Discounted Cash Flow (DCF) Analysis Levered
Liberty TripAdvisor Holdings, Inc. (LTRPA)
$1.27
-0.05 (-3.79%)
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 | 1,569 | 1,615 | 1,560 | 604 | 902 | 874 | 846.86 | 820.57 | 795.10 | 770.41 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 220 | 400 | 391 | -215 | 97 | 68.19 | 66.07 | 64.02 | 62.04 | 60.11 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -65 | -61 | -83 | -55 | -54 | -49.53 | -47.99 | -46.50 | -45.06 | -43.66 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 155 | 339 | 308 | -270 | 43 | 18.67 | 18.09 | 17.52 | 16.98 | 16.45 |
Weighted Average Cost Of Capital
Share price | $ 1.27 |
---|---|
Beta | 1.978 |
Diluted Shares Outstanding | 77 |
Cost of Debt | |
Tax Rate | 3,680.00 |
After-tax Cost of Debt | -194.75% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 12.889 |
Total Debt | 1,102 |
Total Equity | 97.79 |
Total Capital | 1,199.79 |
Debt Weighting | 91.85 |
Equity Weighting | 8.15 |
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 | 1,569 | 1,615 | 1,560 | 604 | 902 | 874 | 846.86 | 820.57 | 795.10 | 770.41 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 220 | 400 | 391 | -215 | 97 | 68.19 | 66.07 | 64.02 | 62.04 | 60.11 |
Capital Expenditure | -65 | -61 | -83 | -55 | -54 | -49.53 | -47.99 | -46.50 | -45.06 | -43.66 |
Free Cash Flow | 155 | 339 | 308 | -270 | 43 | 18.67 | 18.09 | 17.52 | 16.98 | 16.45 |
WACC | ||||||||||
PV LFCF | -23.98 | 29.86 | -37.17 | 46.28 | -57.61 | |||||
SUM PV LFCF | -42.63 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | -177.83 |
Free cash flow (t + 1) | 16.78 |
Terminal Value | -9.33 |
Present Value of Terminal Value | 32.68 |
Intrinsic Value
Enterprise Value | -9.95 |
---|---|
Net Debt | 342 |
Equity Value | -351.95 |
Shares Outstanding | 77 |
Equity Value Per Share | -4.57 |