Discounted Cash Flow (DCF) Analysis Unlevered

Qualtrics International Inc. (XM)

$16.475

-0.00 (-0.03%)
All numbers are in Millions, Currency in USD
Stock DCF: - | 16.475 | undervalue

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 289.90401.91591.16763.521,075.661,494.532,076.512,885.124,008.595,569.56
Revenue (%)
EBITDA 15.25-18.16-974.92-229.57-1,001.17-858.81-1,193.24-1,657.90-2,303.49-3,200.48
EBITDA (%)
EBIT 4.46-32.95-994.63-256.02-1,047.18-914.05-1,269.98-1,764.51-2,451.63-3,406.30
EBIT (%)
Depreciation 10.7914.7919.7226.4646.0155.2376.74106.62148.14205.82
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 113.43115.4442.47203.891,014.51586.02814.221,131.281,571.812,183.88
Total Cash (%)
Account Receivables 81.69139.49193.69296.15461.83530.18736.631,023.481,422.031,975.77
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 11.3723.4431.7130.4584.0580.47111.81155.35215.84299.89
Accounts Payable (%)
Capital Expenditure -18.27-22.82-33.18-89.52-103.82-116.48-161.84-224.87-312.43-434.09
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 16.475
Beta 1.403
Diluted Shares Outstanding 503.38
Cost of Debt
Tax Rate -1.14
After-tax Cost of Debt -%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.261
Total Debt 282.20
Total Equity 8,293.26
Total Capital 8,575.47
Debt Weighting 3.29
Equity Weighting 96.71
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 289.90401.91591.16763.521,075.661,494.532,076.512,885.124,008.595,569.56
EBITDA 15.25-18.16-974.92-229.57-1,001.17-858.81-1,193.24-1,657.90-2,303.49-3,200.48
EBIT 4.46-32.95-994.63-256.02-1,047.18-914.05-1,269.98-1,764.51-2,451.63-3,406.30
Tax Rate 42.73%-13.22%-1.31%-6.44%-1.14%4.12%4.12%4.12%4.12%4.12%
EBIAT 2.56-37.31-1,007.63-272.50-1,059.15-876.34-1,217.59-1,691.73-2,350.50-3,265.79
Depreciation 10.7914.7919.7226.4646.0155.2376.74106.62148.14205.82
Accounts Receivable --57.80-54.20-102.46-165.68-68.35-206.45-286.85-398.55-553.74
Inventories ----------
Accounts Payable -12.078.27-1.2653.60-3.5831.3443.5460.4984.05
Capital Expenditure -18.27-22.82-33.18-89.52-103.82-116.48-161.84-224.87-312.43-434.09
UFCF -4.93-91.07-1,067.03-439.27-1,229.04-1,009.52-1,477.82-2,053.29-2,852.85-3,963.76
WACC
PV UFCF -----
SUM PV UFCF -

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) -
Free cash flow (t + 1) -4,043.03
Terminal Value -
Present Value of Terminal Value -

Intrinsic Value

Enterprise Value -
Net Debt -732.31
Equity Value -
Shares Outstanding 503.38
Equity Value Per Share -