Discounted Cash Flow (DCF) Analysis Unlevered

Tenable Holdings, Inc. (TENB)

$35.7

+0.90 (+2.59%)
All numbers are in Millions, Currency in USD
Stock DCF: -65.77 | 35.7 | 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 187.73267.36354.59440.22541.13706.33921.971,203.451,570.852,050.42
Revenue (%)
EBITDA -36.16-64.96-72.94-25.20-41.35-109.48-142.90-186.53-243.47-317.80
EBITDA (%)
EBIT -40.85-71.16-79.82-35.83-57.52-126.65-165.32-215.79-281.67-367.66
EBIT (%)
Depreciation 4.696.196.8810.6316.1717.1822.4229.2738.2049.86
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 27.21283.23212.27291.85512.29482.09629.27821.381,072.141,399.46
Total Cash (%)
Account Receivables 50.8868.2694.83115.34136.60184.81241.23314.88411.01536.48
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 0.340.171.735.732.753.594.696.127.9910.43
Accounts Payable (%)
Capital Expenditure -2.76-5.73-20.67-20.28-6.56-21.56-28.14-36.73-47.95-62.58
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 35.7
Beta 1.319
Diluted Shares Outstanding 101.01
Cost of Debt
Tax Rate 7.81
After-tax Cost of Debt -1.50%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.878
Total Debt 422.09
Total Equity 3,606.02
Total Capital 4,028.12
Debt Weighting 10.48
Equity Weighting 89.52
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 187.73267.36354.59440.22541.13706.33921.971,203.451,570.852,050.42
EBITDA -36.16-64.96-72.94-25.20-41.35-109.48-142.90-186.53-243.47-317.80
EBIT -40.85-71.16-79.82-35.83-57.52-126.65-165.32-215.79-281.67-367.66
Tax Rate -0.42%-3.32%-15.60%-15.26%7.81%-5.36%-5.36%-5.36%-5.36%-5.36%
EBIAT -41.02-73.52-92.27-41.30-53.03-133.44-174.18-227.36-296.77-387.37
Depreciation 4.696.196.8810.6316.1717.1822.4229.2738.2049.86
Accounts Receivable --17.38-26.57-20.51-21.26-48.21-56.42-73.65-96.13-125.48
Inventories ----------
Accounts Payable --0.171.564-2.980.841.101.431.872.44
Capital Expenditure -2.75-5.73-20.67-20.28-6.56-21.56-28.14-36.73-47.95-62.58
UFCF -39.09-90.61-131.07-67.46-67.66-185.19-235.22-307.04-400.77-523.13
WACC
PV UFCF -170.38-199.11-239.12-287.17-344.87
SUM PV UFCF -1,240.66

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.69
Free cash flow (t + 1) -533.59
Terminal Value -7,975.92
Present Value of Terminal Value -5,258.15

Intrinsic Value

Enterprise Value -6,498.81
Net Debt 144.09
Equity Value -6,642.90
Shares Outstanding 101.01
Equity Value Per Share -65.77