Discounted Cash Flow (DCF) Analysis Unlevered

Cornerstone OnDemand, Inc. (CSOD)

$57.49

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: -36.40 | 57.49 | overvalue

Operating Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 423.12481.98537.89576.52740.92854.29985.011,135.731,309.521,509.90
Revenue (%)
EBITDA -20.31-9.4532.1961.7993.2638.4944.3851.175968.03
EBITDA (%)
EBIT -52.71-44.83-3.0720.20-23.73-37.64-43.39-50.03-57.69-66.52
EBIT (%)
Depreciation 32.3935.3835.2641.60116.9976.1387.77101.21116.69134.55
Depreciation (%)

Balance Sheet Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Total Cash 302.09563.13388.33417.49161.72605.97698.70805.61928.881,071.02
Total Cash (%)
Account Receivables 136.66154.43125.30131.11221.46239.65276.32318.60367.35423.56
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 24.3917.6411.923.801.4221.3424.6128.3832.7237.72
Accounts Payable (%)
Capital Expenditure -22.64-27.67-40.41-42.70-32.86-52.02-59.98-69.16-79.74-91.94
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 57.49
Beta 1.268
Diluted Shares Outstanding 66.09
Cost of Debt
Tax Rate 53.91
After-tax Cost of Debt 2.42%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.790
Total Debt 1,197.12
Total Equity 3,799.63
Total Capital 4,996.75
Debt Weighting 23.96
Equity Weighting 76.04
Wacc

Build Up Free Cash

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 423.12481.98537.89576.52740.92854.29985.011,135.731,309.521,509.90
EBITDA -20.31-9.4532.1961.7993.2638.4944.3851.175968.03
EBIT -52.71-44.83-3.0720.20-23.73-37.64-43.39-50.03-57.69-66.52
Tax Rate -1.84%-2.93%-8.30%-197.21%53.91%-31.28%-31.28%-31.28%-31.28%-31.28%
EBIAT -53.68-46.14-3.3360.02-10.94-49.41-56.97-65.68-75.73-87.32
Depreciation 32.3935.3835.2641.60116.9976.1387.77101.21116.69134.55
Accounts Receivable --17.7729.13-5.81-90.36-18.19-36.67-42.28-48.75-56.21
Inventories ----------
Accounts Payable --6.75-5.72-8.12-2.3819.923.273.774.345.01
Capital Expenditure -22.64-27.67-40.41-42.70-32.86-52.02-59.98-69.16-79.74-91.94
UFCF -43.92-62.9614.9445-19.55-23.57-62.57-72.15-83.19-95.92
WACC
PV UFCF -21.82-53.62-57.23-61.08-65.19
SUM PV UFCF -258.93

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.03
Free cash flow (t + 1) -97.84
Terminal Value -1,622.51
Present Value of Terminal Value -1,102.72

Intrinsic Value

Enterprise Value -1,361.65
Net Debt 1,043.96
Equity Value -2,405.61
Shares Outstanding 66.09
Equity Value Per Share -36.40