| Intrinsic Valuation of: ZS | |||||||||||
| Free Cash Flow Average and Growth over past 5Y | Key Statistics | ||||||||||
| Year | FCF | FCF (FCF/Revenue) | |||||||||
| 2020 | - | - | EPS (FY) | -0 | Market Cap | $26B | |||||
| 2021 | - | - (-) | P/E Ratio | - | Total Asset | $6B | |||||
| 2022 | $231M | - (-) | Net Income | $-41M | Total Debt | $2B | |||||
| 2023 | $334M | 44.2% (-2.7%) | EBITDA | $108M | Total Liab | $5B | |||||
| 2024 | $585M | 75.3% (30.8%) | Opr Margin | -4.76 | Debt/Equity | 0.95 | |||||
| 2025 | $727M | 24.2% (0.7%) | PreTax Margin | -4.95 | BV/Share | 8 | |||||
| 5Y Average FCF | $469M | 15.0% (9.6%) | |||||||||
| Overall Market Assumptions: | |||||||||||
| Assumptions: | P/E for No-Growth Company: | 7.0 | |||||||||
| Perpetual Growth Rate (g): | 2.48% | Historical US Bond Yield: | 4.40% | ||||||||
| Discount Rate (WACC): | 8.35% | Current US Bond Yield: | 3.48% | ||||||||
| Forcasting Future Free Cash Flow for next 6Y | Modified Benjamin Graham's Intrinsic Value | ||||||||||
| Year | FCF Projection (15.0%) | ||||||||||
| 2026 | $747M | MBG Intrinsic Value | $-4 | ||||||||
| 2027 | $840M | ||||||||||
| 2028 | $924M | ||||||||||
| 2029 | $993M | ||||||||||
| 2030 | $1B | ||||||||||
| 2031 | $1B | ||||||||||
| Terminal Value | $19B | Net Worth/Share | $11 | ||||||||
| DCF Valuation | DCF Valuation "What If" Scenario Table | ||||||||||
| Enterprise Value | $16B | Growth Rate | |||||||||
| (+) Cash & Cash Equivalents | $2B | $102 | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | ||||
| (-) Total Debt | $2B | WACC | 6.5% | 124 | 135 | 148 | 165 | 188 | |||
| Equity Value | $16B | 7.5% | 104 | 112 | 120 | 130 | 143 | ||||
| Shares Outstanding | 160,790,703 | 8.4% | 90 | 95 | 101 | 108 | 116 | ||||
| 9.4% | 79 | 83 | 87 | 92 | 98 | ||||||
| DCF Intrinsic Value | $102 | 10.3% | 71 | 74 | 77 | 80 | 84 | ||||
| Analyzed by QuantJuice (2025) | |||||||||||