| Intrinsic Valuation of: CYBR | |||||||||||
| Free Cash Flow Average and Growth over past 5Y | Key Statistics | ||||||||||
| Year | FCF | FCF (FCF/Revenue) | |||||||||
| 2020 | - | - | EPS (FY) | -2 | Market Cap | $20B | |||||
| 2021 | - | - (-) | P/E Ratio | - | Total Asset | $3B | |||||
| 2022 | $66M | - (-) | Net Income | $-93M | Total Debt | $0 | |||||
| 2023 | $37M | -43.5% (-52.0%) | EBITDA | $29M | Total Liab | $979M | |||||
| 2024 | $51M | 37.8% (8.5%) | Opr Margin | -0.07 | Debt/Equity | - | |||||
| 2025 | $221M | 330.8% (223.7%) | PreTax Margin | -7.54 | BV/Share | 10 | |||||
| 5Y Average FCF | $94M | 108.4% (60.1%) | |||||||||
| Overall Market Assumptions: | |||||||||||
| Assumptions: | P/E for No-Growth Company: | 7.0 | |||||||||
| Perpetual Growth Rate (g): | 2.5% | Historical US Bond Yield: | 4.4% | ||||||||
| Discount Rate (WACC): | 7.4% | Current US Bond Yield: | 3.5% | ||||||||
| Forcasting Future Free Cash Flow for next 6Y | Modified Benjamin Graham's Intrinsic Value | ||||||||||
| Year | FCF Projection (25.0%) | ||||||||||
| 2026 | $276M | MBG Intrinsic Value | $-18 | ||||||||
| 2027 | $345M | ||||||||||
| 2028 | $431M | ||||||||||
| 2029 | $539M | ||||||||||
| 2030 | $674M | ||||||||||
| 2031 | $842M | ||||||||||
| Terminal Value | $18B | Net Worth/Share | $47 | ||||||||
| DCF Valuation | DCF Valuation "What If" Scenario Table | ||||||||||
| Enterprise Value | $14B | Growth Rate | |||||||||
| (+) Cash & Cash Equivalents | $526M | $283 | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | ||||
| (-) Total Debt | $0 | WACC | 7.3% | 248 | 267 | 289 | 318 | 353 | |||
| Equity Value | $14B | 7.4% | 245 | 264 | 286 | 314 | 348 | ||||
| Shares Outstanding | 50,293,700 | 7.4% | 243 | 261 | 283 | 310 | 344 | ||||
| 7.9% | 223 | 238 | 256 | 277 | 303 | ||||||
| DCF Intrinsic Value | $283 | 8.4% | 206 | 219 | 233 | 251 | 271 | ||||
| Analyzed by QuantJuice (2025) | |||||||||||