DCF Tool

NICE

NICE Ltd – Software Publishers
Analysis Results
Intrinsic Value $385.39
Latest Price $228.73
Relative Value 41% undervalued
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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 31.1%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 9.4%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 31.1%, 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 0.808 0.738
2023 1.06 0.884
2024 1.39 1.06
2025 1.82 1.27
2026 2.38 1.52
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 32.7 billion. This corresponds to a present value of 19.0 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 5.47 billion. Adding in the terminal value gives a total present value of 24.5 billion.

There are presently 63.5 million outstanding shares, so the intrinsic value per share is 385.39.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 2,297,878,000
Current Cash 1,424,751,000
Current Liabilities 1,269,587,000
Current Debt 395,946,000
Non-Cash Working Capital (NCWC) -514,000
Change in NCWC 305,615,000
EBIT 263,909,000
Tax Provision 41,396,000
Depreciation and Amortization 184,092,000
Capital Expenditure -24,771,000
Unlevered Free Cash Flow 683,442,197
Current Assets 1,942,320,000
Current Cash 1,463,880,000
Current Liabilities 1,044,450,000
Current Debt 259,881,000
Non-Cash Working Capital (NCWC) -306,129,000
Change in NCWC -53,351,000
EBIT 242,047,000
Tax Provision 40,842,000
Depreciation and Amortization 182,026,000
Capital Expenditure -24,186,000
Unlevered Free Cash Flow 304,857,316
Current Assets 875,689,000
Current Cash 439,095,000
Current Liabilities 940,955,000
Current Debt 251,583,000
Non-Cash Working Capital (NCWC) -252,778,000
Change in NCWC -3,279,000
EBIT 238,717,000
Tax Provision 48,369,000
Depreciation and Amortization 173,230,000
Capital Expenditure -27,293,000
Unlevered Free Cash Flow 332,088,472
Current Assets 861,241,000
Current Cash 485,828,000
Current Liabilities 624,912,000
Current Debt 0
Non-Cash Working Capital (NCWC) -249,499,000
Change in NCWC -26,950,000
EBIT 197,616,000
Tax Provision 27,377,000
Depreciation and Amortization 157,142,000
Capital Expenditure -31,442,000
Unlevered Free Cash Flow 267,390,645
Current Assets 693,056,000
Current Cash 392,253,000
Current Liabilities 523,352,000
Current Debt 0
Non-Cash Working Capital (NCWC) -222,549,000
Change in NCWC -92,823,000
EBIT 150,071,000
Tax Provision -13,631,000
Depreciation and Amortization 156,301,000
Capital Expenditure -39,889,000
Unlevered Free Cash Flow 173,660,000
Current Assets 509,233,000
Current Cash 187,313,000
Current Liabilities 472,810,000
Current Debt 21,164,000
Non-Cash Working Capital (NCWC) -129,726,000
Change in NCWC 39,311,000
EBIT 134,176,000
Tax Provision 21,412,000
Depreciation and Amortization 77,801,000
Capital Expenditure -27,278,000
Unlevered Free Cash Flow 204,125,194
Current Assets 655,152,000
Current Cash 425,126,000
Current Liabilities 399,063,000
Current Debt 0
Non-Cash Working Capital (NCWC) -169,037,000
Change in NCWC -43,986,000
EBIT 166,106,000
Tax Provision 30,832,000
Depreciation and Amortization 57,964,000
Capital Expenditure -16,596,000
Unlevered Free Cash Flow 133,610,045
Current Assets 506,436,000
Current Cash 253,241,000
Current Liabilities 378,246,000
Current Debt 0
Non-Cash Working Capital (NCWC) -125,051,000
Change in NCWC 895,000
EBIT 116,812,000
Tax Provision 11,950,000
Depreciation and Amortization 73,349,000
Capital Expenditure -16,759,000
Unlevered Free Cash Flow 162,161,347
Current Assets 460,616,000
Current Cash 202,371,000
Current Liabilities 384,191,000
Current Debt 0
Non-Cash Working Capital (NCWC) -125,946,000
Change in NCWC 34,970,000
EBIT 80,280,000
Tax Provision 28,405,000
Depreciation and Amortization 91,355,000
Capital Expenditure -21,327,000
Unlevered Free Cash Flow 158,027,122

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