Discounted Cash Flow (DCF) Analysis Levered
Workday, Inc. (WDAY)
$189.995
-0.65 (-0.34%)
All numbers are in Millions, Currency in USD
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 | 2,822.18 | 3,627.21 | 4,318 | 5,138.80 | 6,215.82 | 7,576.10 | 9,234.08 | 11,254.89 | 13,717.95 | 16,720.02 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 606.66 | 864.60 | 1,268.44 | 1,650.70 | 1,657.20 | 2,022.69 | 2,465.34 | 3,004.87 | 3,662.46 | 4,463.96 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -181.18 | -99.31 | -256.33 | -272.27 | -359.55 | -396.64 | -483.44 | -589.24 | -718.19 | -875.36 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 425.48 | 765.29 | 1,012.11 | 1,378.43 | 1,297.64 | 1,626.05 | 1,981.90 | 2,415.63 | 2,944.27 | 3,588.61 |
Weighted Average Cost Of Capital
| Share price | $ 189.995 |
|---|---|
| Beta | 1.259 |
| Diluted Shares Outstanding | 254.82 |
| Cost of Debt | |
| Tax Rate | -41.08 |
| After-tax Cost of Debt | 5.00% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.525 |
| Total Debt | 3,249.08 |
| Total Equity | 48,414.34 |
| Total Capital | 51,663.41 |
| Debt Weighting | 6.29 |
| Equity Weighting | 93.71 |
| 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 | 2,822.18 | 3,627.21 | 4,318 | 5,138.80 | 6,215.82 | 7,576.10 | 9,234.08 | 11,254.89 | 13,717.95 | 16,720.02 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 606.66 | 864.60 | 1,268.44 | 1,650.70 | 1,657.20 | 2,022.69 | 2,465.34 | 3,004.87 | 3,662.46 | 4,463.96 |
| Capital Expenditure | -181.18 | -99.31 | -256.33 | -272.27 | -359.55 | -396.64 | -483.44 | -589.24 | -718.19 | -875.36 |
| Free Cash Flow | 425.48 | 765.29 | 1,012.11 | 1,378.43 | 1,297.64 | 1,626.05 | 1,981.90 | 2,415.63 | 2,944.27 | 3,588.61 |
| WACC | ||||||||||
| PV LFCF | 956.85 | 1,067.61 | 1,191.18 | 1,329.05 | 1,482.89 | |||||
| SUM PV LFCF | 9,376.73 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 9.24 |
| Free cash flow (t + 1) | 3,660.38 |
| Terminal Value | 50,557.70 |
| Present Value of Terminal Value | 32,499.66 |
Intrinsic Value
| Enterprise Value | 41,876.39 |
|---|---|
| Net Debt | 1,362.77 |
| Equity Value | 40,513.63 |
| Shares Outstanding | 254.82 |
| Equity Value Per Share | 158.99 |