Discounted Cash Flow (DCF) Analysis Levered
LendingClub Corporation (LC)
$12.71
-0.69 (-5.15%)
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 | 487.65 | 595.44 | 655.20 | 243.51 | 802.42 | 1,201.27 | 1,798.39 | 2,692.32 | 4,030.60 | 6,034.10 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -590.81 | -638.95 | -270.64 | 418.03 | 239.87 | -163.87 | -245.33 | -367.27 | -549.83 | -823.14 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -44.62 | -52.98 | -50.67 | -31.15 | -34.41 | -102.97 | -154.15 | -230.78 | -345.49 | -517.23 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -635.43 | -691.93 | -321.31 | 386.88 | 205.46 | -266.84 | -399.48 | -598.05 | -895.33 | -1,340.37 |
Weighted Average Cost Of Capital
| Share price | $ 12.71 |
|---|---|
| Beta | 2.072 |
| Diluted Shares Outstanding | 108.10 |
| Cost of Debt | |
| Tax Rate | -0.74 |
| After-tax Cost of Debt | 18.61% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 12.538 |
| Total Debt | 429.99 |
| Total Equity | 1,373.91 |
| Total Capital | 1,803.90 |
| Debt Weighting | 23.84 |
| Equity Weighting | 76.16 |
| 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 | 487.65 | 595.44 | 655.20 | 243.51 | 802.42 | 1,201.27 | 1,798.39 | 2,692.32 | 4,030.60 | 6,034.10 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -590.81 | -638.95 | -270.64 | 418.03 | 239.87 | -163.87 | -245.33 | -367.27 | -549.83 | -823.14 |
| Capital Expenditure | -44.62 | -52.98 | -50.67 | -31.15 | -34.41 | -102.97 | -154.15 | -230.78 | -345.49 | -517.23 |
| Free Cash Flow | -635.43 | -691.93 | -321.31 | 386.88 | 205.46 | -266.84 | -399.48 | -598.05 | -895.33 | -1,340.37 |
| WACC | ||||||||||
| PV LFCF | -234.09 | -307.44 | -403.77 | -530.29 | -696.45 | |||||
| SUM PV LFCF | -2,172.05 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 13.99 |
| Free cash flow (t + 1) | -1,367.17 |
| Terminal Value | -11,402.62 |
| Present Value of Terminal Value | -5,924.76 |
Intrinsic Value
| Enterprise Value | -8,096.81 |
|---|---|
| Net Debt | -257.13 |
| Equity Value | -7,839.68 |
| Shares Outstanding | 108.10 |
| Equity Value Per Share | -72.52 |