Appfolio Inc
APPF
Services-Prepackaged Software
Mkt Cap
$8.424BPE
110.16Debt
-Cash
$59.46MEV
-FCF
$92MP/E Ratio
110.16Debt
-Cash
$59.46MEV
-FCF
$92MCharts data: {"Earnings":[{"time":"2014-12-30","value":-8621000},{"time":"2015-12-30","value":-15668000},{"time":"2016-12-30","value":-8281000},{"time":"2017-12-30","value":9716000},{"time":"2018-12-30","value":19967000},{"time":"2019-12-30","value":36282000},{"time":"2020-12-30","value":158403000},{"time":"2021-12-30","value":1028000},{"time":"2022-12-30","value":-68119000},{"time":"2023-12-30","value":2702000}],"Sales":[{"time":"2014-12-30","value":47671000},{"time":"2015-12-30","value":74977000},{"time":"2016-12-30","value":105586000},{"time":"2017-12-30","value":143803000},{"time":"2018-12-30","value":190071000},{"time":"2019-12-30","value":256012000},{"time":"2020-12-30","value":310056000},{"time":"2021-12-30","value":359370000},{"time":"2022-12-30","value":471883000},{"time":"2023-12-30","value":620445000}],"Net Margins":[{"time":"2014-12-30","value":-0.1808436995238195},{"time":"2015-12-30","value":-0.20897075103031595},{"time":"2016-12-30","value":-0.07842895838463433},{"time":"2017-12-30","value":0.06756465442306489},{"time":"2018-12-30","value":0.10505021807640302},{"time":"2019-12-30","value":0.14171991937877912},{"time":"2020-12-30","value":0.5108851304280517},{"time":"2021-12-30","value":0.002860561538247489},{"time":"2022-12-30","value":-0.14435569834047846},{"time":"2023-12-30","value":0.004354938793930163}],"Assets":[{"time":"2014-12-30","value":25434000},{"time":"2015-12-30","value":90481000},{"time":"2016-12-30","value":92583000},{"time":"2017-12-30","value":110248000},{"time":"2018-12-30","value":175741000},{"time":"2019-12-30","value":260102000},{"time":"2020-12-30","value":389480000},{"time":"2021-12-30","value":408017000},{"time":"2022-12-30","value":381217000},{"time":"2023-12-30","value":408889000}],"Stockholders Equity":[{"time":"2014-12-30","value":-51467000},{"time":"2015-12-30","value":72697000},{"time":"2016-12-30","value":69682000},{"time":"2017-12-30","value":85079000},{"time":"2018-12-30","value":91846000},{"time":"2019-12-30","value":131950000},{"time":"2020-12-30","value":285920000},{"time":"2021-12-30","value":297381000},{"time":"2022-12-30","value":265546000},{"time":"2023-12-30","value":297312000}],"ROE":[{"time":"2014-12-30","value":0.16750539180445723},{"time":"2015-12-30","value":-0.2155247121614372},{"time":"2016-12-30","value":-0.1188398725639333},{"time":"2017-12-30","value":0.1141997437675572},{"time":"2018-12-30","value":0.21739651155194564},{"time":"2019-12-30","value":0.2749677908298598},{"time":"2020-12-30","value":0.5540116116396194},{"time":"2021-12-30","value":0.003456844922843087},{"time":"2022-12-30","value":-0.256524293342773},{"time":"2023-12-30","value":0.009088096006888386}],"ROA":[{"time":"2014-12-30","value":-0.3365180467091295},{"time":"2015-12-30","value":-0.16581381726550326},{"time":"2016-12-30","value":-0.0887203914325524},{"time":"2017-12-30","value":0.08865466947246209},{"time":"2018-12-30","value":0.11600594056025629},{"time":"2019-12-30","value":0.02484025497689368},{"time":"2020-12-30","value":0.5053686967238369},{"time":"2021-12-30","value":0.004249822924044831},{"time":"2022-12-30","value":-0.17501055829094714},{"time":"2023-12-30","value":0.01955787512014263}]}
AppFolio, Inc., together with its subsidiaries, provides cloud business management solutions for the real estate industry. The company offers AppFolio Property Manager, a platform to leverage process automation, easy to use interface, and the optimization of common workflows for property management companies, as well as completes and records critical transactions in the system and give its customers access to the data they need to run their business; AppFolio Property Manager Plus, which offers customizable workflows that allow customers to digitize their existing processes, performance insights, intelligent revenue management, and integrations through selected partners and dedicated strategic account managers; and AppFolio Investment Management, a solution that is designed to enable real estate investment management organizations to manage investor relationships through enhancing transparency and streamlining certain business processes. It also provides value added services that are designed to enhance, automate, and streamline processes and workflows for property management businesses, such as electronic payment, tenant screening, and insurance services. AppFolio, Inc. was incorporated in 2006 and is headquartered in Santa Barbara, California.
