Discounted Cash Flow (DCF) Analysis Levered
Workday, Inc. (WDAY)
$230.82
+0.65 (+0.28%)
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 | -212.96 | -244.54 | -256.33 | -272.27 | -360.25 | -474.54 | -578.39 | -704.97 | -859.24 | -1,047.28 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 393.70 | 620.05 | 1,012.11 | 1,378.43 | 1,296.94 | 1,548.15 | 1,886.95 | 2,299.90 | 2,803.22 | 3,416.68 |
Weighted Average Cost Of Capital
| Share price | $ 230.82 |
|---|---|
| Beta | 1.262 |
| Diluted Shares Outstanding | 254.82 |
| Cost of Debt | |
| Tax Rate | -41.08 |
| After-tax Cost of Debt | 3.15% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.392 |
| Total Debt | 3,249.08 |
| Total Equity | 58,817.32 |
| Total Capital | 62,066.40 |
| Debt Weighting | 5.23 |
| Equity Weighting | 94.77 |
| 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 | -212.96 | -244.54 | -256.33 | -272.27 | -360.25 | -474.54 | -578.39 | -704.97 | -859.24 | -1,047.28 |
| Free Cash Flow | 393.70 | 620.05 | 1,012.11 | 1,378.43 | 1,296.94 | 1,548.15 | 1,886.95 | 2,299.90 | 2,803.22 | 3,416.68 |
| WACC | ||||||||||
| PV LFCF | 1,407.28 | 1,559.18 | 1,727.48 | 1,913.94 | 2,120.53 | |||||
| SUM PV LFCF | 8,728.41 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 10.01 |
| Free cash flow (t + 1) | 3,485.01 |
| Terminal Value | 43,508.28 |
| Present Value of Terminal Value | 27,002.94 |
Intrinsic Value
| Enterprise Value | 35,731.35 |
|---|---|
| Net Debt | 1,362.77 |
| Equity Value | 34,368.59 |
| Shares Outstanding | 254.82 |
| Equity Value Per Share | 134.87 |