Discounted Cash Flow (DCF) Analysis Levered

Autohome Inc. (ATHM)

$35.805

-0.17 (-0.46%)

All numbers are in Millions, Currency in USD

Stock DCF: 187.34 | 35.805 | 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	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