Discounted Cash Flow (DCF) Analysis Unlevered

Bill.com Holdings, Inc. (BILL)

$63.76

-0.78 (-1.21%)
All numbers are in Millions, Currency in USD
Stock DCF: -1,024.75 | 63.76 | overvalue

Operating Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 108.35157.60238.27641.961,058.471,934.213,534.526,458.8811,802.7821,568.04
Revenue (%)
EBITDA -3.49-29.94-102.96-229.31-200.10-464.43-848.69-1,550.87-2,834.01-5,178.78
EBITDA (%)
EBIT -6.64-34.20-113.97-316.82-295.77-591.71-1,081.28-1,975.89-3,610.69-6,598.07
EBIT (%)
Depreciation 3.154.2611.0187.5095.68127.28232.59425.03776.681,419.29
Depreciation (%)

Balance Sheet Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Total Cash 162.27697.621,164.932,705.042,660.266,785.3912,399.4122,658.3241,405.1575,662.55
Total Cash (%)
Account Receivables 9.1910.80173.43280.44486.88687.851,256.962,296.924,197.337,670.08
Account Receivables (%)
Inventories 0-6.55-155.21-256.393,355.91803.921,469.072,684.534,905.638,964.40
Inventories (%)
Accounts Payable 5.583.4811.909.958.5256.88103.93189.93347.07634.22
Accounts Payable (%)
Capital Expenditure -4.30-12.08-21.21-15.64-31.20-100.25-183.19-334.75-611.71-1,117.82
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 63.76
Beta 1.743
Diluted Shares Outstanding 105.98
Cost of Debt
Tax Rate -0.36
After-tax Cost of Debt 4.27%
Risk-Free Rate
Market Risk Premium
Cost of Equity 12.500
Total Debt 1,912.31
Total Equity 6,757.03
Total Capital 8,669.33
Debt Weighting 22.06
Equity Weighting 77.94
Wacc

Build Up Free Cash

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 108.35157.60238.27641.961,058.471,934.213,534.526,458.8811,802.7821,568.04
EBITDA -3.49-29.94-102.96-229.31-200.10-464.43-848.69-1,550.87-2,834.01-5,178.78
EBIT -6.64-34.20-113.97-316.82-295.77-591.71-1,081.28-1,975.89-3,610.69-6,598.07
Tax Rate 2.09%-0.17%29.15%1.31%-0.36%6.40%6.40%6.40%6.40%6.40%
EBIAT -6.51-34.26-80.75-312.68-296.85-553.83-1,012.05-1,849.39-3,379.53-6,175.65
Depreciation 3.154.2611.0187.5095.68127.28232.59425.03776.681,419.29
Accounts Receivable --1.61-162.63-107-206.45-200.97-569.11-1,039.97-1,900.41-3,472.75
Inventories -6.55148.66101.18-3,612.302,551.99-665.14-1,215.46-2,221.10-4,058.77
Accounts Payable --2.108.43-1.96-1.4348.3647.0685.99157.14287.15
Capital Expenditure -4.30-12.08-21.21-15.64-31.20-100.25-183.19-334.75-611.71-1,117.82
UFCF -7.65-39.23-96.49-248.59-4,052.551,872.58-2,149.84-3,928.55-7,178.92-13,118.55
WACC
PV UFCF 1,691.74-1,754.64-2,896.73-4,782.18-7,894.85
SUM PV UFCF -15,636.66

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.69
Free cash flow (t + 1) -13,380.92
Terminal Value -153,980.67
Present Value of Terminal Value -92,666.82

Intrinsic Value

Enterprise Value -108,303.48
Net Debt 295.15
Equity Value -108,598.63
Shares Outstanding 105.98
Equity Value Per Share -1,024.75