Discounted Cash Flow (DCF) Analysis Levered
JD.com, Inc. (JD)
$52.78
+2.84 (+5.69%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 57,973.08 | 73,923.16 | 92,302.16 | 119,328.30 | 152,254.75 | 193,838.73 | 246,780.18 | 314,181.05 | 399,990.52 | 509,236.37 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 3,971.40 | 3,341.03 | 3,965 | 6,807.09 | 6,768.21 | 10,008.09 | 12,741.51 | 16,221.49 | 20,651.92 | 26,292.40 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -1,816.94 | -3,419.12 | -1,439.93 | -1,993.10 | -4,183.06 | -5,325.54 | -6,780.06 | -8,631.84 | -10,989.38 | -13,990.81 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 2,154.46 | -78.09 | 2,525.06 | 4,813.99 | 2,585.15 | 4,682.55 | 5,961.45 | 7,589.65 | 9,662.55 | 12,301.59 |
Weighted Average Cost Of Capital
| Share price | $ 52.78 |
|---|---|
| Beta | 0.650 |
| Diluted Shares Outstanding | 1,510.90 |
| Cost of Debt | |
| Tax Rate | -37.93 |
| After-tax Cost of Debt | 3.55% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 5.923 |
| Total Debt | 5,462.28 |
| Total Equity | 79,745.54 |
| Total Capital | 85,207.82 |
| Debt Weighting | 6.41 |
| Equity Weighting | 93.59 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 57,973.08 | 73,923.16 | 92,302.16 | 119,328.30 | 152,254.75 | 193,838.73 | 246,780.18 | 314,181.05 | 399,990.52 | 509,236.37 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 3,971.40 | 3,341.03 | 3,965 | 6,807.09 | 6,768.21 | 10,008.09 | 12,741.51 | 16,221.49 | 20,651.92 | 26,292.40 |
| Capital Expenditure | -1,816.94 | -3,419.12 | -1,439.93 | -1,993.10 | -4,183.06 | -5,325.54 | -6,780.06 | -8,631.84 | -10,989.38 | -13,990.81 |
| Free Cash Flow | 2,154.46 | -78.09 | 2,525.06 | 4,813.99 | 2,585.15 | 4,682.55 | 5,961.45 | 7,589.65 | 9,662.55 | 12,301.59 |
| WACC | ||||||||||
| PV LFCF | 4,427.11 | 5,328.77 | 6,414.08 | 7,720.43 | 9,292.85 | |||||
| SUM PV LFCF | 33,183.24 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.77 |
| Free cash flow (t + 1) | 12,547.62 |
| Terminal Value | 332,828.23 |
| Present Value of Terminal Value | 251,424.52 |
Intrinsic Value
| Enterprise Value | 284,607.76 |
|---|---|
| Net Debt | -5,860.36 |
| Equity Value | 290,468.13 |
| Shares Outstanding | 1,510.90 |
| Equity Value Per Share | 192.25 |