Discounted Cash Flow (DCF) Analysis Unlevered
Qualtrics International Inc. (XM)
$16.475
-0.00 (-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 | 289.90 | 401.91 | 591.16 | 763.52 | 1,075.66 | 1,494.53 | 2,076.51 | 2,885.12 | 4,008.59 | 5,569.56 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 10.79 | 14.79 | 19.72 | 26.46 | 46.01 | 55.23 | 76.74 | 106.62 | 148.14 | 205.82 |
| 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 | 113.43 | 115.44 | 42.47 | 203.89 | 1,014.51 | 586.02 | 814.22 | 1,131.28 | 1,571.81 | 2,183.88 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 81.69 | 139.49 | 193.69 | 296.15 | 461.83 | 530.18 | 736.63 | 1,023.48 | 1,422.03 | 1,975.77 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 11.37 | 23.44 | 31.71 | 30.45 | 84.05 | 80.47 | 111.81 | 155.35 | 215.84 | 299.89 |
| 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 | 289.90 | 401.91 | 591.16 | 763.52 | 1,075.66 | 1,494.53 | 2,076.51 | 2,885.12 | 4,008.59 | 5,569.56 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 10.79 | 14.79 | 19.72 | 26.46 | 46.01 | 55.23 | 76.74 | 106.62 | 148.14 | 205.82 |
| Accounts Receivable | - | -57.80 | -54.20 | -102.46 | -165.68 | -68.35 | -206.45 | -286.85 | -398.55 | -553.74 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 12.07 | 8.27 | -1.26 | 53.60 | -3.58 | 31.34 | 43.54 | 60.49 | 84.05 |
| 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 | - |