Discounted Cash Flow (DCF) Analysis Levered

GoPro, Inc. (GPRO)

$3.14

-0.01 (0.00%)

All numbers are in Millions, Currency in USD

Stock DCF: 3.99 | 3.14 | 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	1,148.34	1,194.65	891.93	1,161.08	1,093.54	1,101.89	1,110.30	1,118.77	1,127.31	1,135.92
Revenue (%)
Operating Cash Flow	-39.98	-24.44	93.78	229.15	5.75	55.64	56.07	56.49	56.93	57.36
Operating Cash Flow (%)
Capital Expenditure	-11	-8.35	-4.88	-5.55	-3.45	-6.60	-6.66	-6.71	-6.76	-6.81
Capital Expenditure (%)
Free Cash Flow	-50.99	-32.79	88.90	223.61	2.30	49.04	49.41	49.79	50.17	50.55

Weighted Average Cost Of Capital

Share price	$ 3.14
Beta	1.366
Diluted Shares Outstanding	178.28
Cost of Debt
Tax Rate	16.27
After-tax Cost of Debt	2.84%
Risk-Free Rate
Market Risk Premium
Cost of Equity	11.021
Total Debt	184.02
Total Equity	559.80
Total Capital	743.81
Debt Weighting	24.74
Equity Weighting	75.26
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	1,148.34	1,194.65	891.93	1,161.08	1,093.54	1,101.89	1,110.30	1,118.77	1,127.31	1,135.92
Operating Cash Flow	-39.98	-24.44	93.78	229.15	5.75	55.64	56.07	56.49	56.93	57.36
Capital Expenditure	-11	-8.35	-4.88	-5.55	-3.45	-6.60	-6.66	-6.71	-6.76	-6.81
Free Cash Flow	-50.99	-32.79	88.90	223.61	2.30	49.04	49.41	49.79	50.17	50.55
WACC
PV LFCF						44.99	41.59	38.45	35.54	32.85
SUM PV LFCF										193.42

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	9.00
Free cash flow (t + 1)	51.56
Terminal Value	736.60
Present Value of Terminal Value	478.74

Intrinsic Value

Enterprise Value	672.16
Net Debt	-39.72
Equity Value	711.88
Shares Outstanding	178.28
Equity Value Per Share	3.99