Discounted Cash Flow (DCF) Analysis Unlevered

TechTarget, Inc. (TTGT)

$58.84

-1.56 (-2.58%)
All numbers are in Millions, Currency in USD
Stock DCF: 14.04 | 58.84 | 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 108.56121.33133.96148.38263.43336.18429.04547.54698.76891.76
Revenue (%)
EBITDA 15.0521.1727.7429.4431.5356.3671.9391.79117.15149.50
EBITDA (%)
EBIT 10.4116.6222.7422.5011.0840.1051.1765.3183.34106.36
EBIT (%)
Depreciation 4.644.5556.9420.4516.2620.7626.4933.8043.14
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 33.6235.1757.5082.70381.70204.07260.44332.37424.17541.32
Total Cash (%)
Account Receivables 29.6030.0427.1040.1851.0979.84101.89130.03165.94211.77
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 1.541.872.044.303.785.937.579.6612.3215.73
Accounts Payable (%)
Capital Expenditure -4.14-5.54-6.34-6.66-12.63-15.05-19.21-24.52-31.29-39.93
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 58.84
Beta 0.990
Diluted Shares Outstanding 28.68
Cost of Debt
Tax Rate 91.43
After-tax Cost of Debt 0.43%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.370
Total Debt 481.29
Total Equity 1,687.24
Total Capital 2,168.53
Debt Weighting 22.19
Equity Weighting 77.81
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 108.56121.33133.96148.38263.43336.18429.04547.54698.76891.76
EBITDA 15.0521.1727.7429.4431.5356.3671.9391.79117.15149.50
EBIT 10.4116.6222.7422.5011.0840.1051.1765.3183.34106.36
Tax Rate 29.99%12.72%23.46%24.16%91.43%36.35%36.35%36.35%36.35%36.35%
EBIAT 7.2914.5117.4017.070.9525.5232.5741.5753.0567.70
Depreciation 4.644.5556.9420.4516.2620.7626.4933.8043.14
Accounts Receivable --0.442.94-13.08-10.91-28.74-22.05-28.14-35.91-45.83
Inventories ----------
Accounts Payable -0.330.172.27-0.522.151.642.092.673.40
Capital Expenditure -4.14-5.54-6.33-6.66-12.63-15.05-19.21-24.52-31.29-39.93
UFCF 7.7913.4019.176.53-2.660.1413.7017.4922.3228.48
WACC
PV UFCF 0.1312.0614.4317.2820.68
SUM PV UFCF 64.57

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.61
Free cash flow (t + 1) 29.05
Terminal Value 630.17
Present Value of Terminal Value 457.58

Intrinsic Value

Enterprise Value 522.16
Net Debt 119.67
Equity Value 402.49
Shares Outstanding 28.68
Equity Value Per Share 14.04