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
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 | 1,012.44 | 1,652.95 | 2,656.77 | 3,641.39 | 5,995.42 | 9,378.34 | 14,670.07 | 22,947.67 | 35,895.91 | 56,150.20 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 200.61 | 384 | 529.45 | 1,016.65 | 1,820.15 | 2,274.30 | 3,557.58 | 5,564.94 | 8,704.96 | 13,616.75 |
| 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 | 189.58 | 370.19 | 509.50 | 994.76 | 1,765.80 | 2,195.83 | 3,434.83 | 5,372.93 | 8,404.61 | 13,146.91 |
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 | 1,012.44 | 1,652.95 | 2,656.77 | 3,641.39 | 5,995.42 | 9,378.34 | 14,670.07 | 22,947.67 | 35,895.91 | 56,150.20 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 200.61 | 384 | 529.45 | 1,016.65 | 1,820.15 | 2,274.30 | 3,557.58 | 5,564.94 | 8,704.96 | 13,616.75 |
| 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 | 189.58 | 370.19 | 509.50 | 994.76 | 1,765.80 | 2,195.83 | 3,434.83 | 5,372.93 | 8,404.61 | 13,146.91 |
| WACC | ||||||||||
| PV LFCF | 1,305.70 | 1,872.94 | 2,686.62 | 3,853.77 | 5,527.99 | |||||
| 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 |