DCF Tool

QLYS

Qualys Inc – Data Processing, Hosting, and Related Services
Qualys, Inc. is a pioneer and leading provider of disruptive cloud-based IT, security and compliance solutions with over 19,000 active customers in more than 130 countries, including a majority of each of the Forbes Global 100 and Fortune 100. Qualys helps organizations streamline and consolidate their security and compliance solutions in a single platform and build security into digital transformation initiatives for greater agility, better business outcomes, and substantial cost savings.
Analysis Results
Intrinsic Value $57.33
Latest Price $121.86
Relative Value 113% 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 31.4%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 10.3%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 31.4%, 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 80.7 73.2
2023 106 87.2
2024 139 104
2025 183 124
2026 241 147
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 2960 million. This corresponds to a present value of 1640 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 536 million. Adding in the terminal value gives a total present value of 2180 million.

There are presently 38.0 million outstanding shares, so the intrinsic value per share is 57.33.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 546,398,000
Current Cash 405,288,000
Current Liabilities 304,280,000
Current Debt 0
Non-Cash Working Capital (NCWC) -163,170,000
Change in NCWC -26,761,000
EBIT 87,683,000
Tax Provision 18,437,000
Depreciation and Amortization 35,897,000
Capital Expenditure -25,654,000
Unlevered Free Cash Flow 53,081,490
Current Assets 475,345,000
Current Cash 356,024,000
Current Liabilities 255,730,000
Current Debt 0
Non-Cash Working Capital (NCWC) -136,409,000
Change in NCWC -9,668,000
EBIT 96,654,000
Tax Provision 10,465,000
Depreciation and Amortization 32,845,000
Capital Expenditure -30,037,000
Unlevered Free Cash Flow 79,881,084
Current Assets 395,616,000
Current Cash 298,890,000
Current Liabilities 223,467,000
Current Debt 0
Non-Cash Working Capital (NCWC) -126,741,000
Change in NCWC -21,198,000
EBIT 72,253,000
Tax Provision 10,647,000
Depreciation and Amortization 31,201,000
Capital Expenditure -27,573,000
Unlevered Free Cash Flow 45,064,985
Current Assets 378,965,000
Current Cash 289,166,000
Current Liabilities 196,907,000
Current Debt 1,565,000
Non-Cash Working Capital (NCWC) -105,543,000
Change in NCWC -20,705,000
EBIT 50,361,000
Tax Provision -1,836,000
Depreciation and Amortization 28,904,000
Capital Expenditure -22,775,000
Unlevered Free Cash Flow 35,785,000
Current Assets 369,350,000
Current Cash 288,414,000
Current Liabilities 165,774,000
Current Debt 0
Non-Cash Working Capital (NCWC) -84,838,000
Change in NCWC -11,338,000
EBIT 37,243,000
Tax Provision -1,062,000
Depreciation and Amortization 20,636,000
Capital Expenditure -37,818,000
Unlevered Free Cash Flow 8,723,000
Current Assets 300,688,000
Current Cash 243,856,000
Current Liabilities 130,332,000
Current Debt 0
Non-Cash Working Capital (NCWC) -73,500,000
Change in NCWC -11,591,000
EBIT 30,107,000
Tax Provision 11,205,000
Depreciation and Amortization 16,994,000
Capital Expenditure -23,245,000
Unlevered Free Cash Flow 1,178,571
Current Assets 229,236,000
Current Cash 178,966,000
Current Liabilities 112,179,000
Current Debt 0
Non-Cash Working Capital (NCWC) -61,909,000
Change in NCWC -12,789,000
EBIT 24,806,000
Tax Provision 8,655,000
Depreciation and Amortization 14,360,000
Capital Expenditure -20,051,000
Unlevered Free Cash Flow -2,429,951
Current Assets 175,259,000
Current Cash 127,218,000
Current Liabilities 97,161,000
Current Debt 0
Non-Cash Working Capital (NCWC) -49,120,000
Change in NCWC -3,908,000
EBIT 9,247,000
Tax Provision -21,631,000
Depreciation and Amortization 11,897,000
Capital Expenditure -13,914,000
Unlevered Free Cash Flow 3,322,000
Current Assets 130,456,000
Current Cash 97,196,000
Current Liabilities 79,277,000
Current Debt 805,000
Non-Cash Working Capital (NCWC) -45,212,000
Change in NCWC -7,803,000
EBIT 2,309,000
Tax Provision 500,000
Depreciation and Amortization 9,612,000
Capital Expenditure -13,663,000
Unlevered Free Cash Flow -10,088,549

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