Discounted Cash Flow (DCF) Analysis Levered

GoPro, Inc. (GPRO)

$5.63

-0.07 (-1.23%)

All numbers are in Millions, Currency in USD

Stock DCF: 4.38 | 5.63 | overvalue

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	-42.43	-24.44	93.78	229.15	5.75	55.17	55.59	56.02	56.44	56.87
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	-53.44	-32.79	88.90	223.61	2.30	48.57	48.94	49.31	49.69	50.07

Weighted Average Cost Of Capital

Share price	$ 5.63
Beta	1.377
Diluted Shares Outstanding	162.75
Cost of Debt
Tax Rate	16.27
After-tax Cost of Debt	2.84%
Risk-Free Rate
Market Risk Premium
Cost of Equity	10.137
Total Debt	184.02
Total Equity	916.26
Total Capital	1,100.28
Debt Weighting	16.72
Equity Weighting	83.28
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	-42.43	-24.44	93.78	229.15	5.75	55.17	55.59	56.02	56.44	56.87
Capital Expenditure	-11	-8.35	-4.88	-5.55	-3.45	-6.60	-6.66	-6.71	-6.76	-6.81
Free Cash Flow	-53.44	-32.79	88.90	223.61	2.30	48.57	48.94	49.31	49.69	50.07
WACC
PV LFCF						44.59	41.25	38.16	35.30	32.66
SUM PV LFCF										191.96

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	8.92
Free cash flow (t + 1)	51.07
Terminal Value	737.97
Present Value of Terminal Value	481.39

Intrinsic Value

Enterprise Value	673.36
Net Debt	-39.72
Equity Value	713.07
Shares Outstanding	162.75
Equity Value Per Share	4.38