CrowdStrike Holdings (CRWD:NAS) Fundamental Valuation Report

Fundamental Valuation Report

CrowdStrike Holdings(CRWD:NAS)

Technology:Software – Infrastructure

This Report was generated using the valuation tools available on For a free 30 day trial click here.

Close Price/Date
$142.68 (USD) 09/22/2020

Weighted Valuation
$132.77 (USD)

Overall Rating
Overvalued by 6.9%

Valuation Models Comparables: $114.64 (USD)
Multiples: $124.55 (USD)
Valuation Methods This company is:
Cash Flow: Overvalued on a Cash Flow Valuation
Comparable Company: Overvalued on a Comparable Valuation
Asset: Overvalued on an Asset Valuation
According to Analyst consensus at $147.60 this stock is Fairly valued

Company Overview (CRWD:NAS USD)

Price 142.68
Range 134.20 – 142.68
52 week 33.01 – 143.69
Open 138.52
Vol / Avg. 5.81M/8.23M
Mkt cap 31.31B
P/E 0.00
Div/yield 0.00/0.00
EPS -0.96
Shares 219.45M
Beta 0.00

Company Description

CrowdStrike Holdings, Inc. is a cybersecurity vendor that specializes in endpoint protection, threat intelligence and hunting, attack remediation, and offers various solutions to supplement security and network operations teams. Its cloud-based architecture collects data across all its endpoint agents, analyzes the information within its cloud platform, and updates all of its customers’ security posture. CrowdStrike sells packaged tiers of cybersecurity protection and offers individual security modules via its online marketplace. The company was founded in 2011, went public in 2019, and is based in California.

Valuation Details

 We have up to 6 valuation points for each company. Details are at the bottom of the report.

Discounted Cash Flow and Sensitivity Analysis for CRWD:NAS

Using a discounted cash flow model we generated an intrinsic value of $10.10 (USD) for CRWD:NAS

Sensitivity Analysis

(showing how changes in the input variables impact the DCF calculation)

CRWD:NAS Current Values Valuation If Dropped * Valuation If Raised *
Calculated Value: $10.10 1% 5% 1% 5%
WACC (or Ke) 10.42 $11.81 $8.81
Terminal Growth Rate 3.00 $8.99 $11.57
Tax Rate 0.27 $10.63 $9.58
Cash Flow 231,441,000 $9.67 $10.54
Capital Expenditures -36,386,500 $10.04 $10.17
Long Term Debt 0 $10.10 $10.10

* Changes are absolute: ex WACC from 8% to 7%

Comparables Model

Using similar companies and price based ratios we generated a valuation of $28.87 (USD) for CRWD:NAS. We also generated a valuation of $114.64 (USD) using other metrics and comparables.
The comparable companies were Euronet Worldwide (EEFT:NAS), F5 Networks (FFIV:NAS), Adobe (ADBE:NAS), Akamai Technologies (AKAM:NAS) and VeriSign (VRSN:NAS).

Company CRWD:NAS End Date Value
Earnings/Share ($0.32) (USD)
Book Value/Share $3.60 (USD)
Sales/Share $3.10 (USD)
Cash Flow/Share $1.23 (USD)
EBITDA/Share ($0.55) (USD)
Price Based on Comps Adjustment Factor (%)
$0.00 (USD) 0.0
$28.87 (USD) 0.0
$30.74 (USD) 0.0
$26.99 (USD) 0.0
$0.00 (USD) 0.0
0.00 PE Ratio 37.87 40.88 22.58 61.31 34.17 30.41
39.59 PB Ratio 8.01 3.98 3.42 19.93 4.70 0.00
45.98 PS Ratio 9.91 1.94 3.16 19.05 6.09 19.30
116.46 PCF Ratio 22.03 8.02 10.63 44.52 16.81 30.16
0.00 EV to EBITDA 24.05 14.35 13.90 47.31 17.74 26.93


Using a multiples approach we generated a valuation of  $124.55 (USD) for CRWD:NAS

Company CRWD:NAS End Date Value
Earnings/Share ($0.32) (USD)
Book Value/Share $3.60 (USD)
Sales/Share $3.10 (USD)
Cash Flow/Share $1.23 (USD)
EBITDA/Share ($0.55) (USD)
Price Based on Comps Adjustment Factor
$0.00 (USD) 0
$75.18 (USD) 0
$114.48 (USD) 0
$183.99 (USD) 0
$0.00 (USD) 0
Ratios Ratio Average
PE Ratio 0.00
PB Ratio 20.86
PS Ratio 36.90
PCF Ratio 150.17
EV to EBITDA 0.00

Adjusted Book Value versus Historical Price to Book

The average the Price to Book ratio for  CRWD:NAS for the last 1 years was  20.86

We ran the Adjusted Book Value for  CRWD:NAS and generated a book value of  $3.71 (USD)
By multiplying these we get an adjusted valuation of  $77.48 (USD)

Analyst Data

In the Stockcalc database there are 5 analysts that provide a valuation for CRWD:NAS. The 5 analysts have a concensus valuation for CRWD:NAS for 2021 of $147.60 (USD).

CRWD:NAS CrowdStrike Holdings

Analyst Recommendation
Buy Hold Sell Rating
(of 5)
Guidance As Of
4 1 0 4.1667 Outperform 2020-9-21

Current Price: 142.68 USD

Analyst Consensus
USD Millions 2021 2022 2023
Mean EPS 0.07 0.27 0.56
# EPS Analysts 5 5 2
Mean Revenue 828.60 1,139.40 1,443.50
# Revenue Analysts 5 5 2
Mean Target Price 147.60
Mean Cash Flow 1.01 1.43 1.56
Mean EBITDA 9.50 104.00 224.70
Mean Net Income 16.30 64.50 143.80
Mean Debt Outstanding -1,120.90 -1,352.10 -1,723.00
Mean Tax Rate 15.00 16.95 3.00
Mean Growth Rate 25.00
Mean Capital Expenditure 80.70 97.80 118.70

Explanation of Valuation Models

We have up to 6 valuation points for each company in the database.

The Discounted Cash Flow (DCF) valuation is a cash flow model where cash flow projections are discounted back to the present to calculate value per share. DCF is a common valuation technique especially for companies undergoing irregular cash flows such as resource companies (mining, forestry, oil and gas) going though price cycles or smaller companies about to generate cash flow (junior exploration companies, junior pharma, technology firms…).

The Price Comparables valuation is the result of valuing the company we are looking at on the basis of ratios from selected comparable companies: Price to Earnings, Price to Book, Price to Sales, Price to Cash Flow, Enterprise Value (EV) to EBITDA. Each of these ratios for the selected comparable companies are averaged and multiplied by the values for the company we are interested in to calculate a value per share for our selected company.

We have included the Other Comparables as a way to value companies that cannot be valued using Earnings based ratios. This technique is very useful for companies still experiencing negative cash flows such as mining exploration firms. We use Cash/Share, Book Value/Share, MarketCap, 1 Year Return, NetPPE as the ratios here. Each of these ratios for the selected comparable companies are averaged and multiplied by the values for the company we are interested in to calculate a value per share for our selected company.

Multiples are similar to Price comparables where we look at current or historic ratios for the company in question to assess what it should be worth today based on those historic ratios. We use the same 5 ratios as in the price comparables and value the company with its historic averages.

With Adjusted Book Value (ABV) we calculate the book value per share for the company based on its balance sheet and multiply that book value per share by its historical price to book ratio to calculate a value per share.

If we have Analyst coverage for the company we use the consensus target price here.

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