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 993.631,157.301,347.321,385.371,157.921,213.781,272.341,333.721,398.071,465.51
Revenue (%)
Operating Cash Flow 395.68497.83462.30532.10563.83495.84519.76544.83571.12598.67
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 378.48479.61429.64489.79528.69467.15489.68513.31538.07564.03

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 993.631,157.301,347.321,385.371,157.921,213.781,272.341,333.721,398.071,465.51
Operating Cash Flow 395.68497.83462.30532.10563.83495.84519.76544.83571.12598.67
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 378.48479.61429.64489.79528.69467.15489.68513.31538.07564.03
WACC
PV LFCF 447.54449.45451.36453.28455.21
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