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

Stock DCF: 275.02 | 0.8247 | 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	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