Discounted Cash Flow (DCF) Analysis Unlevered
Slack Technologies, Inc. (WORK)
$45.2
+0.04 (+0.09%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 220.54 | 400.55 | 630.42 | 902.61 | 1,450.75 | 2,331.75 | 3,747.78 | 6,023.73 | 9,681.82 |
|---|---|---|---|---|---|---|---|---|---|
| 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 | 14.32 | 16.82 | 27.13 | 28.82 | 65.96 | 106.02 | 170.40 | 273.88 | 440.21 |
| 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 | 548.76 | 841.07 | 768.59 | 1,587.25 | 2,743.97 | 4,410.33 | 7,088.63 | 11,393.41 | 18,312.39 |
|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | |||||||||
| Account Receivables | 37.21 | 87.44 | 145.84 | 237.44 | 319.68 | 513.81 | 825.83 | 1,327.34 | 2,133.41 |
| Account Receivables (%) | |||||||||
| Inventories | - | - | - | - | - | - | - | - | - |
| Inventories (%) | |||||||||
| Accounts Payable | 7.06 | 16.61 | 16.89 | 13.14 | 41.65 | 66.94 | 107.59 | 172.92 | 277.94 |
| 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 | 220.54 | 400.55 | 630.42 | 902.61 | 1,450.75 | 2,331.75 | 3,747.78 | 6,023.73 | 9,681.82 |
|---|---|---|---|---|---|---|---|---|---|
| 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 | 14.32 | 16.82 | 27.13 | 28.82 | 65.96 | 106.02 | 170.40 | 273.88 | 440.21 |
| Accounts Receivable | - | -50.23 | -58.41 | -91.59 | -82.24 | -194.13 | -312.03 | -501.51 | -806.07 |
| Inventories | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 9.56 | 0.28 | -3.75 | 28.50 | 25.29 | 40.65 | 65.34 | 105.01 |
| 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 |