Discounted Cash Flow (DCF) Analysis Levered

Upland Software, Inc. (UPLD)

$2.81

-0.12 (-4.10%)
All numbers are in Millions, Currency in USD
Stock DCF: 39.46 | 2.81 | undervalue

Free Cash Flow

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 222.64291.78302.02317.30297.85322.79349.82379.12410.87445.27
Revenue (%)
Operating Cash Flow 12.0835.6241.7429.9849.9437.2340.3543.7347.3951.36
Operating Cash Flow (%)
Capital Expenditure -1.74-1.31-1.12-0.87-1.22-1.47-1.60-1.73-1.88-2.03
Capital Expenditure (%)
Free Cash Flow 10.3434.3040.6229.1148.7235.7638.754245.5149.32

Weighted Average Cost Of Capital

Share price $ 2.81
Beta 1.056
Diluted Shares Outstanding 32.07
Cost of Debt
Tax Rate 1.37
After-tax Cost of Debt 4.10%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.143
Total Debt 598.26
Total Equity 90.13
Total Capital 688.39
Debt Weighting 86.91
Equity Weighting 13.09
Wacc

Build Up Free Cash Flow

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 222.64291.78302.02317.30297.85322.79349.82379.12410.87445.27
Operating Cash Flow 12.0835.6241.7429.9849.9437.2340.3543.7347.3951.36
Capital Expenditure -1.74-1.31-1.12-0.87-1.22-1.47-1.60-1.73-1.88-2.03
Free Cash Flow 10.3434.3040.6229.1148.7235.7638.754245.5149.32
WACC
PV LFCF 34.1335.3136.5337.7939.09
SUM PV LFCF 182.85

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.76
Free cash flow (t + 1) 50.31
Terminal Value 1,822.81
Present Value of Terminal Value 1,444.66

Intrinsic Value

Enterprise Value 1,627.50
Net Debt 361.70
Equity Value 1,265.80
Shares Outstanding 32.07
Equity Value Per Share 39.46