Discounted Cash Flow (DCF) Analysis Unlevered

Mimecast Limited (MIME)

$79.92

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: -15.61 | 79.92 | overvalue

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 186.56261.90340.38426.96501.40643.32825.411,059.031,358.791,743.38
Revenue (%)
EBITDA 8.919.8830.8968.85102.7269.7889.53114.88147.39189.11
EBITDA (%)
EBIT -2.97-9.080.944.6734.254.045.186.658.5310.94
EBIT (%)
Depreciation 11.8818.9629.9564.1968.4865.7484.35108.23138.86178.17
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 111.67137.21173.52173.96292.95337.60433.16555.76713.07914.90
Total Cash (%)
Account Receivables 44.3665.3980.9597.66114.28152.07195.12250.34321.20412.11
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 3.566.059.4614.9110.4916.1820.7726.6434.1943.86
Accounts Payable (%)
Capital Expenditure -18.49-34.50-28.79-53.23-38.60-66.53-85.36-109.52-140.52-180.30
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 79.92
Beta 1.346
Diluted Shares Outstanding 65.63
Cost of Debt
Tax Rate 5.39
After-tax Cost of Debt 1.06%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.286
Total Debt 249.85
Total Equity 5,245.23
Total Capital 5,495.08
Debt Weighting 4.55
Equity Weighting 95.45
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 186.56261.90340.38426.96501.40643.32825.411,059.031,358.791,743.38
EBITDA 8.919.8830.8968.85102.7269.7889.53114.88147.39189.11
EBIT -2.97-9.080.944.6734.254.045.186.658.5310.94
Tax Rate -67.98%-27.94%-40.02%1,483.65%5.39%270.62%270.62%270.62%270.62%270.62%
EBIAT -4.99-11.621.32-64.5632.40-6.89-8.84-11.34-14.55-18.67
Depreciation 11.8818.9629.9564.1968.4865.7484.35108.23138.86178.17
Accounts Receivable --21.03-15.56-16.71-16.62-37.79-43.04-55.23-70.86-90.91
Inventories ----------
Accounts Payable -2.493.415.45-4.425.704.585.887.549.68
Capital Expenditure -18.49-34.50-28.80-53.23-38.60-66.53-85.36-109.52-140.52-180.30
UFCF -11.60-45.70-9.68-64.8741.24-39.77-48.31-61.98-79.53-102.04
WACC
PV UFCF -36.20-40.02-46.74-54.58-63.73
SUM PV UFCF -241.26

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.87
Free cash flow (t + 1) -104.08
Terminal Value -1,322.49
Present Value of Terminal Value -826.03

Intrinsic Value

Enterprise Value -1,067.30
Net Debt -43.10
Equity Value -1,024.19
Shares Outstanding 65.63
Equity Value Per Share -15.61