Discounted Cash Flow (DCF) Analysis Levered
HUYA Inc. (HUYA)
$2.8
-0.02 (-0.71%)
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 | 746.15 | 1,339.92 | 1,746.30 | 1,816.23 | 1,475.27 | 1,826.16 | 2,260.51 | 2,798.16 | 3,463.68 | 4,287.51 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 717.46 | 1,945.41 | 1,239.87 | 327.45 | -437.21 | 1,098.39 | 1,359.64 | 1,683.02 | 2,083.32 | 2,578.83 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -127.39 | -71.40 | -428.21 | -98.07 | -164.77 | -231.89 | -287.04 | -355.31 | -439.82 | -544.43 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 590.07 | 1,874.02 | 811.66 | 229.39 | -601.98 | 866.50 | 1,072.60 | 1,327.71 | 1,643.50 | 2,034.39 |
Weighted Average Cost Of Capital
| Share price | $ 2.8 |
|---|---|
| Beta | 0.822 |
| Diluted Shares Outstanding | 241.44 |
| Cost of Debt | |
| Tax Rate | -6.08 |
| After-tax Cost of Debt | -644.70% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.683 |
| Total Debt | 6.15 |
| Total Equity | 676.03 |
| Total Capital | 682.17 |
| Debt Weighting | 0.90 |
| Equity Weighting | 99.10 |
| 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 | 746.15 | 1,339.92 | 1,746.30 | 1,816.23 | 1,475.27 | 1,826.16 | 2,260.51 | 2,798.16 | 3,463.68 | 4,287.51 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 717.46 | 1,945.41 | 1,239.87 | 327.45 | -437.21 | 1,098.39 | 1,359.64 | 1,683.02 | 2,083.32 | 2,578.83 |
| Capital Expenditure | -127.39 | -71.40 | -428.21 | -98.07 | -164.77 | -231.89 | -287.04 | -355.31 | -439.82 | -544.43 |
| Free Cash Flow | 590.07 | 1,874.02 | 811.66 | 229.39 | -601.98 | 866.50 | 1,072.60 | 1,327.71 | 1,643.50 | 2,034.39 |
| WACC | ||||||||||
| PV LFCF | 842.90 | 1,014.96 | 1,222.15 | 1,471.62 | 1,772.02 | |||||
| SUM PV LFCF | 6,323.65 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 2.80 |
| Free cash flow (t + 1) | 2,075.08 |
| Terminal Value | 259,385.27 |
| Present Value of Terminal Value | 225,933.03 |
Intrinsic Value
| Enterprise Value | 232,256.69 |
|---|---|
| Net Debt | -98.69 |
| Equity Value | 232,355.38 |
| Shares Outstanding | 241.44 |
| Equity Value Per Share | 962.38 |