Discounted Cash Flow (DCF) Analysis Unlevered

Alkami Technology, Inc. (ALKT)

$16.19

-0.20 (-1.22%)
All numbers are in Millions, Currency in USD
Stock DCF: -261.82 | 16.19 | overvalue

Operating Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 73.54112.14152.16219.24315.90455.17655.83944.97
Revenue (%)
EBITDA -39.53-48.09-42.02-90.81-130.84-188.52-271.64-391.40
EBITDA (%)
EBIT -41.76-50.87-45.46-96.48-139.02-200.30-288.61-415.85
EBIT (%)
Depreciation 2.232.773.445.678.1811.7816.9724.46
Depreciation (%)

Balance Sheet Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 11.98166.79308.58268.81387.32558.07804.111,158.61
Total Cash (%)
Account Receivables 9.8114.1020.8228.9441.6960.0786.56124.72
Account Receivables (%)
Inventories --------
Inventories (%)
Accounts Payable 0.350.363.652.343.374.86710.08
Accounts Payable (%)
Capital Expenditure -3.69-2.15-3.70-6.84-9.86-14.20-20.46-29.48
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 16.19
Beta 0.000
Diluted Shares Outstanding 83.14
Cost of Debt
Tax Rate -0.37
After-tax Cost of Debt 4.82%
Risk-Free Rate
Market Risk Premium
Cost of Equity 3.826
Total Debt 24.62
Total Equity 1,345.96
Total Capital 1,370.58
Debt Weighting 1.80
Equity Weighting 98.20
Wacc

Build Up Free Cash

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 73.54112.14152.16219.24315.90455.17655.83944.97
EBITDA -39.53-48.09-42.02-90.81-130.84-188.52-271.64-391.40
EBIT -41.76-50.87-45.46-96.48-139.02-200.30-288.61-415.85
Tax Rate 0.00%0.00%-0.37%-0.12%-0.12%-0.12%-0.12%-0.12%
EBIAT -41.76-50.87-45.63-96.60-139.19-200.55-288.97-416.36
Depreciation 2.232.773.445.678.1811.7816.9724.46
Accounts Receivable --4.30-6.72-8.12-12.76-18.38-26.48-38.16
Inventories --------
Accounts Payable -0.013.29-1.311.031.492.143.08
Capital Expenditure -3.69-2.15-3.70-6.84-9.86-14.20-20.46-29.48
UFCF -43.22-54.53-49.31-107.19-152.59-219.87-316.80-456.47
WACC
PV UFCF -111.31-152.59-211.74-293.80-407.68
SUM PV UFCF -1,091.67

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 3.84
Free cash flow (t + 1) -465.60
Terminal Value -25,304.18
Present Value of Terminal Value -20,958.92

Intrinsic Value

Enterprise Value -22,050.59
Net Debt -283.96
Equity Value -21,766.62
Shares Outstanding 83.14
Equity Value Per Share -261.82