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 1,6151,5606049021,4921,678.731,888.822,125.212,391.182,690.44
Revenue (%)
Operating Cash Flow 400391-21597390171.66193.15217.32244.52275.12
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 339308-2704333477.8487.5998.55110.88124.76

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 1,6151,5606049021,4921,678.731,888.822,125.212,391.182,690.44
Operating Cash Flow 400391-21597390171.66193.15217.32244.52275.12
Capital Expenditure -61-83-55-54-56-93.82-105.56-118.77-133.64-150.36
Free Cash Flow 339308-2704333477.8487.5998.55110.88124.76
WACC
PV LFCF 75.9283.3091.40100.30110.05
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