Discounted Cash Flow (DCF) Analysis Levered
JD.com, Inc. (JD)
$36.58
-0.66 (-1.77%)
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 | 152,254.72 | 167,397.76 | 205,765.90 | 252,928.15 | 310,900.14 | 382,159.52 | 469,751.79 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 3,341.03 | 3,965 | 6,807.09 | 6,768.16 | 9,251.04 | 10,079.01 | 12,389.15 | 15,228.78 | 18,719.27 | 23,009.80 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -3,419.12 | -1,439.93 | -1,993.10 | -3,564.48 | -3,516.80 | -5,060.82 | -6,220.78 | -7,646.60 | -9,399.23 | -11,553.56 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -78.09 | 2,525.06 | 4,813.99 | 3,203.68 | 5,734.24 | 5,018.19 | 6,168.37 | 7,582.18 | 9,320.05 | 11,456.23 |
Weighted Average Cost Of Capital
| Share price | $ 36.58 |
|---|---|
| Beta | 0.437 |
| 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 | 5.808 |
| Total Debt | 10,407.20 |
| Total Equity | 56,835.02 |
| Total Capital | 67,242.22 |
| Debt Weighting | 15.48 |
| Equity Weighting | 84.52 |
| 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 | 152,254.72 | 167,397.76 | 205,765.90 | 252,928.15 | 310,900.14 | 382,159.52 | 469,751.79 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 3,341.03 | 3,965 | 6,807.09 | 6,768.16 | 9,251.04 | 10,079.01 | 12,389.15 | 15,228.78 | 18,719.27 | 23,009.80 |
| Capital Expenditure | -3,419.12 | -1,439.93 | -1,993.10 | -3,564.48 | -3,516.80 | -5,060.82 | -6,220.78 | -7,646.60 | -9,399.23 | -11,553.56 |
| Free Cash Flow | -78.09 | 2,525.06 | 4,813.99 | 3,203.68 | 5,734.24 | 5,018.19 | 6,168.37 | 7,582.18 | 9,320.05 | 11,456.23 |
| WACC | ||||||||||
| PV LFCF | 4,527.46 | 5,286.07 | 6,171.78 | 7,205.91 | 8,413.30 | |||||
| SUM PV LFCF | 33,273.25 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.28 |
| Free cash flow (t + 1) | 11,685.36 |
| Terminal Value | 356,260.86 |
| Present Value of Terminal Value | 275,447.43 |
Intrinsic Value
| Enterprise Value | 308,720.68 |
|---|---|
| Net Debt | -2,210.56 |
| Equity Value | 310,931.24 |
| Shares Outstanding | 1,553.72 |
| Equity Value Per Share | 200.12 |