Discounted Cash Flow (DCF) Analysis Levered
eBay Inc. (EBAY)
$44.31
-0.31 (-0.69%)
All numbers are in Millions, Currency in USD
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 | 9,567 | 10,746 | 10,800 | 10,271 | 10,420 | 10,664.31 | 10,914.36 | 11,170.26 | 11,432.17 | 11,700.21 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 3,146 | 2,658 | 3,114 | 2,419 | 2,657 | 2,890.09 | 2,957.85 | 3,027.20 | 3,098.18 | 3,170.82 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -666 | -651 | -554 | -494 | -444 | -580.56 | -594.17 | -608.11 | -622.36 | -636.96 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 2,480 | 2,007 | 2,560 | 1,925 | 2,213 | 2,309.53 | 2,363.68 | 2,419.10 | 2,475.82 | 2,533.87 |
Weighted Average Cost Of Capital
Share price | $ 44.31 |
---|---|
Beta | 1.147 |
Diluted Shares Outstanding | 658 |
Cost of Debt | |
Tax Rate | -3,319.10 |
After-tax Cost of Debt | 2.85% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 8.202 |
Total Debt | 9,425 |
Total Equity | 29,155.98 |
Total Capital | 38,580.98 |
Debt Weighting | 24.43 |
Equity Weighting | 75.57 |
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 | 9,567 | 10,746 | 10,800 | 10,271 | 10,420 | 10,664.31 | 10,914.36 | 11,170.26 | 11,432.17 | 11,700.21 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 3,146 | 2,658 | 3,114 | 2,419 | 2,657 | 2,890.09 | 2,957.85 | 3,027.20 | 3,098.18 | 3,170.82 |
Capital Expenditure | -666 | -651 | -554 | -494 | -444 | -580.56 | -594.17 | -608.11 | -622.36 | -636.96 |
Free Cash Flow | 2,480 | 2,007 | 2,560 | 1,925 | 2,213 | 2,309.53 | 2,363.68 | 2,419.10 | 2,475.82 | 2,533.87 |
WACC | ||||||||||
PV LFCF | 2,160.66 | 2,068.78 | 1,980.81 | 1,896.58 | 1,815.93 | |||||
SUM PV LFCF | 9,922.75 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 6.89 |
Free cash flow (t + 1) | 2,584.54 |
Terminal Value | 52,853.68 |
Present Value of Terminal Value | 37,878.24 |
Intrinsic Value
Enterprise Value | 47,800.99 |
---|---|
Net Debt | 8,046 |
Equity Value | 39,754.99 |
Shares Outstanding | 658 |
Equity Value Per Share | 60.42 |