Discounted Cash Flow (DCF) Analysis Unlevered

Axway Software SA (AXW.PA)

15.95 €

-0.15 (-0.93%)
All numbers are in Millions, Currency in USD
Stock DCF: 28.28 | 15.95 | 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 299.85283.83299.96297.23285.55282.34279.16276.02272.92269.85
Revenue (%)
EBITDA 41.8830.4634.4634.9938.0734.6134.2233.8333.4533.08
EBITDA (%)
EBIT 29.7117.5613.9715.0517.8918.1117.9117.7117.5117.31
EBIT (%)
Depreciation 12.1712.9020.4819.9420.1816.4916.3116.1215.9415.76
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 28.1535.7821.0916.1625.3624.4724.2023.9323.6623.39
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 0.180.090.140.140.130.130.130.130.120.12
Inventories (%)
Accounts Payable 13.9615.4416.622.922.259.839.729.619.509.39
Accounts Payable (%)
Capital Expenditure -4.19-4.37-4.55-7.75-2.83-4.55-4.50-4.45-4.40-4.35
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 15.95
Beta 0.449
Diluted Shares Outstanding 22.36
Cost of Debt
Tax Rate 41.85
After-tax Cost of Debt 0.84%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.682
Total Debt 95.38
Total Equity 356.62
Total Capital 452
Debt Weighting 21.10
Equity Weighting 78.90
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 299.85283.83299.96297.23285.55282.34279.16276.02272.92269.85
EBITDA 41.8830.4634.4634.9938.0734.6134.2233.8333.4533.08
EBIT 29.7117.5613.9715.0517.8918.1117.9117.7117.5117.31
Tax Rate 84.51%33.88%55.61%37.56%41.85%50.68%50.68%50.68%50.68%50.68%
EBIAT 4.6011.616.209.3910.408.938.838.738.648.54
Depreciation 12.1712.9020.4819.9420.1816.4916.3116.1215.9415.76
Accounts Receivable ----------
Inventories -0.09-0.0500.0100000
Accounts Payable -1.481.18-13.70-0.677.58-0.11-0.11-0.11-0.11
Capital Expenditure -4.19-4.37-4.55-7.75-2.83-4.55-4.50-4.45-4.40-4.35
UFCF 12.5821.7023.267.8927.0928.4620.5420.3120.0819.85
WACC
PV UFCF 27.2018.7517.7116.7315.81
SUM PV UFCF 96.20

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.66
Free cash flow (t + 1) 20.25
Terminal Value 761.21
Present Value of Terminal Value 606.18

Intrinsic Value

Enterprise Value 702.38
Net Debt 70.03
Equity Value 632.35
Shares Outstanding 22.36
Equity Value Per Share 28.28