Discounted Cash Flow (DCF) Analysis Levered
Liberty TripAdvisor Holdings, Inc. (LTRPA)
$0.8247
-0.04 (-4.15%)
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 | 1,615 | 1,560 | 604 | 902 | 1,492 | 1,678.73 | 1,888.82 | 2,125.21 | 2,391.18 | 2,690.44 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 400 | 391 | -215 | 97 | 390 | 171.66 | 193.15 | 217.32 | 244.52 | 275.12 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -61 | -83 | -55 | -54 | -56 | -93.82 | -105.56 | -118.77 | -133.64 | -150.36 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 339 | 308 | -270 | 43 | 334 | 77.84 | 87.59 | 98.55 | 110.88 | 124.76 |
Weighted Average Cost Of Capital
Share price | $ 0.8,247 |
---|---|
Beta | 2.319 |
Diluted Shares Outstanding | 77 |
Cost of Debt | |
Tax Rate | 67.74 |
After-tax Cost of Debt | 1.86% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 14.447 |
Total Debt | 1,125 |
Total Equity | 63.50 |
Total Capital | 1,188.50 |
Debt Weighting | 94.66 |
Equity Weighting | 5.34 |
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 | 1,615 | 1,560 | 604 | 902 | 1,492 | 1,678.73 | 1,888.82 | 2,125.21 | 2,391.18 | 2,690.44 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 400 | 391 | -215 | 97 | 390 | 171.66 | 193.15 | 217.32 | 244.52 | 275.12 |
Capital Expenditure | -61 | -83 | -55 | -54 | -56 | -93.82 | -105.56 | -118.77 | -133.64 | -150.36 |
Free Cash Flow | 339 | 308 | -270 | 43 | 334 | 77.84 | 87.59 | 98.55 | 110.88 | 124.76 |
WACC | ||||||||||
PV LFCF | 75.92 | 83.30 | 91.40 | 100.30 | 110.05 | |||||
SUM PV LFCF | 460.97 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 2.54 |
Free cash flow (t + 1) | 127.25 |
Terminal Value | 23,565.49 |
Present Value of Terminal Value | 20,787.87 |
Intrinsic Value
Enterprise Value | 21,248.84 |
---|---|
Net Debt | 72 |
Equity Value | 21,176.84 |
Shares Outstanding | 77 |
Equity Value Per Share | 275.02 |