Discounted Cash Flow (DCF) Analysis Unlevered
Mimecast Limited (MIME)
$79.92
0.00 (0.00%)
All numbers are in Millions, Currency in USD
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 | 186.56 | 261.90 | 340.38 | 426.96 | 501.40 | 643.32 | 825.41 | 1,059.03 | 1,358.79 | 1,743.38 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 8.91 | 9.88 | 30.89 | 68.85 | 102.72 | 69.78 | 89.53 | 114.88 | 147.39 | 189.11 |
EBITDA (%) | ||||||||||
EBIT | -2.97 | -9.08 | 0.94 | 4.67 | 34.25 | 4.04 | 5.18 | 6.65 | 8.53 | 10.94 |
EBIT (%) | ||||||||||
Depreciation | 11.88 | 18.96 | 29.95 | 64.19 | 68.48 | 65.74 | 84.35 | 108.23 | 138.86 | 178.17 |
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 | 111.67 | 137.21 | 173.52 | 173.96 | 292.95 | 337.60 | 433.16 | 555.76 | 713.07 | 914.90 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 44.36 | 65.39 | 80.95 | 97.66 | 114.28 | 152.07 | 195.12 | 250.34 | 321.20 | 412.11 |
Account Receivables (%) | ||||||||||
Inventories | - | - | - | - | - | - | - | - | - | - |
Inventories (%) | ||||||||||
Accounts Payable | 3.56 | 6.05 | 9.46 | 14.91 | 10.49 | 16.18 | 20.77 | 26.64 | 34.19 | 43.86 |
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 | 4.12% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 10.709 |
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 | 186.56 | 261.90 | 340.38 | 426.96 | 501.40 | 643.32 | 825.41 | 1,059.03 | 1,358.79 | 1,743.38 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 8.91 | 9.88 | 30.89 | 68.85 | 102.72 | 69.78 | 89.53 | 114.88 | 147.39 | 189.11 |
EBIT | -2.97 | -9.08 | 0.94 | 4.67 | 34.25 | 4.04 | 5.18 | 6.65 | 8.53 | 10.94 |
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 | -11.62 | 1.32 | -64.56 | 32.40 | -6.89 | -8.84 | -11.34 | -14.55 | -18.67 |
Depreciation | 11.88 | 18.96 | 29.95 | 64.19 | 68.48 | 65.74 | 84.35 | 108.23 | 138.86 | 178.17 |
Accounts Receivable | - | -21.03 | -15.56 | -16.71 | -16.62 | -37.79 | -43.04 | -55.23 | -70.86 | -90.91 |
Inventories | - | - | - | - | - | - | - | - | - | - |
Accounts Payable | - | 2.49 | 3.41 | 5.45 | -4.42 | 5.70 | 4.58 | 5.88 | 7.54 | 9.68 |
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 | -64.87 | 41.24 | -39.77 | -48.31 | -61.98 | -79.53 | -102.04 |
WACC | ||||||||||
PV UFCF | -36.02 | -39.63 | -46.05 | -53.52 | -62.19 | |||||
SUM PV UFCF | -237.41 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 10.41 |
Free cash flow (t + 1) | -104.08 |
Terminal Value | -1,237.57 |
Present Value of Terminal Value | -754.27 |
Intrinsic Value
Enterprise Value | -991.68 |
---|---|
Net Debt | -43.10 |
Equity Value | -948.58 |
Shares Outstanding | 65.63 |
Equity Value Per Share | -14.45 |