| 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 | $48B | |||||
| 2021 | - | - (-) | P/E Ratio | - | Total Asset | $5B | |||||
| 2022 | $144M | - (-) | Net Income | $-58M | Total Debt | $0 | |||||
| 2023 | $231M | 60.9% (-0.7%) | EBITDA | $65M | Total Liab | $3B | |||||
| 2024 | $334M | 44.2% (-2.7%) | Opr Margin | -0.06 | Debt/Equity | - | |||||
| 2025 | $585M | 75.3% (30.8%) | PreTax Margin | -6.21 | BV/Share | 5 | |||||
| 5Y Average FCF | $323M | 60.2% (9.1%) | |||||||||
| 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 | $731M | MBG Intrinsic Value | $-2 | ||||||||
| 2027 | $914M | ||||||||||
| 2028 | $1B | ||||||||||
| 2029 | $1B | ||||||||||
| 2030 | $2B | ||||||||||
| 2031 | $2B | ||||||||||
| Terminal Value | $46B | Net Worth/Share | $8 | ||||||||
| DCF Valuation | DCF Valuation "What If" Scenario Table | ||||||||||
| Enterprise Value | $36B | Growth Rate | |||||||||
| (+) Cash & Cash Equivalents | $1B | $243 | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | ||||
| (-) Total Debt | $0 | WACC | 7.3% | 212 | 228 | 248 | 272 | 302 | |||
| Equity Value | $38B | 7.4% | 210 | 226 | 245 | 269 | 298 | ||||
| Shares Outstanding | 155,696,000 | 7.4% | 208 | 224 | 243 | 265 | 294 | ||||
| 7.9% | 191 | 204 | 219 | 237 | 260 | ||||||
| DCF Intrinsic Value | $243 | 8.4% | 176 | 187 | 200 | 215 | 232 | ||||
| Analyzed by QuantJuice (2025) | |||||||||||