Discounted Cash Flow (DCF) Analysis Levered
Udemy, Inc. (UDMY)
$8.58
-0.09 (-1.04%)
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 | 276.33 | 429.90 | 518.16 | 629.10 | 833.59 | 1,104.55 | 1,463.59 | 1,939.34 | 2,569.73 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | |||||||||
| Operating Cash Flow | -16.45 | 9.62 | -7.10 | -60.96 | -30.79 | -40.80 | -54.07 | -71.64 | -94.93 |
| Operating Cash Flow (%) | |||||||||
| Capital Expenditure | -11.12 | -14.54 | -18.20 | -15.72 | -27.96 | -37.05 | -49.10 | -65.06 | -86.21 |
| Capital Expenditure (%) | |||||||||
| Free Cash Flow | -27.58 | -4.91 | -25.31 | -76.68 | -58.76 | -77.86 | -103.17 | -136.70 | -181.14 |
Weighted Average Cost Of Capital
| Share price | $ 8.58 |
|---|---|
| Beta | 0.000 |
| Diluted Shares Outstanding | 140.87 |
| Cost of Debt | |
| Tax Rate | -1.51 |
| After-tax Cost of Debt | 31.72% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 3.528 |
| Total Debt | 13.55 |
| Total Equity | 1,208.69 |
| Total Capital | 1,222.24 |
| Debt Weighting | 1.11 |
| Equity Weighting | 98.89 |
| 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 | 276.33 | 429.90 | 518.16 | 629.10 | 833.59 | 1,104.55 | 1,463.59 | 1,939.34 | 2,569.73 |
|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -16.45 | 9.62 | -7.10 | -60.96 | -30.79 | -40.80 | -54.07 | -71.64 | -94.93 |
| Capital Expenditure | -11.12 | -14.54 | -18.20 | -15.72 | -27.96 | -37.05 | -49.10 | -65.06 | -86.21 |
| Free Cash Flow | -27.58 | -4.91 | -25.31 | -76.68 | -58.76 | -77.86 | -103.17 | -136.70 | -181.14 |
| WACC | |||||||||
| PV LFCF | -58.76 | -74.98 | -95.68 | -122.09 | -155.79 | ||||
| SUM PV LFCF | -488.54 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 3.84 |
| Free cash flow (t + 1) | -184.76 |
| Terminal Value | -10,041.27 |
| Present Value of Terminal Value | -8,316.97 |
Intrinsic Value
| Enterprise Value | -8,805.51 |
|---|---|
| Net Debt | -300.14 |
| Equity Value | -8,505.37 |
| Shares Outstanding | 140.87 |
| Equity Value Per Share | -60.38 |