Discounted Cash Flow (DCF) Analysis Unlevered

Appian Corporation (APPN)

$40.83

-0.32 (-0.78%)
All numbers are in Millions, Currency in USD
Stock DCF: -31.04 | 40.83 | overvalue

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 176.74226.74260.35304.57369.26444.35534.71643.44774.28931.73
Revenue (%)
EBITDA -28.89-46.99-44.79-26.26-81.75-75.57-90.94-109.43-131.68-158.46
EBITDA (%)
EBIT -29.77-49.01-49.53-32.12-87.49-81.51-98.09-118.04-142.04-170.92
EBIT (%)
Depreciation 0.892.024.745.855.745.957.158.6110.3612.47
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 73.7694.93159.75222.29155.98231.22278.24334.83402.91484.84
Total Cash (%)
Account Receivables 55.3179.3870.4197.28130.05142.64171.65206.56248.56299.10
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 5.239.255.222.975.7710.2912.3814.9017.9321.57
Accounts Payable (%)
Capital Expenditure -0.43-7.01-32.42-1.25-6.06-15.86-19.08-22.96-27.63-33.25
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 40.83
Beta 1.598
Diluted Shares Outstanding 69.05
Cost of Debt
Tax Rate -0.89
After-tax Cost of Debt 0.65%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.347
Total Debt 56.89
Total Equity 2,819.33
Total Capital 2,876.23
Debt Weighting 1.98
Equity Weighting 98.02
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 176.74226.74260.35304.57369.26444.35534.71643.44774.28931.73
EBITDA -28.89-46.99-44.79-26.26-81.75-75.57-90.94-109.43-131.68-158.46
EBIT -29.77-49.01-49.53-32.12-87.49-81.51-98.09-118.04-142.04-170.92
Tax Rate -2.52%-0.49%-1.64%-2.71%-0.89%-1.65%-1.65%-1.65%-1.65%-1.65%
EBIAT -30.52-49.25-50.34-32.99-88.27-82.86-99.71-119.98-144.38-173.74
Depreciation 0.892.024.745.855.745.957.158.6110.3612.47
Accounts Receivable --24.078.98-26.87-32.77-12.60-29.01-34.91-42-50.54
Inventories ----------
Accounts Payable -4.02-4.03-2.252.804.522.092.523.033.65
Capital Expenditure -0.43-7.01-32.42-1.25-6.06-15.86-19.08-22.96-27.63-33.25
UFCF -30.07-74.29-73.07-57.51-118.55-100.84-138.55-166.72-200.62-241.42
WACC
PV UFCF -90.73-112.17-121.44-131.49-142.37
SUM PV UFCF -598.21

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 11.14
Free cash flow (t + 1) -246.25
Terminal Value -2,694.19
Present Value of Terminal Value -1,588.83

Intrinsic Value

Enterprise Value -2,187.03
Net Debt -43.90
Equity Value -2,143.13
Shares Outstanding 69.05
Equity Value Per Share -31.04