Discounted Cash Flow (DCF) Analysis Levered

Adyen N.V. (ADYEN.AS)

1341.8 €

-5.80 (-0.43%)
All numbers are in Millions, Currency in USD
Stock DCF: 4,933.79 | 1341.8 | undervalue

Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 1,012.441,652.952,656.773,641.395,995.429,378.3414,670.0722,947.6735,895.9156,150.20
Revenue (%)
Operating Cash Flow 200.61384529.451,016.651,820.152,274.303,557.585,564.948,704.9613,616.75
Operating Cash Flow (%)
Capital Expenditure -11.03-13.81-19.96-21.89-54.35-78.47-122.75-192.01-300.36-469.84
Capital Expenditure (%)
Free Cash Flow 189.58370.19509.50994.761,765.802,195.833,434.835,372.938,404.6113,146.91

Weighted Average Cost Of Capital

Share price $ 1,341.8
Beta 1.171
Diluted Shares Outstanding 30.67
Cost of Debt
Tax Rate 19.13
After-tax Cost of Debt 7.23%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.054
Total Debt 142.96
Total Equity 41,149.78
Total Capital 41,292.75
Debt Weighting 0.35
Equity Weighting 99.65
Wacc

Build Up Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 1,012.441,652.952,656.773,641.395,995.429,378.3414,670.0722,947.6735,895.9156,150.20
Operating Cash Flow 200.61384529.451,016.651,820.152,274.303,557.585,564.948,704.9613,616.75
Capital Expenditure -11.03-13.81-19.96-21.89-54.35-78.47-122.75-192.01-300.36-469.84
Free Cash Flow 189.58370.19509.50994.761,765.802,195.833,434.835,372.938,404.6113,146.91
WACC
PV LFCF 1,305.701,872.942,686.623,853.775,527.99
SUM PV LFCF 23,513.29

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.05
Free cash flow (t + 1) 13,409.85
Terminal Value 190,210.62
Present Value of Terminal Value 123,340.70

Intrinsic Value

Enterprise Value 146,854
Net Debt -4,453.48
Equity Value 151,307.47
Shares Outstanding 30.67
Equity Value Per Share 4,933.79