Discounted Cash Flow (DCF) Analysis Unlevered
Anaplan, Inc. (PLAN)
$63.73
+0.37 (+-%)
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 | 168.35 | 240.64 | 348.02 | 447.75 | 592.18 | 811.99 | 1,113.39 | 1,526.68 | 2,093.38 | 2,870.43 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 7.40 | 12.94 | 20.34 | 25.83 | 28.51 | 42.55 | 58.34 | 80 | 109.69 | 150.41 |
| 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 | 110.90 | 326.86 | 309.89 | 320.99 | 299.37 | 670.69 | 919.65 | 1,261.01 | 1,729.09 | 2,370.93 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 66.06 | 92.60 | 109.22 | 147.01 | 196.50 | 284.39 | 389.95 | 534.69 | 733.17 | 1,005.32 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 6.42 | 6.18 | 5.33 | 7.95 | 9.29 | 18.28 | 25.07 | 34.37 | 47.13 | 64.63 |
| 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 | 168.35 | 240.64 | 348.02 | 447.75 | 592.18 | 811.99 | 1,113.39 | 1,526.68 | 2,093.38 | 2,870.43 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 7.40 | 12.94 | 20.34 | 25.83 | 28.51 | 42.55 | 58.34 | 80 | 109.69 | 150.41 |
| 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 | -0.85 | 2.62 | 1.35 | 8.99 | 6.79 | 9.30 | 12.76 | 17.49 |
| 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 |