Discounted Cash Flow (DCF) Analysis Unlevered

Anaplan, Inc. (PLAN)

$63.73

+0.37 (+-%)
All numbers are in Millions, Currency in USD
Stock DCF: -77.31 | 63.73 | overvalue

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 168.35240.64348.02447.75592.18811.991,113.391,526.682,093.382,870.43
Revenue (%)
EBITDA -38.89-114.87-124.42-124.05-171.49-265.12-363.53-498.47-683.50-937.22
EBITDA (%)
EBIT -46.29-127.81-144.76-149.88-200.01-307.67-421.87-578.47-793.19-1,087.62
EBIT (%)
Depreciation 7.4012.9420.3425.8328.5142.5558.3480109.69150.41
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 110.90326.86309.89320.99299.37670.69919.651,261.011,729.092,370.93
Total Cash (%)
Account Receivables 66.0692.60109.22147.01196.50284.39389.95534.69733.171,005.32
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 6.426.185.337.959.2918.2825.0734.3747.1364.63
Accounts Payable (%)
Capital Expenditure -15.37-22.52-15.01-15.74-24.11-49.35-67.67-92.78-127.22-174.45
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 63.73
Beta 1.770
Diluted Shares Outstanding 139.50
Cost of Debt
Tax Rate 1.97
After-tax Cost of Debt -0.84%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.872
Total Debt 57.25
Total Equity 8,890.27
Total Capital 8,947.52
Debt Weighting 0.64
Equity Weighting 99.36
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 168.35240.64348.02447.75592.18811.991,113.391,526.682,093.382,870.43
EBITDA -38.89-114.87-124.42-124.05-171.49-265.12-363.53-498.47-683.50-937.22
EBIT -46.29-127.81-144.76-149.88-200.01-307.67-421.87-578.47-793.19-1,087.62
Tax Rate -2.72%-2.51%-3.08%-2.73%1.97%-1.81%-1.81%-1.81%-1.81%-1.81%
EBIAT -47.55-131.02-149.22-153.97-196.07-313.25-429.53-588.97-807.59-1,107.36
Depreciation 7.4012.9420.3425.8328.5142.5558.3480109.69150.41
Accounts Receivable --26.54-16.62-37.79-49.49-87.89-105.56-144.75-198.48-272.15
Inventories ----------
Accounts Payable --0.24-0.852.621.358.996.799.3012.7617.49
Capital Expenditure -15.37-22.52-15.01-15.74-24.11-49.35-67.67-92.78-127.22-174.45
UFCF -55.52-167.37-161.36-179.05-239.82-398.95-537.63-737.19-1,010.84-1,386.06
WACC
PV UFCF -356.87-430.21-527.68-647.25-793.90
SUM PV UFCF -2,755.91

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 11.79
Free cash flow (t + 1) -1,413.78
Terminal Value -14,441.03
Present Value of Terminal Value -8,271.48

Intrinsic Value

Enterprise Value -11,027.39
Net Debt -242.13
Equity Value -10,785.27
Shares Outstanding 139.50
Equity Value Per Share -77.31