DCF Tool

ANSS

Ansys Inc. – Software Publishers
Ansys, Inc. is an American company based in Canonsburg, Pennsylvania. It develops and markets multiphysics engineering simulation software for product design, testing and operation and offers its products and services to customers worldwide. Ansys was founded in 1970 by John Swanson.
Analysis Results
Intrinsic Value $118.21
Latest Price $227.57
Relative Value 93% overvalued
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Cash Flow (Billions)
Analysis Parameters
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Analysis Details
Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of 13.2%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 11.3%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 13.2%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year Future flow (billion) Present value (billion)
2022 0.726 0.652
2023 0.822 0.664
2024 0.931 0.676
2025 1.05 0.687
2026 1.19 0.699
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 13.1 billion. This corresponds to a present value of 6.91 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 3.38 billion. Adding in the terminal value gives a total present value of 10.3 billion.

There are presently 87.1 million outstanding shares, so the intrinsic value per share is 118.21.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 1,638,574,000
Current Cash 668,028,000
Current Liabilities 778,492,000
Current Debt 0
Non-Cash Working Capital (NCWC) 192,054,000
Change in NCWC 114,793,000
EBIT 513,271,000
Tax Provision 60,727,000
Depreciation and Amortization 129,060,000
Capital Expenditure -23,018,000
Unlevered Free Cash Flow 673,624,451
Current Assets 1,719,237,000
Current Cash 913,151,000
Current Liabilities 728,825,000
Current Debt 0
Non-Cash Working Capital (NCWC) 77,261,000
Change in NCWC 14,303,000
EBIT 496,356,000
Tax Provision 60,038,000
Depreciation and Amortization 85,275,000
Capital Expenditure -35,370,000
Unlevered Free Cash Flow 500,230,504
Current Assets 1,555,480,000
Current Cash 872,382,000
Current Liabilities 695,140,000
Current Debt 75,000,000
Non-Cash Working Capital (NCWC) 62,958,000
Change in NCWC 53,912,000
EBIT 515,040,000
Tax Provision 71,288,000
Depreciation and Amortization 60,516,000
Capital Expenditure -44,940,000
Unlevered Free Cash Flow 514,268,976
Current Assets 1,311,177,000
Current Cash 777,364,000
Current Liabilities 524,767,000
Current Debt 0
Non-Cash Working Capital (NCWC) 9,046,000
Change in NCWC 229,120,000
EBIT 476,574,000
Tax Provision 67,710,000
Depreciation and Amortization 59,255,000
Capital Expenditure -21,762,000
Unlevered Free Cash Flow 676,938,140
Current Assets 1,270,266,000
Current Cash 881,787,000
Current Liabilities 608,553,000
Current Debt 0
Non-Cash Working Capital (NCWC) -220,074,000
Change in NCWC -27,515,000
EBIT 390,728,000
Tax Provision 136,443,000
Depreciation and Amortization 67,678,000
Capital Expenditure -19,149,000
Unlevered Free Cash Flow 277,011,373
Current Assets 1,169,401,000
Current Cash 822,860,000
Current Liabilities 539,100,000
Current Debt 0
Non-Cash Working Capital (NCWC) -192,559,000
Change in NCWC -225,000
EBIT 376,242,000
Tax Provision 114,679,000
Depreciation and Amortization 69,587,000
Capital Expenditure -12,443,000
Unlevered Free Cash Flow 319,710,159
Current Assets 1,076,426,000
Current Cash 784,614,000
Current Liabilities 484,146,000
Current Debt 0
Non-Cash Working Capital (NCWC) -192,334,000
Change in NCWC -48,950,000
EBIT 353,679,000
Tax Provision 104,244,000
Depreciation and Amortization 77,670,000
Capital Expenditure -16,145,000
Unlevered Free Cash Flow 262,911,705
Current Assets 1,110,493,000
Current Cash 788,778,000
Current Liabilities 465,099,000
Current Debt 0
Non-Cash Working Capital (NCWC) -143,384,000
Change in NCWC -27,563,000
EBIT 347,450,000
Tax Provision 93,449,000
Depreciation and Amortization 81,924,000
Capital Expenditure -26,023,000
Unlevered Free Cash Flow 282,523,944
Current Assets 1,067,596,000
Current Cash 742,986,000
Current Liabilities 440,431,000
Current Debt 0
Non-Cash Working Capital (NCWC) -115,821,000
Change in NCWC -27,787,000
EBIT 321,863,000
Tax Provision 77,162,000
Depreciation and Amortization 80,701,000
Capital Expenditure -28,848,000
Unlevered Free Cash Flow 268,916,783
Current Assets 913,359,000
Current Cash 577,155,000
Current Liabilities 477,387,000
Current Debt 53,149,000
Non-Cash Working Capital (NCWC) -88,034,000
Change in NCWC 8,665,000
EBIT 294,253,000
Tax Provision 90,064,000
Depreciation and Amortization 85,422,000
Capital Expenditure -23,977,000
Unlevered Free Cash Flow 274,082,390

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