DCF Tool

TYL

Tyler Technologies, Inc. – Software Publishers
Tyler Technologies provides integrated software and technology services to the public sector. Tyler's end-to-end solutions empower local, state, and federal government entities to operate more efficiently and connect more transparently with their constituents and with each other. By connecting data and processes across disparate systems, Tyler's solutions are transforming how clients gain actionable insights that solve problems in their communities. Tyler has more than 27,000 successful installations across more than 11,000 sites, with clients in all 50 states, Canada, the Caribbean, Australia, and other international locations. Tyler has been named to Government Technology's GovTech 100 list five times and has been recognized three times on Forbes' 'Most Innovative Growth Companies' list.
Analysis Results
Intrinsic Value $133.98
Latest Price $318.44
Relative Value 138% 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 19.6%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 9.9%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 19.6%, 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 273 249
2023 327 271
2024 391 295
2025 468 321
2026 560 349
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 7220 million. This corresponds to a present value of 4090 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 1480 million. Adding in the terminal value gives a total present value of 5580 million.

There are presently 41.6 million outstanding shares, so the intrinsic value per share is 133.98.

Financial Statements

The following data was to determine the past cash flows.

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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