Discounted Cash Flow (DCF) Analysis Unlevered
Everbridge, Inc. (EVBG)
$25.245
-0.60 (-2.34%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 147.09 | 200.88 | 271.14 | 368.43 | 431.89 | 566.48 | 743.01 | 974.54 | 1,278.23 | 1,676.56 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -26.68 | -24.68 | -40.82 | -18.26 | 2.13 | -56.58 | -74.21 | -97.33 | -127.66 | -167.44 |
| EBITDA (%) | ||||||||||
| EBIT | -40.37 | -44.35 | -71.57 | -71.43 | -58.47 | -123.32 | -161.74 | -212.15 | -278.26 | -364.97 |
| EBIT (%) | ||||||||||
| Depreciation | 13.69 | 19.67 | 30.76 | 53.17 | 60.60 | 66.74 | 87.54 | 114.82 | 150.60 | 197.52 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Total Cash | 105.52 | 531.58 | 467.17 | 488.03 | 198.73 | 778.49 | 1,021.08 | 1,339.28 | 1,756.62 | 2,304.03 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 41.11 | 68.64 | 94.38 | 121 | 119.99 | 178.49 | 234.11 | 307.07 | 402.76 | 528.27 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 2.72 | 7.81 | 9.70 | 16 | 10.85 | 18.32 | 24.03 | 31.51 | 41.33 | 54.21 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -10.42 | -13.09 | -30.05 | -19.75 | -18.53 | -38.90 | -51.02 | -66.92 | -87.77 | -115.12 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 25.245 |
|---|---|
| Beta | 0.808 |
| Diluted Shares Outstanding | 45.58 |
| Cost of Debt | |
| Tax Rate | 3.77 |
| After-tax Cost of Debt | 0.98% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.504 |
| Total Debt | 500.30 |
| Total Equity | 1,150.75 |
| Total Capital | 1,651.05 |
| Debt Weighting | 30.30 |
| Equity Weighting | 69.70 |
| Wacc |
Build Up Free Cash
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 147.09 | 200.88 | 271.14 | 368.43 | 431.89 | 566.48 | 743.01 | 974.54 | 1,278.23 | 1,676.56 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -26.68 | -24.68 | -40.82 | -18.26 | 2.13 | -56.58 | -74.21 | -97.33 | -127.66 | -167.44 |
| EBIT | -40.37 | -44.35 | -71.57 | -71.43 | -58.47 | -123.32 | -161.74 | -212.15 | -278.26 | -364.97 |
| Tax Rate | -1.70% | -0.82% | 2.37% | 11.72% | 3.77% | 3.07% | 3.07% | 3.07% | 3.07% | 3.07% |
| EBIAT | -41.06 | -44.71 | -69.88 | -63.06 | -56.26 | -119.53 | -156.78 | -205.64 | -269.72 | -353.78 |
| Depreciation | 13.69 | 19.67 | 30.76 | 53.17 | 60.60 | 66.74 | 87.54 | 114.82 | 150.60 | 197.52 |
| Accounts Receivable | - | -27.54 | -25.73 | -26.62 | 1.01 | -58.51 | -55.62 | -72.96 | -95.69 | -125.51 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 5.09 | 1.89 | 6.30 | -5.15 | 7.46 | 5.71 | 7.49 | 9.82 | 12.88 |
| Capital Expenditure | -10.42 | -13.09 | -30.05 | -19.75 | -18.53 | -38.90 | -51.02 | -66.92 | -87.77 | -115.12 |
| UFCF | -37.79 | -60.57 | -93.01 | -49.96 | -18.33 | -142.73 | -170.18 | -223.21 | -292.77 | -384 |
| WACC | ||||||||||
| PV UFCF | -135.25 | -152.81 | -189.93 | -236.06 | -293.39 | |||||
| SUM PV UFCF | -1,007.44 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.53 |
| Free cash flow (t + 1) | -391.68 |
| Terminal Value | -11,095.72 |
| Present Value of Terminal Value | -8,477.66 |
Intrinsic Value
| Enterprise Value | -9,485.10 |
|---|---|
| Net Debt | 301.57 |
| Equity Value | -9,786.67 |
| Shares Outstanding | 45.58 |
| Equity Value Per Share | -214.70 |