Discounted Cash Flow (DCF) Analysis Unlevered

Dropbox, Inc. (DBX)

$22.28

-0.16 (-0.71%)
All numbers are in Millions, Currency in USD
Stock DCF: - | 22.28 | 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 1,106.801,391.701,661.301,913.902,157.902,552.083,018.263,569.594,221.644,992.79
Revenue (%)
EBITDA 70.30-313.30121.50-90.90450.7037.214452.0461.5572.79
EBITDA (%)
EBIT -111.50-480.10-52-250.20299.30-239.41-283.14-334.86-396.03-468.37
EBIT (%)
Depreciation 181.80166.80173.50159.30151.40276.61327.14386.90457.58541.16
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 4301,089.301,1591,121.301,718.101,659.321,962.432,320.902,744.853,246.24
Total Cash (%)
Account Receivables 29.3028.6036.7043.4049.6058.5869.2881.9496.91114.61
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 31.9033.3040.7018.7025.7050.4959.7270.6383.5398.79
Accounts Payable (%)
Capital Expenditure -26.10-66-137.80-80.30-28.90-106.83-126.35-149.42-176.72-209
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 22.28
Beta 0.804
Diluted Shares Outstanding 398.10
Cost of Debt
Tax Rate -12.20
After-tax Cost of Debt -%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.488
Total Debt 2,368.70
Total Equity 8,869.67
Total Capital 11,238.37
Debt Weighting 21.08
Equity Weighting 78.92
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 1,106.801,391.701,661.301,913.902,157.902,552.083,018.263,569.594,221.644,992.79
EBITDA 70.30-313.30121.50-90.90450.7037.214452.0461.5572.79
EBIT -111.50-480.10-52-250.20299.30-239.41-283.14-334.86-396.03-468.37
Tax Rate -0.18%-1.00%-1.35%-2.44%-12.20%-3.43%-3.43%-3.43%-3.43%-3.43%
EBIAT -111.70-484.90-52.70-256.30335.80-247.62-292.86-346.35-409.62-484.44
Depreciation 181.80166.80173.50159.30151.40276.61327.14386.90457.58541.16
Accounts Receivable -0.70-8.10-6.70-6.20-8.98-10.70-12.66-14.97-17.70
Inventories ----------
Accounts Payable -1.407.40-22724.799.2210.9112.9015.26
Capital Expenditure -26.10-66-137.80-80.30-28.90-106.83-126.35-149.42-176.72-209
UFCF 44-382-17.70-206459.10-62.03-93.53-110.62-130.83-154.72
WACC
PV UFCF -----
SUM PV UFCF -

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) -
Free cash flow (t + 1) -157.82
Terminal Value -
Present Value of Terminal Value -

Intrinsic Value

Enterprise Value -
Net Debt 1,835.70
Equity Value -
Shares Outstanding 398.10
Equity Value Per Share -