Discounted Cash Flow (DCF) Analysis Levered
LendingClub Corporation (LC)
$9.265
-0.07 (-0.80%)
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 | 595.44 | 655.20 | 243.51 | 802.42 | 1,187.22 | 1,854.08 | 2,895.51 | 4,521.92 | 7,061.89 | 11,028.56 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -638.95 | -270.64 | 418.03 | 239.87 | 80.60 | 221.52 | 345.94 | 540.26 | 843.72 | 1,317.64 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -52.98 | -50.67 | -31.15 | -34.41 | -100.05 | -156.25 | -244.02 | -381.08 | -595.14 | -929.43 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -691.93 | -321.31 | 386.88 | 205.46 | -19.45 | 65.26 | 101.92 | 159.18 | 248.58 | 388.21 |
Weighted Average Cost Of Capital
| Share price | $ 9.265 |
|---|---|
| Beta | 1.945 |
| Diluted Shares Outstanding | 108.10 |
| Cost of Debt | |
| Tax Rate | -89.29 |
| After-tax Cost of Debt | 124.78% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 12.932 |
| Total Debt | 66.13 |
| Total Equity | 1,001.52 |
| Total Capital | 1,067.65 |
| Debt Weighting | 6.19 |
| Equity Weighting | 93.81 |
| 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 | 595.44 | 655.20 | 243.51 | 802.42 | 1,187.22 | 1,854.08 | 2,895.51 | 4,521.92 | 7,061.89 | 11,028.56 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -638.95 | -270.64 | 418.03 | 239.87 | 80.60 | 221.52 | 345.94 | 540.26 | 843.72 | 1,317.64 |
| Capital Expenditure | -52.98 | -50.67 | -31.15 | -34.41 | -100.05 | -156.25 | -244.02 | -381.08 | -595.14 | -929.43 |
| Free Cash Flow | -691.93 | -321.31 | 386.88 | 205.46 | -19.45 | 65.26 | 101.92 | 159.18 | 248.58 | 388.21 |
| WACC | ||||||||||
| PV LFCF | 54.45 | 70.95 | 92.44 | 120.44 | 156.93 | |||||
| SUM PV LFCF | 495.20 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 19.86 |
| Free cash flow (t + 1) | 395.98 |
| Terminal Value | 2,217.12 |
| Present Value of Terminal Value | 896.23 |
Intrinsic Value
| Enterprise Value | 1,391.43 |
|---|---|
| Net Debt | -990.90 |
| Equity Value | 2,382.33 |
| Shares Outstanding | 108.10 |
| Equity Value Per Share | 22.04 |