price | $ 398.22 |
|---|---|
| Beta | 0.838 |
| Diluted Shares Outstanding | 42.40 |
| Cost of Debt | |
| Tax Rate | 12.45 |
| After-tax Cost of Debt | 4.38% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.649 |
| Total Debt | 682.89 |
| Total Equity | 16,884.13 |
| Total Capital | 17,567.02 |
| Debt Weighting | 3.89 |
| Equity Weighting | 96.11 |
| 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 | 2028 Projected |
| Revenue | 1,086.43 | 1,116.66 | 1,592.29 | 1,850.20 | 2,229.95 | 2,687.65 | 3,239.28 | 3,904.13 | 4,705.45 | 5,671.23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 254.72 | 355.09 | 371.75 | 381.46 | 553.08 | 666.60 | 803.41 | 968.31 | 1,167.06 | 1,406.59 |
| Capital Expenditure | -42.04 | -28.47 | -55.61 | -22.53 | -62.04 | -74.78 | -90.12 | -108.62 | -130.92 | -157.79 |
| Free Cash Flow | 212.68 | 326.62 | 316.14 | 358.93 | 491.03 | 591.82 | 713.29 | 859.69 | 1,036.14 | 1,248.80 |
| WACC | ||||||||||
| PV LFCF | 491.03 | 550.43 | 617 | 691.63 | 775.28 | 869.06 | ||||
| SUM PV LFCF | 3,503.40 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.52 |
| Free cash flow (t + 1) | 1,273.78 |
| Terminal Value | 23,075.70 |
| Present Value of Terminal Value | 16,058.63 |
Intrinsic Value
| Enterprise Value | 19,562.03 |
|---|---|
| Net Debt | 552.05 |
| Equity Value | 19,009.98 |
| Shares Outstanding | 42.40 |
| Equity Value Per Share | 448.36 |