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F5, Inc.
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== Financials == === Historical Data === 7 years of historical data has been taken to identify historical trends and potential future growth. {| class="wikitable" |+ |In Millions of USD except Per Share |FY 2016 |FY 2017 |FY 2018 |FY 2019 |FY 2020 |FY 2021 |FY 2022 |- |Revenue | 1,995 | 2,090 | 2,161 | 2,242 | 2,351 | 2,603 | 2,696 |- | - COGS | 337 | 353 | 361 | 353 | 405 | 484 | 538 |- |Gross Profit | 1,658 | 1,737 | 1,800 | 1,889 | 1,945 | 2,120 | 2,158 |- | - Operating Expenses | 1,101 | 1,160 | 1,189 | 1,293 | 1,456 | 1,583 | 1,680 |- |Operating Income (Loss) | 557 | 577 | 611 | 596 | 490 | 537 | 478 |- | - Income Tax Expense (Benefit) | 184 | 155 | 150 | 113 | 89 | 56 | 63 |- |Net Income | 373 | 422 | 461 | 483 | 401 | 481 | 414 |- | + D&A | 57 | 61 | 60 | 69 | 96 | 115 | 116 |- | - CapEx | - 64 | - 39 | - 54 | - 104 | - 60 | - 31 | - 34 |- | - Change in NWC | 64 | - 27 | 38 | - 85 | 115 | - 82 | - 133 |- |FCF | 430 | 548 | 536 | 740 | 441 | 709 | 696 |} [[File:Financial.png|center|thumb|752x752px]] === Forecasted FCF === {| class="wikitable" |+ |In Millions of USD except Per Share |FY2023 |FY2024 |FY2025 |FY2026 |FY2027 |- | |FORECAST |FORECAST |FORECAST |FORECAST |FORECAST |- |Revenue | 2,858 | 3,029 | 3,211 | 3,403 | 3,608 |- |%YoY Growth | | | | | |- | - COGS | 498 | 528 | 560 | 594 | 629 |- |% revenue | | | | | |- |Gross Profit | 2,359 | 2,501 | 2,651 | 2,810 | 2,978 |- | - Operating Expenses | 1,764 | 1,853 | 1,945 | 2,043 | 2,145 |- |%YoY Growth | | | | | |- |Operating Income (Loss) | 595 | 648 | 706 | 767 | 834 |- | - Income Tax Expense (Benefit) | 54 | 46 | 39 | 45 | 51 |- |%YoY Growth | | | | | |- |Net Income | 541 | 602 | 667 | 723 | 782 |- | + D&A | 99 | 105 | 111 | 118 | 125 |- |% COGS | | | | | |- | - CapEx | - 70 | - 74 | - 78 | - 83 | - 88 |- |% revenue | | | | | |- | - Change in NWC | - 16 | - 16 | - 16 | - 16 | - 16 |} [[File:Fina.png|center|thumb|757x757px]] === WACC & Growth Rate === [[File:Wacc n growth.png|center|thumb|394x394px]] {| class="wikitable" |+ | |Equity |Debt |- |Cost |10.38% |4.87% |- |Weight |96.70% |3.30% |- | |10.04% |0.16% |- |WACC | |10.20% |- | | | |- | colspan="2" |Growth Rate |2.10% |} === Calculation of Enterprise Value === [[File:Ev.png|center|thumb|615x615px]] === Implied Share Price and investment suggestion === [[File:Imp.png|center|thumb|444x444px]] {| class="wikitable" |= Enterprise Value (Millions of $) | 9,121 |- | - Net Debt | (398) |- |Long term + short term debt | 292 |- |Cash & cash equivalents | 691 |- | - Minority interests | - |- |= Equity Value (Millions of $) | 9,519 |- |Shares outstanding (millions) |59.3 |- |Implied value per share ($) | 160.52 |- |Current share price ($, as of EoD 25/08/23) |155.8 |- |Implied premium (%) |3.03% |- |Investment Suggestion |BUY |} === Sensitivity Analysis === {| class="wikitable" ! colspan="9" |Implied Premium Sensitivity |- | | colspan="8" |WACC |- |Perpetuity Growth Rate |3.03% |9.60% |9.80% |10.00% |10.20% |10.40% |10.60% |10.80% |- | |1.80% |7.97% |5.29% |2.74% |0.33% | -2.01% | -4.22% | -6.33% |- | |1.90% |9.01% |6.27% |3.67% |1.21% | -1.18% | -3.43% | -5.58% |- | |2.00% |10.09% |7.28% |4.62% |2.11% | -0.33% | -2.62% | -4.82% |- | |2.10% |11.19% |8.32% |5.60% |3.03% |0.55% | -1.80% | -4.03% |- | |2.20% |12.31% |9.38% |6.60% |3.98% |1.44% | -0.95% | -3.23% |- | |2.30% |13.47% |10.47% |7.63% |4.95% |2.36% | -0.08% | -2.41% |- | |2.40% |14.67% |11.59% |8.68% |5.94% |3.30% |0.80% | -1.57% |} [[File:Sens.png|center|thumb|614x614px]] __INDEX__
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