Discounted Cash Flow (DCF) Analysis Levered
Groupon, Inc. (GRPN)
$3.67
-0.05 (-1.34%)
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 | 2,636.75 | 2,218.91 | 1,416.87 | 967.11 | 599.09 | 416.68 | 289.81 | 201.57 | 140.20 | 97.51 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 190.86 | 71.28 | -0.06 | -123.96 | -135.99 | -20.89 | -14.53 | -10.11 | -7.03 | -4.89 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -87.96 | -71.07 | -0.05 | -99.26 | -36.17 | -19.04 | -13.24 | -9.21 | -6.41 | -4.45 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 102.90 | 0.22 | -0.11 | -223.22 | -172.16 | -39.93 | -27.77 | -19.32 | -13.43 | -9.34 |
Weighted Average Cost Of Capital
Share price | $ 3.67 |
---|---|
Beta | 1.821 |
Diluted Shares Outstanding | 30.17 |
Cost of Debt | |
Tax Rate | -23.77 |
After-tax Cost of Debt | 5.00% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 11.976 |
Total Debt | 309.23 |
Total Equity | 110.71 |
Total Capital | 419.94 |
Debt Weighting | 73.64 |
Equity Weighting | 26.36 |
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 | 2,636.75 | 2,218.91 | 1,416.87 | 967.11 | 599.09 | 416.68 | 289.81 | 201.57 | 140.20 | 97.51 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 190.86 | 71.28 | -0.06 | -123.96 | -135.99 | -20.89 | -14.53 | -10.11 | -7.03 | -4.89 |
Capital Expenditure | -87.96 | -71.07 | -0.05 | -99.26 | -36.17 | -19.04 | -13.24 | -9.21 | -6.41 | -4.45 |
Free Cash Flow | 102.90 | 0.22 | -0.11 | -223.22 | -172.16 | -39.93 | -27.77 | -19.32 | -13.43 | -9.34 |
WACC | ||||||||||
PV LFCF | -37.37 | -24.33 | -15.84 | -10.31 | -6.71 | |||||
SUM PV LFCF | -94.56 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 6.84 |
Free cash flow (t + 1) | -9.53 |
Terminal Value | -196.92 |
Present Value of Terminal Value | -141.46 |
Intrinsic Value
Enterprise Value | -236.02 |
---|---|
Net Debt | 27.95 |
Equity Value | -263.97 |
Shares Outstanding | 30.17 |
Equity Value Per Share | -8.75 |