DCF Tool

VEEV

Veeva Systems Inc – Software Publishers
veeva systems inc. is a leader in cloud-based software for the global life sciences industry. committed to innovation, product excellence, and customer success, veeva has more than 300 customers, ranging from the world's largest pharmaceutical companies to emerging biotechs. veeva is headquartered in the san francisco bay area, with offices in europe, asia, and latin america. for more information, visit www.veeva.com.
Analysis Results
Intrinsic Value $110.87
Latest Price $203.95
Relative Value 84% overvalued
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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 27.8%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 9.7%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 27.8%, 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)
2024 0.605 0.552
2025 0.773 0.643
2026 0.988 0.749
2027 1.26 0.873
2028 1.61 1.02
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 21.5 billion. This corresponds to a present value of 12.4 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 3.83 billion. Adding in the terminal value gives a total present value of 16.2 billion.

There are presently 146.0 million outstanding shares, so the intrinsic value per share is 110.87.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 3,969,313,000
Current Cash 3,102,628,000
Current Liabilities 1,006,803,000
Current Debt 0
Non-Cash Working Capital (NCWC) -140,118,000
Change in NCWC -30,418,000
EBIT 459,091,000
Tax Provision 21,390,000
Depreciation and Amortization 29,122,000
Capital Expenditure -13,512,000
Unlevered Free Cash Flow 424,993,992
Current Assets 3,107,183,000
Current Cash 2,376,104,000
Current Liabilities 840,779,000
Current Debt 0
Non-Cash Working Capital (NCWC) -109,700,000
Change in NCWC -40,948,000
EBIT 505,496,000
Tax Provision 84,922,000
Depreciation and Amortization 27,448,000
Capital Expenditure -14,214,000
Unlevered Free Cash Flow 393,989,672
Current Assets 2,310,826,000
Current Cash 1,663,626,000
Current Liabilities 715,952,000
Current Debt 0
Non-Cash Working Capital (NCWC) -68,752,000
Change in NCWC 36,991,000
EBIT 377,794,000
Tax Provision 13,995,000
Depreciation and Amortization 29,455,000
Capital Expenditure -8,683,000
Unlevered Free Cash Flow 422,137,403
Current Assets 1,531,124,000
Current Cash 1,086,748,000
Current Liabilities 551,173,000
Current Debt 1,054,000
Non-Cash Working Capital (NCWC) -105,743,000
Change in NCWC -47,974,000
EBIT 286,219,000
Tax Provision 12,579,000
Depreciation and Amortization 19,859,000
Capital Expenditure -4,321,000
Unlevered Free Cash Flow 242,305,845
Current Assets 1,433,414,000
Current Cash 1,090,161,000
Current Liabilities 401,022,000
Current Debt 0
Non-Cash Working Capital (NCWC) -57,769,000
Change in NCWC 10,733,000
EBIT 222,866,000
Tax Provision 8,811,000
Depreciation and Amortization 14,071,000
Capital Expenditure -9,819,000
Unlevered Free Cash Flow 229,622,506
Current Assets 1,008,136,000
Current Cash 761,962,000
Current Liabilities 314,676,000
Current Debt 0
Non-Cash Working Capital (NCWC) -68,502,000
Change in NCWC -14,711,000
EBIT 150,792,000
Tax Provision 16,668,000
Depreciation and Amortization 14,277,000
Capital Expenditure -11,367,000
Unlevered Free Cash Flow 123,146,975
Current Assets 711,865,000
Current Cash 518,872,000
Current Liabilities 246,784,000
Current Debt 0
Non-Cash Working Capital (NCWC) -53,791,000
Change in NCWC -22,273,000
EBIT 107,968,000
Tax Provision 40,831,000
Depreciation and Amortization 13,825,000
Capital Expenditure -7,507,000
Unlevered Free Cash Flow 51,802,835
Current Assets 500,964,000
Current Cash 346,203,000
Current Liabilities 186,279,000
Current Debt 0
Non-Cash Working Capital (NCWC) -31,518,000
Change in NCWC 41,000
EBIT 78,589,000
Tax Provision 24,157,000
Depreciation and Amortization 8,464,000
Capital Expenditure -22,152,000
Unlevered Free Cash Flow 40,793,603
Current Assets 501,837,000
Current Cash 397,873,000
Current Liabilities 135,523,000
Current Debt 0
Non-Cash Working Capital (NCWC) -31,559,000
Change in NCWC -10,542,000
EBIT 69,966,000
Tax Provision 26,803,000
Depreciation and Amortization 3,929,000
Capital Expenditure -26,944,000
Unlevered Free Cash Flow 8,496,954
Current Assets 353,732,000
Current Cash 288,132,000
Current Liabilities 86,617,000
Current Debt 0
Non-Cash Working Capital (NCWC) -21,017,000
Change in NCWC -7,452,000
EBIT 39,304,000
Tax Provision 14,885,000
Depreciation and Amortization 2,410,000
Capital Expenditure -2,977,000
Unlevered Free Cash Flow 16,089,154

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