DCF Tool

TYL

Tyler Technologies, Inc. – Software Publishers
tyler technologies (nyse: tyl) is a leading provider of end-to-end information management solutions and services for local governments. tyler partners with clients to empower the public sector — cities, counties, schools and other government entities — to become more efficient, more accessible and more responsive to the needs of citizens. tyler’s client base includes more than 14,000 local government offices in all 50 states, canada, the caribbean, the united kingdom and other international locations. forbes has named tyler one of “america’s best small companies” eight times and the company has been included six times on the barron’s 400 index, a measure of the most promising companies in america. more information about tyler technologies, headquartered in plano, texas, can be found at www.tylertech.com. tyler technologies is proud to be an equal opportunity employer. all qualified applicants will receive consideration without regard to race, creed, gender/sex, marital status, sexual
Analysis Results
Intrinsic Value $429.39
Latest Price $413.73
Relative Value 4% undervalued
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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 19.5%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 4.2%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 19.5%, 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 333 320
2024 398 367
2025 476 421
2026 569 483
2027 679 554
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 20400 million. This corresponds to a present value of 15900 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 2140 million. Adding in the terminal value gives a total present value of 18100 million.

There are presently 42.1 million outstanding shares, so the intrinsic value per share is 429.39.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 847,242,000
Current Cash 210,887,000
Current Liabilities 889,695,000
Current Debt 30,000,000
Non-Cash Working Capital (NCWC) -223,340,000
Change in NCWC -26,699,000
EBIT 214,249,000
Tax Provision 23,353,000
Depreciation and Amortization 172,041,000
Capital Expenditure -50,151,000
Unlevered Free Cash Flow 282,768,658
Current Assets 964,331,000
Current Cash 361,471,000
Current Liabilities 829,501,000
Current Debt 30,000,000
Non-Cash Working Capital (NCWC) -196,641,000
Change in NCWC -69,624,000
EBIT 180,735,000
Tax Provision -2,477,000
Depreciation and Amortization 135,624,000
Capital Expenditure -55,612,000
Unlevered Free Cash Flow 191,123,000
Current Assets 1,113,070,000
Current Cash 675,810,000
Current Liabilities 564,277,000
Current Debt 0
Non-Cash Working Capital (NCWC) -127,017,000
Change in NCWC -25,540,000
EBIT 172,926,000
Tax Provision -19,778,000
Depreciation and Amortization 81,657,000
Capital Expenditure -22,690,000
Unlevered Free Cash Flow 206,353,000
Current Assets 679,697,000
Current Cash 272,081,000
Current Liabilities 509,093,000
Current Debt 0
Non-Cash Working Capital (NCWC) -101,477,000
Change in NCWC -17,848,000
EBIT 156,367,000
Tax Provision 13,311,000
Depreciation and Amortization 76,672,000
Capital Expenditure -37,236,000
Unlevered Free Cash Flow 164,933,058
Current Assets 518,858,000
Current Cash 178,585,000
Current Liabilities 423,902,000
Current Debt 0
Non-Cash Working Capital (NCWC) -83,629,000
Change in NCWC 30,966,000
EBIT 152,492,000
Tax Provision 8,408,000
Depreciation and Amortization 61,759,000
Capital Expenditure -27,424,000
Unlevered Free Cash Flow 209,567,217
Current Assets 496,800,000
Current Cash 229,085,000
Current Liabilities 382,310,000
Current Debt 0
Non-Cash Working Capital (NCWC) -114,595,000
Change in NCWC 20,370,000
EBIT 160,930,000
Tax Provision -2,317,000
Depreciation and Amortization 53,925,000
Capital Expenditure -43,057,000
Unlevered Free Cash Flow 192,168,000
Current Assets 282,960,000
Current Cash 56,424,000
Current Liabilities 361,501,000
Current Debt 0
Non-Cash Working Capital (NCWC) -134,965,000
Change in NCWC -19,098,000
EBIT 131,305,000
Tax Provision 19,450,000
Depreciation and Amortization 50,301,000
Capital Expenditure -37,726,000
Unlevered Free Cash Flow 105,031,466
Current Assets 268,215,000
Current Cash 46,510,000
Current Liabilities 337,572,000
Current Debt 0
Non-Cash Working Capital (NCWC) -115,867,000
Change in NCWC -23,571,000
EBIT 108,043,000
Tax Provision 43,555,000
Depreciation and Amortization 19,574,000
Capital Expenditure -12,501,000
Unlevered Free Cash Flow 48,143,051
Current Assets 346,710,000
Current Cash 206,167,000
Current Liabilities 232,839,000
Current Debt 0
Non-Cash Working Capital (NCWC) -92,296,000
Change in NCWC -38,545,000
EBIT 94,822,000
Tax Provision 35,527,000
Depreciation and Amortization 14,605,000
Capital Expenditure -9,343,000
Unlevered Free Cash Flow 25,878,492
Current Assets 217,235,000
Current Cash 78,876,000
Current Liabilities 192,110,000
Current Debt 0
Non-Cash Working Capital (NCWC) -53,751,000
Change in NCWC -307,000
EBIT 67,128,000
Tax Provision 26,718,000
Depreciation and Amortization 13,786,000
Capital Expenditure -26,858,000
Unlevered Free Cash Flow 26,499,635
Current Assets 122,757,000
Current Cash 6,406,000
Current Liabilities 169,795,000
Current Debt 0
Non-Cash Working Capital (NCWC) -53,444,000
Change in NCWC -7,545,000
EBIT 56,577,000
Tax Provision 20,874,000
Depreciation and Amortization 12,711,000
Capital Expenditure -9,102,000
Unlevered Free Cash Flow 30,717,254

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