Discounted Cash Flow (DCF) Analysis Unlevered
Workiva Inc. (WK)
$86.77
+0.03 (+0.03%)
All numbers are in Millions, Currency in USD
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 | 207.87 | 244.34 | 297.89 | 351.59 | 443.29 | 535.90 | 647.86 | 783.21 | 946.83 | 1,144.65 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -38.97 | -44.22 | -37.47 | -30.43 | -19.84 | -67.04 | -81.05 | -97.98 | -118.46 | -143.20 |
| EBITDA (%) | ||||||||||
| EBIT | -42.52 | -48 | -41.63 | -34.73 | -25.08 | -74.61 | -90.19 | -109.04 | -131.81 | -159.35 |
| EBIT (%) | ||||||||||
| Depreciation | 3.55 | 3.78 | 4.16 | 4.30 | 5.24 | 7.56 | 9.14 | 11.05 | 13.36 | 16.15 |
| 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 | 76.70 | 98.35 | 487.96 | 530.04 | 530.45 | 548.08 | 662.58 | 801.01 | 968.36 | 1,170.67 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 29.77 | 66.29 | 62.66 | 68.92 | 80.39 | 107.42 | 129.86 | 156.99 | 189.79 | 229.44 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 3.06 | 5.46 | 7.06 | 2.84 | 4.11 | 8.37 | 10.12 | 12.24 | 14.79 | 17.89 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -1.38 | -1.37 | -3.84 | -1.87 | -3.75 | -4.18 | -5.05 | -6.10 | -7.38 | -8.92 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 86.77 |
|---|---|
| Beta | 1.163 |
| Diluted Shares Outstanding | 48.45 |
| Cost of Debt | |
| Tax Rate | 3.50 |
| After-tax Cost of Debt | 4.00% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.018 |
| Total Debt | 337.74 |
| Total Equity | 4,203.85 |
| Total Capital | 4,541.59 |
| Debt Weighting | 7.44 |
| Equity Weighting | 92.56 |
| 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 | 207.87 | 244.34 | 297.89 | 351.59 | 443.29 | 535.90 | 647.86 | 783.21 | 946.83 | 1,144.65 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -38.97 | -44.22 | -37.47 | -30.43 | -19.84 | -67.04 | -81.05 | -97.98 | -118.46 | -143.20 |
| EBIT | -42.52 | -48 | -41.63 | -34.73 | -25.08 | -74.61 | -90.19 | -109.04 | -131.81 | -159.35 |
| Tax Rate | -0.14% | -0.50% | -0.29% | 0.60% | 3.50% | 0.64% | 0.64% | 0.64% | 0.64% | 0.64% |
| EBIAT | -42.58 | -48.23 | -41.75 | -34.52 | -24.21 | -74.13 | -89.62 | -108.34 | -130.98 | -158.34 |
| Depreciation | 3.55 | 3.78 | 4.16 | 4.30 | 5.24 | 7.56 | 9.14 | 11.05 | 13.36 | 16.15 |
| Accounts Receivable | - | -36.51 | 3.63 | -6.26 | -11.46 | -27.03 | -22.44 | -27.13 | -32.80 | -39.65 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 2.40 | 1.60 | -4.21 | 1.27 | 4.26 | 1.75 | 2.11 | 2.56 | 3.09 |
| Capital Expenditure | -1.39 | -1.37 | -3.84 | -1.87 | -3.75 | -4.18 | -5.05 | -6.10 | -7.38 | -8.92 |
| UFCF | -40.42 | -79.94 | -36.20 | -42.57 | -32.91 | -93.52 | -106.22 | -128.41 | -155.24 | -187.67 |
| WACC | ||||||||||
| PV UFCF | -86.07 | -89.98 | -100.12 | -111.40 | -123.95 | |||||
| SUM PV UFCF | -511.52 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 8.65 |
| Free cash flow (t + 1) | -191.42 |
| Terminal Value | -2,878.55 |
| Present Value of Terminal Value | -1,901.19 |
Intrinsic Value
| Enterprise Value | -2,412.71 |
|---|---|
| Net Debt | 37.35 |
| Equity Value | -2,450.06 |
| Shares Outstanding | 48.45 |
| Equity Value Per Share | -50.57 |