Discounted Cash Flow (DCF) Analysis Levered

Autohome Inc. (ATHM)

$26.145

-0.80 (-2.95%)
All numbers are in Millions, Currency in USD
Stock DCF: 318.97 | 26.145 | undervalue

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 1,157.301,347.321,385.371,157.921,110.531,107.011,103.511,100.011,096.521,093.05
Revenue (%)
Operating Cash Flow 3,111.442,889.373,325.633,523.932,565.072,786.732,777.902,769.092,760.322,751.57
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 2,997.542,685.263,061.173,304.332,447.532,623.712,615.392,607.102,598.842,590.61

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 1,157.301,347.321,385.371,157.921,110.531,107.011,103.511,100.011,096.521,093.05
Operating Cash Flow 3,111.442,889.373,325.633,523.932,565.072,786.732,777.902,769.092,760.322,751.57
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 2,997.542,685.263,061.173,304.332,447.532,623.712,615.392,607.102,598.842,590.61
WACC
PV LFCF 2,427.332,238.542,064.441,903.871,755.80
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