Discounted Cash Flow (DCF) Analysis Levered
Autohome Inc. (ATHM)
$26.145
-0.80 (-2.95%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 1,157.30 | 1,347.32 | 1,385.37 | 1,157.92 | 1,110.53 | 1,107.01 | 1,103.51 | 1,100.01 | 1,096.52 | 1,093.05 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 3,111.44 | 2,889.37 | 3,325.63 | 3,523.93 | 2,565.07 | 2,786.73 | 2,777.90 | 2,769.09 | 2,760.32 | 2,751.57 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -113.90 | -204.11 | -264.47 | -219.61 | -117.54 | -163.02 | -162.51 | -161.99 | -161.48 | -160.97 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 2,997.54 | 2,685.26 | 3,061.17 | 3,304.33 | 2,447.53 | 2,623.71 | 2,615.39 | 2,607.10 | 2,598.84 | 2,590.61 |
Weighted Average Cost Of Capital
| Share price | $ 26.145 |
|---|---|
| Beta | 0.224 |
| Diluted Shares Outstanding | 124.92 |
| Cost of Debt | |
| Tax Rate | -10.32 |
| After-tax Cost of Debt | 511.91% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 5.362 |
| Total Debt | 17.66 |
| Total Equity | 3,265.95 |
| Total Capital | 3,283.61 |
| Debt Weighting | 0.54 |
| Equity Weighting | 99.46 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 1,157.30 | 1,347.32 | 1,385.37 | 1,157.92 | 1,110.53 | 1,107.01 | 1,103.51 | 1,100.01 | 1,096.52 | 1,093.05 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 3,111.44 | 2,889.37 | 3,325.63 | 3,523.93 | 2,565.07 | 2,786.73 | 2,777.90 | 2,769.09 | 2,760.32 | 2,751.57 |
| Capital Expenditure | -113.90 | -204.11 | -264.47 | -219.61 | -117.54 | -163.02 | -162.51 | -161.99 | -161.48 | -160.97 |
| Free Cash Flow | 2,997.54 | 2,685.26 | 3,061.17 | 3,304.33 | 2,447.53 | 2,623.71 | 2,615.39 | 2,607.10 | 2,598.84 | 2,590.61 |
| WACC | ||||||||||
| PV LFCF | 2,427.33 | 2,238.54 | 2,064.44 | 1,903.87 | 1,755.80 | |||||
| SUM PV LFCF | 10,389.98 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 8.09 |
| Free cash flow (t + 1) | 2,642.42 |
| Terminal Value | 43,389.48 |
| Present Value of Terminal Value | 29,407.41 |
Intrinsic Value
| Enterprise Value | 39,797.40 |
|---|---|
| Net Debt | -47.32 |
| Equity Value | 39,844.72 |
| Shares Outstanding | 124.92 |
| Equity Value Per Share | 318.97 |