VMWare
 
Buylyst Valuation
$135.4
Market Price
$137.2
Upside
0%
 

Target Price based on these Assumptions

Sustainable Free Cash Flow
$2,816 Million
Long-Term Discount Rate
5%

Sustainable Free Cash Flow Calculation

Historical Numbers

Cash Flow Items ($mn) Sustainable Level
Revenue 11,395
-

Cost of goods sold

-
-

R&D and Cost of labor

-
-

Selling, general, and administrative costs

Selling & Admin. Costs

-
-

Other

-
+

Depreciation and amortization

Depreciation 

-
=

Earnings before interest, taxes, depreciation and amortization (EBITDA)

EBITDA

3,322
-

Maintenance capital expenditure

Maintenance Cap-Ex

300
=

Unlevered cash flow

3,023
-

Increases in working capital

Increases in working cap.

-545
-

Debt service charges

129
-

Cash taxes

622
=

Discretionary cash flow

2,816
POSSIBLY WIDENING THE MOAT:
-

Growth capital expenditure

Growth Cap-Ex

0
-

Cash spent on acquisitions

Acquisitions

1,098
-

Other

0
POSSIBLE SHENANIGANS:
-

Dividends

0
-

Share Buybacks

1,436
=

FREE CASH FLOW

2,816

* Click on the orange dot above to read additional notes on the items

Last 12 months ending 08/02/2019.

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