Discounted Cash Flow (DCF) Analysis Levered
Expedia Group, Inc. (EXPE)
$91
+0.46 (+0.51%)
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 | 11,223 | 12,067 | 5,199 | 8,598 | 11,667 | 13,174.29 | 14,876.31 | 16,798.22 | 18,968.42 | 21,419 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 1,975 | 2,767 | -3,834 | 3,748 | 3.44 | 274.13 | 309.55 | 349.54 | 394.70 | 445.69 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -878 | -1,160 | -797 | -673 | -0.66 | -1,069.73 | -1,207.93 | -1,363.99 | -1,540.20 | -1,739.19 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 1,097 | 1,607 | -4,631 | 3,075 | 2.78 | -795.60 | -898.38 | -1,014.44 | -1,145.50 | -1,293.49 |
Weighted Average Cost Of Capital
| Share price | $ 91 |
|---|---|
| Beta | 1.611 |
| Diluted Shares Outstanding | 161.75 |
| Cost of Debt | |
| Tax Rate | 34.57 |
| After-tax Cost of Debt | 2.77% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 11.119 |
| Total Debt | 6,552 |
| Total Equity | 14,719.34 |
| Total Capital | 21,271.34 |
| Debt Weighting | 30.80 |
| Equity Weighting | 69.20 |
| 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 | 11,223 | 12,067 | 5,199 | 8,598 | 11,667 | 13,174.29 | 14,876.31 | 16,798.22 | 18,968.42 | 21,419 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 1,975 | 2,767 | -3,834 | 3,748 | 3.44 | 274.13 | 309.55 | 349.54 | 394.70 | 445.69 |
| Capital Expenditure | -878 | -1,160 | -797 | -673 | -0.66 | -1,069.73 | -1,207.93 | -1,363.99 | -1,540.20 | -1,739.19 |
| Free Cash Flow | 1,097 | 1,607 | -4,631 | 3,075 | 2.78 | -795.60 | -898.38 | -1,014.44 | -1,145.50 | -1,293.49 |
| WACC | ||||||||||
| PV LFCF | -573.02 | -596.09 | -620.08 | -645.04 | -671 | |||||
| SUM PV LFCF | -3,971.78 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 8.55 |
| Free cash flow (t + 1) | -1,319.36 |
| Terminal Value | -20,142.95 |
| Present Value of Terminal Value | -13,365.15 |
Intrinsic Value
| Enterprise Value | -17,336.93 |
|---|---|
| Net Debt | 2,456 |
| Equity Value | -19,792.93 |
| Shares Outstanding | 161.75 |
| Equity Value Per Share | -122.37 |