Discounted Cash Flow (DCF) Analysis Unlevered

Slack Technologies, Inc. (WORK)

$45.2

+0.04 (+0.09%)
All numbers are in Millions, Currency in USD
Stock DCF: -171.84 | 45.2 | overvalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 220.54400.55630.42902.611,450.752,331.753,747.786,023.739,681.82
Revenue (%)
EBITDA -124.97-123.03-543.34-233.81-723.45-1,162.79-1,868.93-3,003.90-4,828.10
EBITDA (%)
EBIT -139.29-139.84-570.47-262.63-789.42-1,268.81-2,039.34-3,277.78-5,268.31
EBIT (%)
Depreciation 14.3216.8227.1328.8265.96106.02170.40273.88440.21
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 548.76841.07768.591,587.252,743.974,410.337,088.6311,393.4118,312.39
Total Cash (%)
Account Receivables 37.2187.44145.84237.44319.68513.81825.831,327.342,133.41
Account Receivables (%)
Inventories ---------
Inventories (%)
Accounts Payable 7.0616.6116.8913.1441.6566.94107.59172.92277.94
Accounts Payable (%)
Capital Expenditure -22.09-59.40-52.13-12.61-125.17-201.19-323.37-519.74-835.38
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 45.2
Beta 0.955
Diluted Shares Outstanding 567.15
Cost of Debt
Tax Rate -2.60
After-tax Cost of Debt 5.55%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.403
Total Debt 686.33
Total Equity 25,635.27
Total Capital 26,321.60
Debt Weighting 2.61
Equity Weighting 97.39
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 220.54400.55630.42902.611,450.752,331.753,747.786,023.739,681.82
EBITDA -124.97-123.03-543.34-233.81-723.45-1,162.79-1,868.93-3,003.90-4,828.10
EBIT -139.29-139.84-570.47-262.63-789.42-1,268.81-2,039.34-3,277.78-5,268.31
Tax Rate -0.59%-1.90%-0.58%-2.60%-1.42%-1.42%-1.42%-1.42%-1.42%
EBIAT -140.11-142.50-573.77-269.47-800.60-1,286.78-2,068.22-3,324.21-5,342.93
Depreciation 14.3216.8227.1328.8265.96106.02170.40273.88440.21
Accounts Receivable --50.23-58.41-91.59-82.24-194.13-312.03-501.51-806.07
Inventories ---------
Accounts Payable -9.560.28-3.7528.5025.2940.6565.34105.01
Capital Expenditure -22.09-59.40-52.13-12.61-125.17-201.19-323.37-519.74-835.38
UFCF -147.88-225.76-656.90-348.60-913.54-1,550.80-2,492.56-4,006.24-6,439.15
WACC
PV UFCF -913.54-1,444.62-2,162.93-3,238.40-4,848.65
SUM PV UFCF -11,744.89

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.35
Free cash flow (t + 1) -6,567.93
Terminal Value -122,765.12
Present Value of Terminal Value -86,112.21

Intrinsic Value

Enterprise Value -97,857.10
Net Debt -395.03
Equity Value -97,462.07
Shares Outstanding 567.15
Equity Value Per Share -171.84