Discounted Cash Flow (DCF) Analysis Unlevered

AppFolio, Inc. (APPF)

$104.72

-4.68 (-4.28%)
All numbers are in Millions, Currency in USD
Stock DCF: - | 104.72 | undervalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 143.80190.07256.01310.06359.37452.70570.27718.37904.941,139.95
Revenue (%)
EBITDA 22.4734.9631.35227.3233.97116.83147.17185.39233.54294.19
EBITDA (%)
EBIT 9.7720.394.82196.831.7375.4895.09119.78150.89190.08
EBIT (%)
Depreciation 12.7014.5826.5230.4932.2341.3452.0865.6182.64104.11
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 45.9190.7138.69168.52122.45165.85208.93263.19331.54417.64
Total Cash (%)
Account Receivables 3.395.527.5610.0612.5913.5417.0621.4927.0734.11
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 0.611.481.931.041.702.503.153.975.016.31
Accounts Payable (%)
Capital Expenditure -12.67-14.41-29.08-45.08-32.72-46.53-58.62-73.84-93.01-117.17
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 104.72
Beta 1.055
Diluted Shares Outstanding 35.71
Cost of Debt
Tax Rate 40.72
After-tax Cost of Debt -%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.784
Total Debt 55.73
Total Equity 3,739.87
Total Capital 3,795.60
Debt Weighting 1.47
Equity Weighting 98.53
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 143.80190.07256.01310.06359.37452.70570.27718.37904.941,139.95
EBITDA 22.4734.9631.35227.3233.97116.83147.17185.39233.54294.19
EBIT 9.7720.394.82196.831.7375.4895.09119.78150.89190.08
Tax Rate 0.59%2.06%-652.27%19.52%40.72%-117.88%-117.88%-117.88%-117.88%-117.88%
EBIAT 9.7219.9736.28158.401.03164.46207.17260.98328.76414.14
Depreciation 12.7014.5826.5230.4932.2341.3452.0865.6182.64104.11
Accounts Receivable --2.13-2.05-2.50-2.54-0.95-3.52-4.43-5.58-7.03
Inventories ----------
Accounts Payable -0.870.45-0.890.660.800.650.821.031.30
Capital Expenditure -12.67-14.41-29.08-45.08-32.72-46.53-58.62-73.84-93.01-117.17
UFCF 9.7518.8832.13140.43-1.33159.13197.77249.14313.84395.34
WACC
PV UFCF -----
SUM PV UFCF -

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) -
Free cash flow (t + 1) 403.25
Terminal Value -
Present Value of Terminal Value -

Intrinsic Value

Enterprise Value -
Net Debt -2.11
Equity Value -
Shares Outstanding 35.71
Equity Value Per Share -