DCF Tool

CTXS

Citrix Systems, Inc. – Software Publishers
Citrix builds the secure, unified digital workspace technology that helps organizations unlock human potential and deliver a consistent workspace experience wherever work needs to get done. With Citrix, users get a seamless work experience and IT has a unified platform to secure, manage, and monitor diverse technologies in complex cloud environments.
Analysis Results
Intrinsic Value $129.31
Latest Price $100.43
Relative Value 22% undervalued
Thoughts on this result? Let us know.
Ad
Cash Flow (Millions)
Analysis Parameters
%
%
%
New Ticker
Ad
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 2.0%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 4.6%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 2.0%, 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 (million) Present value (million)
2022 558 534
2023 569 520
2024 580 507
2025 591 495
2026 603 482
Terminal Value

Assuming the company was sold after the projection period at an exit multiple of 30, the terminal value of the company would be 18100 million. This corresponds to a present value of 13800 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 2540 million. Adding in the terminal value gives a total present value of 16400 million.

There are presently 127.0 million outstanding shares, so the intrinsic value per share is 129.31.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 1,718,985,000
Current Cash 527,179,000
Current Liabilities 2,354,071,000
Current Debt 0
Non-Cash Working Capital (NCWC) -1,162,265,000
Change in NCWC -123,936,000
EBIT 339,943,000
Tax Provision -140,352,000
Depreciation and Amortization 270,380,000
Capital Expenditure -95,561,000
Unlevered Free Cash Flow 390,826,000
Current Assets 1,991,106,000
Current Cash 877,008,000
Current Liabilities 2,152,427,000
Current Debt 0
Non-Cash Working Capital (NCWC) -1,038,329,000
Change in NCWC -133,658,000
EBIT 620,789,000
Tax Provision 50,434,000
Depreciation and Amortization 150,410,000
Capital Expenditure -41,438,000
Unlevered Free Cash Flow 539,678,417
Current Assets 1,512,732,000
Current Cash 588,816,000
Current Liabilities 1,828,587,000
Current Debt 0
Non-Cash Working Capital (NCWC) -904,671,000
Change in NCWC -33,496,000
EBIT 558,365,000
Tax Provision -172,313,000
Depreciation and Amortization 189,472,000
Capital Expenditure -66,954,000
Unlevered Free Cash Flow 647,387,000
Current Assets 2,086,901,000
Current Cash 1,202,381,000
Current Liabilities 2,911,140,000
Current Debt 1,155,445,000
Non-Cash Working Capital (NCWC) -871,175,000
Change in NCWC -57,873,000
EBIT 694,685,000
Tax Provision 53,788,000
Depreciation and Amortization 141,896,000
Capital Expenditure -72,564,000
Unlevered Free Cash Flow 646,781,985
Current Assets 2,621,423,000
Current Cash 1,747,646,000
Current Liabilities 1,687,079,000
Current Debt 0
Non-Cash Working Capital (NCWC) -813,302,000
Change in NCWC 59,643,000
EBIT 661,415,000
Tax Provision 528,361,000
Depreciation and Amortization 170,015,000
Capital Expenditure -88,280,000
Unlevered Free Cash Flow 167,799,939
Current Assets 2,561,277,000
Current Cash 1,684,029,000
Current Liabilities 3,098,349,000
Current Debt 1,348,156,000
Non-Cash Working Capital (NCWC) -872,945,000
Change in NCWC -4,557,000
EBIT 778,032,000
Tax Provision 80,652,000
Depreciation and Amortization 249,038,000
Capital Expenditure -160,512,000
Unlevered Free Cash Flow 760,260,566
Current Assets 1,683,951,000
Current Cash 871,370,000
Current Liabilities 1,680,969,000
Current Debt 0
Non-Cash Working Capital (NCWC) -868,388,000
Change in NCWC -177,194,000
EBIT 450,496,000
Tax Provision -7,484,000
Depreciation and Amortization 392,879,000
Capital Expenditure -172,228,000
Unlevered Free Cash Flow 493,953,000
Current Assets 1,688,324,000
Current Cash 789,409,000
Current Liabilities 1,590,109,000
Current Debt 0
Non-Cash Working Capital (NCWC) -691,194,000
Change in NCWC -55,512,000
EBIT 322,735,000
Tax Provision 23,983,000
Depreciation and Amortization 330,270,000
Capital Expenditure -179,093,000
Unlevered Free Cash Flow 390,326,060
Current Assets 1,563,095,000
Current Cash 734,716,000
Current Liabilities 1,464,061,000
Current Debt 0
Non-Cash Working Capital (NCWC) -635,682,000
Change in NCWC -77,913,000
EBIT 380,717,000
Tax Provision 48,367,000
Depreciation and Amortization 267,500,000
Capital Expenditure -175,042,000
Unlevered Free Cash Flow 347,789,419
Current Assets 1,713,735,000
Current Cash 928,631,000
Current Liabilities 1,342,873,000
Current Debt 0
Non-Cash Working Capital (NCWC) -557,769,000
Change in NCWC -11,912,000
EBIT 390,778,000
Tax Provision 57,682,000
Depreciation and Amortization 214,873,000
Capital Expenditure -27,760,000
Unlevered Free Cash Flow 511,031,990

This analysis is provided for informational purposes only and does not constitute financial or investing advice. For more information on the advantages and limitations of DCF analysis see background. This information is provided on an "as is" basis. No warranty, expressed or implied, is made regarding accuracy, adequacy, completeness, legality, reliability or usefulness of any information. By using this site you agree that under no circumstances shall Valuation Tools LLC be held liable for any loss or damage caused by information obtained from this website including any articles, data, videos, its social media accounts, or any other materials.