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DCF
Discounted Cash Flow Valuation of Appfolio Inc
Value
Growth
%
%
Discount
%
%
Multiple
| g\r | +10% | +11% | +12% | +13% | +14% |
|---|---|---|---|---|---|
| 0% | 10 | 9 | 8 | 8 | 7 |
| +1% | 11 | 10 | 9 | 8 | 8 |
| +2% | 13 | 11 | 10 | 9 | 8 |
| +3% | 14 | 13 | 11 | 10 | 9 |
| +4% | 17 | 14 | 12 | 11 | 10 |
| Years | 0 | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | TV |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FCF | $92M | $97.65M | $103.5M | $109.6M | $115.9M | $122.5M | $129.2M | $136.2M | $143.3M | $150.7M | $158.2M | $1.582B |
| DCF | $84.91M | $78.28M | $72.07M | $66.28M | $60.88M | $55.86M | $51.19M | $46.85M | $42.83M | $39.1M | $391M | |
| Value | $989.3M | |||||||||||
In the chart Earnings are multiplied by this value.
Earnings Growth 14%
Earnings Stability -50%
Competitiveness and MOAT
High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.
| Years | 12-2015 | 12-2016 | 12-2017 | 12-2018 | 12-2019 | 12-2020 | 12-2021 | 12-2022 | 12-2023 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | -21% | -7.8% | 6.8% | 11% | 14% | 51% | 0.29% | -14% | 0.44% | 11% |
| ROA | -17% | -8.9% | 8.9% | 12% | 2.5% | 51% | 0.42% | -18% | 2% | 16% |
| ROE | -22% | -12% | 11% | 22% | 27% | 55% | 0.35% | -26% | 0.91% | 23% |
What is the average Net Margin?
The average Net Margin over the past 5 years is +10.34%.
What is the trend of Net Margin?
The trend of Net Margin over the past 5 years is -5.34%.
What is the average Return on Assets (ROA)?
The average ROA over the past 5 years is +8.25%.
What is the trend of Return on Assets (ROA)?
The trend of ROA over the past 5 years is -4.52%.
What is the average Return on Equity (ROE)?
The average ROE over the past 5 years is +13.37%.
What is the trend of Return on Equity (ROE)?
The trend of ROE over the past 5 years is -9.1%.
Safety & Stabiliy
Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.
| Years | 12-2015 | 12-2016 | 12-2017 | 12-2018 | 12-2019 | 12-2020 | 12-2021 | 12-2022 | 12-2023 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Debt FCF | - | - | 0.00 | 1.46 | 1.62 | 0.00 | - | - | - | - |
| Debt Equity | - | - | 0.00 | 0.54 | 0.38 | 0.00 | - | - | - | - |
| MIN | ||||||||||
| Graham Stability | - | - | - | - | 100% | 100% | 1.4% | -100% | 8.9% | -100% |
What is the Debt/FCF?
The Debt/FCF trailing twelve month is -.
What is the trend of Debt/FCF?
The trend of Debt/FCF over the past 5 years is -0.73.
What is the Graham’s Stability?
Graham’s Stability measure stands at -1.04.
Growth
Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.
| Years | 12-2016 | 12-2018 | 12-2020 | 12-2022 | Trend |
|---|---|---|---|---|---|
| Revenue | 29% | 27% | 26% | 31% | -3.1% |
| Net Income | - | -33% | -74% | - | -36% |
| Stockholders Equity | 23% | 26% | 1.3% | 12% | 0.12% |
| FCF | 32% | 8.4% | 21% | 170% | -15% |
What is the 5 year Revenue CAGR?
The Revenue CAGR over the past 5 years is +26.69%.
What is the trend of Revenue growth?
The trend of Revenue growth rate over the past 5 years is -3.06%.
What is the 5 year Earnings CAGR?
The Earnings CAGR over the past 5 years is -32.97%.
What is the trend of Earnings growth?
The trend of Earnings growth rate over the past 5 years is -35.97%.
What is the 5 year Equity CAGR?
The Equity CAGR over the past 5 years is +26.48%.
What is the trend of Equity growth?
The trend of Equity growth rate over the past 5 years is +0.12%.
What is the 5 year FCF CAGR?
The FCF CAGR over the past 5 years is +8.44%.
What is the trend of FCF growth?
The trend of FCF growth rate over the past 5 years is -14.87%.