Discounted Cash Flow (DCF) Analysis Unlevered

A10 Networks, Inc. (ATEN)

$13

+0.04 (+0.31%)
All numbers are in Millions, Currency in USD
Stock DCF: 1.75 | 13 | 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 235.43232.22212.63225.53250.04254.50259.04263.67268.37273.16
Revenue (%)
EBITDA -0.87-18.53-6.1530.4442.299.769.9310.1110.2910.48
EBITDA (%)
EBIT -9.38-26.41-16.1719.1433.39-0.57-0.58-0.59-0.60-0.61
EBIT (%)
Depreciation 8.517.8810.0311.308.9110.3310.5210.7010.9011.09
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 131.13128.37129.92158.13185.04160.95163.82166.74169.72172.75
Total Cash (%)
Account Receivables 48.2753.9753.5751.0561.7959.1960.2561.3262.4263.53
Account Receivables (%)
Inventories 17.5817.9322.3820.7322.4622.3422.7423.1423.5623.98
Inventories (%)
Accounts Payable 9.038.207.594.856.858.068.208.358.508.65
Accounts Payable (%)
Capital Expenditure -5.73-2.80-4.34-3.56-5.17-4.75-4.83-4.92-5.01-5.10
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 13
Beta 0.931
Diluted Shares Outstanding 80.02
Cost of Debt
Tax Rate -199.88
After-tax Cost of Debt 5.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.093
Total Debt -
Total Equity 1,040.25
Total Capital 1,040.25
Debt Weighting 0.00
Equity Weighting 100.00
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 235.43232.22212.63225.53250.04254.50259.04263.67268.37273.16
EBITDA -0.87-18.53-6.1530.4442.299.769.9310.1110.2910.48
EBIT -9.38-26.41-16.1719.1433.39-0.57-0.58-0.59-0.60-0.61
Tax Rate -12.63%-4.08%-8.57%6.91%-199.88%-43.65%-43.65%-43.65%-43.65%-43.65%
EBIAT -10.57-27.48-17.5617.82100.12-0.82-0.84-0.85-0.87-0.88
Depreciation 8.517.8810.0311.308.9110.3310.5210.7010.9011.09
Accounts Receivable --5.710.412.52-10.742.61-1.06-1.07-1.09-1.11
Inventories --0.35-4.451.65-1.730.12-0.40-0.41-0.41-0.42
Accounts Payable --0.83-0.61-2.7421.210.140.150.150.15
Capital Expenditure -5.73-2.80-4.34-3.56-5.17-4.75-4.83-4.92-5.01-5.10
UFCF -7.79-29.29-16.5326.9893.388.693.543.603.663.73
WACC
PV UFCF 8.043.032.852.682.53
SUM PV UFCF 19.13

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.09
Free cash flow (t + 1) 3.80
Terminal Value 62.44
Present Value of Terminal Value 42.32

Intrinsic Value

Enterprise Value 61.45
Net Debt -78.92
Equity Value 140.38
Shares Outstanding 80.02
Equity Value Per Share 1.75