Discounted Cash Flow (DCF) Analysis Unlevered

Tufin Software Technologies Ltd. (TUFN)

$12.35

+0.02 (+0.16%)
All numbers are in Millions, Currency in USD
Stock DCF: -28.79 | 12.35 | 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 64.5484.98103.27100.83110.95127.83147.28169.69195.52225.27
Revenue (%)
EBITDA -1.49-1.80-25.02-32.29-35.53-23.70-27.31-31.46-36.25-41.77
EBITDA (%)
EBIT -1.86-2.76-26.23-33.81-37.43-25.26-29.10-33.53-38.63-44.51
EBIT (%)
Depreciation 0.370.961.201.521.901.561.792.072.382.74
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 14.7015.25118.6678.0362.627485.2698.24113.18130.41
Total Cash (%)
Account Receivables 11.4914.7216.2216.6719.1621.6424.9328.7233.0938.13
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 0.663.104.394.155.194.535.226.016.937.98
Accounts Payable (%)
Capital Expenditure -0.89-1.69-2.55-2.07-1.68-2.40-2.77-3.19-3.68-4.23
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 12.35
Beta 0.874
Diluted Shares Outstanding 35.67
Cost of Debt
Tax Rate 1.35
After-tax Cost of Debt 4.93%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.973
Total Debt 21.27
Total Equity 440.57
Total Capital 461.85
Debt Weighting 4.61
Equity Weighting 95.39
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 64.5484.98103.27100.83110.95127.83147.28169.69195.52225.27
EBITDA -1.49-1.80-25.02-32.29-35.53-23.70-27.31-31.46-36.25-41.77
EBIT -1.86-2.76-26.23-33.81-37.43-25.26-29.10-33.53-38.63-44.51
Tax Rate -39.95%-43.07%-3.73%-4.72%1.35%-18.02%-18.02%-18.02%-18.02%-18.02%
EBIAT -2.60-3.95-27.21-35.41-36.93-29.81-34.35-39.57-45.60-52.53
Depreciation 0.370.961.201.521.901.561.792.072.382.74
Accounts Receivable --3.22-1.51-0.45-2.48-2.48-3.29-3.79-4.37-5.04
Inventories ----------
Accounts Payable -2.431.30-0.251.04-0.660.690.790.911.05
Capital Expenditure -0.89-1.69-2.55-2.07-1.68-2.40-2.77-3.19-3.68-4.23
UFCF -3.12-5.48-28.76-36.65-38.14-33.80-37.93-43.70-50.35-58.01
WACC
PV UFCF -31.62-33.20-35.79-38.58-41.59
SUM PV UFCF -180.79

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.88
Free cash flow (t + 1) -59.17
Terminal Value -1,212.42
Present Value of Terminal Value -869.31

Intrinsic Value

Enterprise Value -1,050.09
Net Debt -23.16
Equity Value -1,026.93
Shares Outstanding 35.67
Equity Value Per Share -28.79