Discounted Cash Flow (DCF) Analysis Levered
JD.com, Inc. (JD)
$28.55
-0.40 (-1.38%)
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 | 73,923.16 | 92,302.16 | 119,328.30 | 152,254.75 | 167,397.76 | 205,765.90 | 252,928.15 | 310,900.15 | 382,159.53 | 469,751.81 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 3,341.03 | 3,965 | 6,807.09 | 6,768.21 | 9,251.04 | 10,079.02 | 12,389.16 | 15,228.80 | 18,719.30 | 23,009.82 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -3,419.12 | -562.36 | -1,227.20 | -2,970.54 | -3,516.80 | -4,244.87 | -5,217.81 | -6,413.76 | -7,883.81 | -9,690.81 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -78.09 | 3,402.64 | 5,579.89 | 3,797.67 | 5,734.24 | 5,834.14 | 7,171.35 | 8,815.05 | 10,835.49 | 13,319.02 |
Weighted Average Cost Of Capital
| Share price | $ 28.55 |
|---|---|
| Beta | 0.539 |
| Diluted Shares Outstanding | 1,553.72 |
| Cost of Debt | |
| Tax Rate | 25.09 |
| After-tax Cost of Debt | 2.43% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.069 |
| Total Debt | 10,407.20 |
| Total Equity | 44,358.66 |
| Total Capital | 54,765.86 |
| Debt Weighting | 19.00 |
| Equity Weighting | 81.00 |
| 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 | 73,923.16 | 92,302.16 | 119,328.30 | 152,254.75 | 167,397.76 | 205,765.90 | 252,928.15 | 310,900.15 | 382,159.53 | 469,751.81 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 3,341.03 | 3,965 | 6,807.09 | 6,768.21 | 9,251.04 | 10,079.02 | 12,389.16 | 15,228.80 | 18,719.30 | 23,009.82 |
| Capital Expenditure | -3,419.12 | -562.36 | -1,227.20 | -2,970.54 | -3,516.80 | -4,244.87 | -5,217.81 | -6,413.76 | -7,883.81 | -9,690.81 |
| Free Cash Flow | -78.09 | 3,402.64 | 5,579.89 | 3,797.67 | 5,734.24 | 5,834.14 | 7,171.35 | 8,815.05 | 10,835.49 | 13,319.02 |
| WACC | ||||||||||
| PV LFCF | 5,494.06 | 6,359.66 | 7,361.63 | 8,521.46 | 9,864.02 | |||||
| SUM PV LFCF | 37,600.83 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.19 |
| Free cash flow (t + 1) | 13,585.40 |
| Terminal Value | 324,233.87 |
| Present Value of Terminal Value | 240,126.60 |
Intrinsic Value
| Enterprise Value | 277,727.43 |
|---|---|
| Net Debt | -2,210.56 |
| Equity Value | 279,937.99 |
| Shares Outstanding | 1,553.72 |
| Equity Value Per Share | 180.17 |