Discounted Cash Flow (DCF) Analysis Unlevered

CyberArk Software Ltd. (CYBR)

$263.76

+3.86 (+1.49%)
All numbers are in Millions, Currency in USD
Stock DCF: -147.02 | 263.76 | 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 433.89464.43502.92591.71751.89864.77994.591,143.901,315.631,513.14
Revenue (%)
EBITDA 72.9321.48-64.11-136.25-97.19-47.16-54.24-62.38-71.74-82.51
EBITDA (%)
EBIT 62.286.01-78.34-152.45-116.44-71.22-81.91-94.21-108.35-124.62
EBIT (%)
Depreciation 10.6515.4714.2316.2019.2524.0627.6831.8336.6142.11
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 1,064.84952.99926.43954.28993.421,605.391,846.402,123.592,442.392,809.06
Total Cash (%)
Account Receivables 72.9593.13113.21120.82186.47180.90208.06239.29275.22316.53
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 5.678.2510.0813.6410.9715.3117.6120.2523.2926.79
Accounts Payable (%)
Capital Expenditure -7.04-7.17-8.93-12.52-4.95-13.34-15.35-17.65-20.30-23.35
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 263.76
Beta 1.062
Diluted Shares Outstanding 41.66
Cost of Debt
Tax Rate -5.13
After-tax Cost of Debt 5.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.275
Total Debt 572.34
Total Equity 10,987.83
Total Capital 11,560.17
Debt Weighting 4.95
Equity Weighting 95.05
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 433.89464.43502.92591.71751.89864.77994.591,143.901,315.631,513.14
EBITDA 72.9321.48-64.11-136.25-97.19-47.16-54.24-62.38-71.74-82.51
EBIT 62.286.01-78.34-152.45-116.44-71.22-81.91-94.21-108.35-124.62
Tax Rate 10.02%-1,380.21%8.08%4.85%-5.13%-272.48%-272.48%-272.48%-272.48%-272.48%
EBIAT 56.0588.90-72-145.05-122.41-265.28-305.11-350.91-403.59-464.18
Depreciation 10.6515.4714.2316.2019.2524.0627.6831.8336.6142.11
Accounts Receivable --20.18-20.08-7.61-65.655.57-27.16-31.23-35.92-41.32
Inventories ----------
Accounts Payable -2.571.833.57-2.674.342.302.643.043.50
Capital Expenditure -7.04-7.17-8.93-12.52-4.95-13.34-15.35-17.65-20.30-23.35
UFCF 59.6679.60-84.96-145.41-176.44-244.65-317.63-365.32-420.16-483.24
WACC
PV UFCF -224.32-267.05-281.63-297-313.21
SUM PV UFCF -1,383.22

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.06
Free cash flow (t + 1) -492.91
Terminal Value -6,981.68
Present Value of Terminal Value -4,525.14

Intrinsic Value

Enterprise Value -5,908.36
Net Debt 216.41
Equity Value -6,124.77
Shares Outstanding 41.66
Equity Value Per Share -147.02