Discounted Cash Flow (DCF) Analysis Unlevered

Five9, Inc. (FIVN)

$61.09

-2.29 (-3.61%)
All numbers are in Millions, Currency in USD
Stock DCF: -73.71 | 61.09 | 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 328.01434.91609.59778.85910.491,177.771,523.521,970.772,549.313,297.69
Revenue (%)
EBITDA 28.4521.50-8.83-27.72-98.58-5.22-6.75-8.73-11.29-14.61
EBITDA (%)
EBIT 9.35-9.27-56.26-82.77-159.73-86.41-111.77-144.58-187.03-241.93
EBIT (%)
Depreciation 19.1130.7747.4355.0561.1681.19105.02135.85175.74227.32
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 319.95603.54469.86614.26143.20961.041,243.171,608.122,080.202,690.86
Total Cash (%)
Account Receivables 37.6648.7383.7387.4997.42137.46177.81230.01297.53384.87
Account Receivables (%)
Inventories 18.7431.8157.1947.2464.8283.84108.46140.29181.48234.75
Inventories (%)
Accounts Payable 10.1617.1420.5123.6324.4037.9649.1163.5282.17106.30
Accounts Payable (%)
Capital Expenditure -19.23-30.42-42.22-56.17-31.23-71.67-92.71-119.92-155.13-200.66
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 61.09
Beta 0.893
Diluted Shares Outstanding 72.05
Cost of Debt
Tax Rate -2.95
After-tax Cost of Debt 4.32%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.537
Total Debt 793.88
Total Equity 4,401.41
Total Capital 5,195.29
Debt Weighting 15.28
Equity Weighting 84.72
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 328.01434.91609.59778.85910.491,177.771,523.521,970.772,549.313,297.69
EBITDA 28.4521.50-8.83-27.72-98.58-5.22-6.75-8.73-11.29-14.61
EBIT 9.35-9.27-56.26-82.77-159.73-86.41-111.77-144.58-187.03-241.93
Tax Rate -2.34%5.50%17.55%-4.86%-2.95%2.58%2.58%2.58%2.58%2.58%
EBIAT 9.56-8.76-46.38-86.79-164.44-84.18-108.89-140.85-182.20-235.68
Depreciation 19.1130.7747.4355.0561.1681.19105.02135.85175.74227.32
Accounts Receivable --11.08-35-3.76-9.93-40.03-40.35-52.20-67.52-87.34
Inventories --13.07-25.399.95-17.57-19.03-24.61-31.84-41.18-53.28
Accounts Payable -6.993.373.120.7713.5611.1414.4218.6524.12
Capital Expenditure -19.23-30.42-42.22-56.17-31.23-71.67-92.71-119.92-155.13-200.66
UFCF 9.45-25.56-98.19-78.61-161.25-120.15-150.39-194.54-251.65-325.52
WACC
PV UFCF -111.36-129.20-154.90-185.72-222.67
SUM PV UFCF -803.86

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.89
Free cash flow (t + 1) -332.03
Terminal Value -5,637.18
Present Value of Terminal Value -3,856.17

Intrinsic Value

Enterprise Value -4,660.03
Net Debt 650.68
Equity Value -5,310.70
Shares Outstanding 72.05
Equity Value Per Share -73.71