Discounted Cash Flow (DCF) Analysis Levered
Duolingo, Inc. (DUOL)
$216.53
+0.19 (+0.09%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Actual | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
Revenue | 70.76 | 161.70 | 250.77 | 369.49 | 531.11 | 895.83 | 1,511 | 2,548.62 | 4,298.78 | 7,250.80 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 2.15 | 17.71 | 9.17 | 53.66 | 153.61 | 109.46 | 184.63 | 311.41 | 525.26 | 885.96 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -5.25 | -4.01 | -6.21 | -10.12 | -13.68 | -31.69 | -53.45 | -90.16 | -152.07 | -256.50 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | -3.09 | 13.69 | 2.96 | 43.53 | 139.93 | 77.77 | 131.17 | 221.25 | 373.19 | 629.47 |
Weighted Average Cost Of Capital
Share price | $ 216.53 |
---|---|
Beta | 0.867 |
Diluted Shares Outstanding | 46.52 |
Cost of Debt | |
Tax Rate | 9.62 |
After-tax Cost of Debt | 4.52% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 8.448 |
Total Debt | 25.04 |
Total Equity | 10,073.41 |
Total Capital | 10,098.45 |
Debt Weighting | 0.25 |
Equity Weighting | 99.75 |
Wacc |
Build Up Free Cash Flow
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Actual | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
Revenue | 70.76 | 161.70 | 250.77 | 369.49 | 531.11 | 895.83 | 1,511 | 2,548.62 | 4,298.78 | 7,250.80 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 2.15 | 17.71 | 9.17 | 53.66 | 153.61 | 109.46 | 184.63 | 311.41 | 525.26 | 885.96 |
Capital Expenditure | -5.25 | -4.01 | -6.21 | -10.12 | -13.68 | -31.69 | -53.45 | -90.16 | -152.07 | -256.50 |
Free Cash Flow | -3.09 | 13.69 | 2.96 | 43.53 | 139.93 | 77.77 | 131.17 | 221.25 | 373.19 | 629.47 |
WACC | ||||||||||
PV LFCF | 71.72 | 111.55 | 173.51 | 269.88 | 419.78 | |||||
SUM PV LFCF | 1,046.44 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 8.44 |
Free cash flow (t + 1) | 642.05 |
Terminal Value | 9,969.80 |
Present Value of Terminal Value | 6,648.73 |
Intrinsic Value
Enterprise Value | 7,695.17 |
---|---|
Net Debt | -722.57 |
Equity Value | 8,417.74 |
Shares Outstanding | 46.52 |
Equity Value Per Share | 180.94 |