Discounted Cash Flow (DCF) Analysis Levered

JD.com, Inc. (JD)

$36.58

-0.66 (-1.77%)
All numbers are in Millions, Currency in USD
Stock DCF: 200.12 | 36.58 | 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 73,923.1692,302.16119,328.30152,254.72167,397.76205,765.90252,928.15310,900.14382,159.52469,751.79
Revenue (%)
Operating Cash Flow 3,341.033,9656,807.096,768.169,251.0410,079.0112,389.1515,228.7818,719.2723,009.80
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 -78.092,525.064,813.993,203.685,734.245,018.196,168.377,582.189,320.0511,456.23

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 73,923.1692,302.16119,328.30152,254.72167,397.76205,765.90252,928.15310,900.14382,159.52469,751.79
Operating Cash Flow 3,341.033,9656,807.096,768.169,251.0410,079.0112,389.1515,228.7818,719.2723,009.80
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 -78.092,525.064,813.993,203.685,734.245,018.196,168.377,582.189,320.0511,456.23
WACC
PV LFCF 4,527.465,286.076,171.787,205.918,413.30
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