Discounted Cash Flow

Appfolio Inc.

APPF · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $105.6m $-8.3m $7.3m -7.8% $-0.25
2017 $143.8m (36.2%) $9.7m (217.3%) $27.2m (274.2%) 6.8% (186.1%) $0.29 (216.0%)
2018 $190.1m (32.2%) $20.0m (105.5%) $34.2m (25.8%) 10.5% (55.5%) $0.59 (103.4%)
2019 $256.0m (34.7%) $36.3m (81.7%) $30.8m (-9.8%) 14.2% (34.9%) $1.07 (81.4%)
2020 $310.1m (21.1%) $158.4m (336.6%) $29.3m (-5.0%) 51.1% (260.5%) $4.62 (331.8%)
2021 $359.4m (15.9%) $1.0m (-99.4%) $27.3m (-6.7%) 0.3% (-99.4%) $0.03 (-99.4%)
2022 $471.9m (31.3%) $-68.1m (-6726.4%) $18.8m (-31.0%) -14.4% (-5146.4%) $-1.95 (-6600.0%)
2023 $620.4m (31.5%) $2.7m (104.0%) $51.2m (172.2%) 0.4% (103.0%) $0.08 (104.1%)
2024 $794.2m (28.0%) $204.1m (7452.5%) $186.1m (263.3%) 25.7% (5800.1%) $5.63 (6937.5%)
2025 $950.8m (19.7%) $140.9m (-30.9%) $238.9m (28.4%) 14.8% (-42.3%) $3.91 (-30.6%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model