Discounted Cash Flow (DCF) Analysis Levered

JD.com, Inc. (JD)

$28.55

-0.40 (-1.38%)
All numbers are in Millions, Currency in USD
Stock DCF: 180.17 | 28.55 | 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 73,923.1692,302.16119,328.30152,254.75167,397.76205,765.90252,928.15310,900.15382,159.53469,751.81
Revenue (%)
Operating Cash Flow 3,341.033,9656,807.096,768.219,251.0410,079.0212,389.1615,228.8018,719.3023,009.82
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 -78.093,402.645,579.893,797.675,734.245,834.147,171.358,815.0510,835.4913,319.02

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 73,923.1692,302.16119,328.30152,254.75167,397.76205,765.90252,928.15310,900.15382,159.53469,751.81
Operating Cash Flow 3,341.033,9656,807.096,768.219,251.0410,079.0212,389.1615,228.8018,719.3023,009.82
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 -78.093,402.645,579.893,797.675,734.245,834.147,171.358,815.0510,835.4913,319.02
WACC
PV LFCF 5,494.066,359.667,361.638,521.469,864.02
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