Discounted Cash Flow (DCF) Analysis Levered
eBay Inc. (EBAY)
$43.13
-0.79 (-1.80%)
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 | 10,746 | 10,479 | 10,271 | 10,420 | 9,795 | 9,574.20 | 9,358.37 | 9,147.41 | 8,941.21 | 8,739.65 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 2,658 | 3,114 | 2,419 | 2,657 | 2,254 | 2,422.54 | 2,367.93 | 2,314.55 | 2,262.37 | 2,211.37 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -651 | -552 | -494 | -444 | -449 | -478.33 | -467.55 | -457.01 | -446.71 | -436.64 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 2,007 | 2,562 | 1,925 | 2,213 | 1,805 | 1,944.20 | 1,900.38 | 1,857.54 | 1,815.66 | 1,774.73 |
Weighted Average Cost Of Capital
Share price | $ 43.13 |
---|---|
Beta | 1.349 |
Diluted Shares Outstanding | 558 |
Cost of Debt | |
Tax Rate | 20.42 |
After-tax Cost of Debt | 1.42% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 10.805 |
Total Debt | 9,289 |
Total Equity | 24,066.54 |
Total Capital | 33,355.54 |
Debt Weighting | 27.85 |
Equity Weighting | 72.15 |
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 | 10,746 | 10,479 | 10,271 | 10,420 | 9,795 | 9,574.20 | 9,358.37 | 9,147.41 | 8,941.21 | 8,739.65 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 2,658 | 3,114 | 2,419 | 2,657 | 2,254 | 2,422.54 | 2,367.93 | 2,314.55 | 2,262.37 | 2,211.37 |
Capital Expenditure | -651 | -552 | -494 | -444 | -449 | -478.33 | -467.55 | -457.01 | -446.71 | -436.64 |
Free Cash Flow | 2,007 | 2,562 | 1,925 | 2,213 | 1,805 | 1,944.20 | 1,900.38 | 1,857.54 | 1,815.66 | 1,774.73 |
WACC | ||||||||||
PV LFCF | 1,797.03 | 1,623.55 | 1,466.82 | 1,325.22 | 1,197.29 | |||||
SUM PV LFCF | 7,409.90 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 8.19 |
Free cash flow (t + 1) | 1,810.23 |
Terminal Value | 29,244.41 |
Present Value of Terminal Value | 19,729.10 |
Intrinsic Value
Enterprise Value | 27,138.99 |
---|---|
Net Debt | 7,135 |
Equity Value | 20,003.99 |
Shares Outstanding | 558 |
Equity Value Per Share | 35.85 |