DCF Tool

PTC

PTC Inc – Software Publishers
ptc (nasdaq: ptc) is a global provider of technology platforms and solutions that transform how companies create, operate, and service the "things"​ in the internet of things (iot). the company's next-generation thingworx® technology platform gives developers the tools they need to capture, analyze, and capitalize on the vast amounts of data being generated by smart, connected products and systems. the company's field-proven solutions are deployed in more than 26,000 businesses worldwide to generate a product or service advantage. ptc's award-winning ceo, considered an industry thought leader, co-authored the definitive guides to the impact of the iot on business in the harvard business review. all qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability or protected veteran status
Analysis Results
Intrinsic Value $102.53
Latest Price $140.90
Relative Value 37% overvalued
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Cash Flow (Millions)
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 15.0%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 8.1%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 15.0%, 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)
2023 518 479
2024 595 509
2025 685 542
2026 787 576
2027 906 613
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 15100 million. This corresponds to a present value of 9460 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 2720 million. Adding in the terminal value gives a total present value of 12200 million.

There are presently 119.0 million outstanding shares, so the intrinsic value per share is 102.53.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 1,068,657,000
Current Cash 272,182,000
Current Liabilities 792,258,000
Current Debt 0
Non-Cash Working Capital (NCWC) 4,217,000
Change in NCWC -40,479,000
EBIT 483,596,000
Tax Provision 84,017,000
Depreciation and Amortization 122,040,000
Capital Expenditure -25,947,000
Unlevered Free Cash Flow 436,891,969
Current Assets 1,073,010,000
Current Cash 249,032,000
Current Liabilities 779,282,000
Current Debt 0
Non-Cash Working Capital (NCWC) 44,696,000
Change in NCWC 195,596,000
EBIT 382,959,000
Tax Provision -85,168,000
Depreciation and Amortization 122,534,000
Capital Expenditure -25,263,000
Unlevered Free Cash Flow 675,826,000
Current Assets 833,447,000
Current Cash 303,587,000
Current Liabilities 680,760,000
Current Debt 0
Non-Cash Working Capital (NCWC) -150,900,000
Change in NCWC 2,104,000
EBIT 243,579,000
Tax Provision 4,011,000
Depreciation and Amortization 119,504,000
Capital Expenditure -31,246,000
Unlevered Free Cash Flow 326,688,202
Current Assets 782,621,000
Current Cash 297,470,000
Current Liabilities 638,155,000
Current Debt 0
Non-Cash Working Capital (NCWC) -153,004,000
Change in NCWC 234,273,000
EBIT 114,156,000
Tax Provision 47,760,000
Depreciation and Amortization 77,824,000
Capital Expenditure -64,411,000
Unlevered Free Cash Flow 314,082,000
Current Assets 633,784,000
Current Cash 285,782,000
Current Liabilities 735,279,000
Current Debt 0
Non-Cash Working Capital (NCWC) -387,277,000
Change in NCWC -76,513,000
EBIT 77,001,000
Tax Provision -23,331,000
Depreciation and Amortization 87,408,000
Capital Expenditure -39,041,000
Unlevered Free Cash Flow 48,855,000
Current Assets 666,556,000
Current Cash 298,411,000
Current Liabilities 678,909,000
Current Debt 0
Non-Cash Working Capital (NCWC) -310,764,000
Change in NCWC -2,204,000
EBIT 48,840,000
Tax Provision -7,645,000
Depreciation and Amortization 86,742,000
Capital Expenditure -25,444,000
Unlevered Free Cash Flow 107,934,000
Current Assets 642,589,000
Current Cash 296,630,000
Current Liabilities 654,519,000
Current Debt 0
Non-Cash Working Capital (NCWC) -308,560,000
Change in NCWC -172,562,000
EBIT 39,259,000
Tax Provision -12,727,000
Depreciation and Amortization 86,554,000
Capital Expenditure -26,189,000
Unlevered Free Cash Flow -72,938,000
Current Assets 704,679,000
Current Cash 273,417,000
Current Liabilities 617,260,000
Current Debt 50,000,000
Non-Cash Working Capital (NCWC) -135,998,000
Change in NCWC 27,156,000
EBIT 151,357,000
Tax Provision -21,032,000
Depreciation and Amortization 84,433,000
Capital Expenditure -30,628,000
Unlevered Free Cash Flow 232,318,000
Current Assets 732,167,000
Current Cash 293,654,000
Current Liabilities 626,667,000
Current Debt 25,000,000
Non-Cash Working Capital (NCWC) -163,154,000
Change in NCWC -87,844,000
EBIT 224,982,000
Tax Provision 25,918,000
Depreciation and Amortization 77,307,000
Capital Expenditure -25,275,000
Unlevered Free Cash Flow 157,838,954
Current Assets 680,216,000
Current Cash 241,913,000
Current Liabilities 528,613,000
Current Debt 15,000,000
Non-Cash Working Capital (NCWC) -75,310,000
Change in NCWC 9,325,000
EBIT 179,521,000
Tax Provision -17,535,000
Depreciation and Amortization 76,551,000
Capital Expenditure -29,328,000
Unlevered Free Cash Flow 236,069,000
Current Assets 879,152,000
Current Cash 489,543,000
Current Liabilities 481,744,000
Current Debt 7,500,000
Non-Cash Working Capital (NCWC) -84,635,000
Change in NCWC -39,630,000
EBIT 153,024,000
Tax Provision 156,134,000
Depreciation and Amortization 66,471,000
Capital Expenditure -31,413,000
Unlevered Free Cash Flow -7,682,000

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