Discounted Cash Flow (DCF) Analysis Levered
Autohome Inc. (ATHM)
$35.805
-0.17 (-0.46%)
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 | 993.63 | 1,157.30 | 1,347.32 | 1,385.37 | 1,157.92 | 1,213.78 | 1,272.34 | 1,333.72 | 1,398.07 | 1,465.51 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 395.68 | 497.83 | 462.30 | 532.10 | 563.83 | 495.84 | 519.76 | 544.83 | 571.12 | 598.67 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -17.20 | -18.22 | -32.66 | -42.31 | -35.14 | -28.69 | -30.08 | -31.53 | -33.05 | -34.64 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 378.48 | 479.61 | 429.64 | 489.79 | 528.69 | 467.15 | 489.68 | 513.31 | 538.07 | 564.03 |
Weighted Average Cost Of Capital
Share price | $ 35.805 |
---|---|
Beta | 0.157 |
Diluted Shares Outstanding | 119.80 |
Cost of Debt | |
Tax Rate | -17.60 |
After-tax Cost of Debt | 5.00% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 4.382 |
Total Debt | - |
Total Equity | 4,289.61 |
Total Capital | 4,289.61 |
Debt Weighting | 0.00 |
Equity Weighting | 100.00 |
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 | 993.63 | 1,157.30 | 1,347.32 | 1,385.37 | 1,157.92 | 1,213.78 | 1,272.34 | 1,333.72 | 1,398.07 | 1,465.51 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 395.68 | 497.83 | 462.30 | 532.10 | 563.83 | 495.84 | 519.76 | 544.83 | 571.12 | 598.67 |
Capital Expenditure | -17.20 | -18.22 | -32.66 | -42.31 | -35.14 | -28.69 | -30.08 | -31.53 | -33.05 | -34.64 |
Free Cash Flow | 378.48 | 479.61 | 429.64 | 489.79 | 528.69 | 467.15 | 489.68 | 513.31 | 538.07 | 564.03 |
WACC | ||||||||||
PV LFCF | 447.54 | 449.45 | 451.36 | 453.28 | 455.21 | |||||
SUM PV LFCF | 2,256.85 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 4.38 |
Free cash flow (t + 1) | 575.31 |
Terminal Value | 24,172.67 |
Present Value of Terminal Value | 19,509.14 |
Intrinsic Value
Enterprise Value | 21,765.99 |
---|---|
Net Debt | -677.84 |
Equity Value | 22,443.83 |
Shares Outstanding | 119.80 |
Equity Value Per Share | 187.34 |