Discounted Cash Flow (DCF) Analysis Levered
Roku, Inc. (ROKU)
$103.54
-0.66 (-0.63%)
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 | 742.51 | 1,128.92 | 1,778.39 | 2,764.58 | 3,126.53 | 4,518.77 | 6,530.96 | 9,439.18 | 13,642.42 | 19,717.35 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 13.92 | 13.71 | 148.19 | 228.08 | 11.80 | 181.20 | 261.88 | 378.50 | 547.05 | 790.64 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -18.33 | -84.61 | -82.38 | -40.04 | -161.70 | -191.73 | -277.11 | -400.51 | -578.86 | -836.62 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -4.40 | -70.90 | 65.81 | 188.04 | -149.90 | -10.54 | -15.23 | -22.01 | -31.81 | -45.98 |
Weighted Average Cost Of Capital
| Share price | $ 103.54 |
|---|---|
| Beta | 1.741 |
| Diluted Shares Outstanding | 137.67 |
| Cost of Debt | |
| Tax Rate | -1.16 |
| After-tax Cost of Debt | 4.16% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 12.374 |
| Total Debt | 664.64 |
| Total Equity | 14,254.14 |
| Total Capital | 14,918.78 |
| Debt Weighting | 4.46 |
| Equity Weighting | 95.54 |
| 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 | 742.51 | 1,128.92 | 1,778.39 | 2,764.58 | 3,126.53 | 4,518.77 | 6,530.96 | 9,439.18 | 13,642.42 | 19,717.35 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 13.92 | 13.71 | 148.19 | 228.08 | 11.80 | 181.20 | 261.88 | 378.50 | 547.05 | 790.64 |
| Capital Expenditure | -18.33 | -84.61 | -82.38 | -40.04 | -161.70 | -191.73 | -277.11 | -400.51 | -578.86 | -836.62 |
| Free Cash Flow | -4.40 | -70.90 | 65.81 | 188.04 | -149.90 | -10.54 | -15.23 | -22.01 | -31.81 | -45.98 |
| WACC | ||||||||||
| PV LFCF | -9.41 | -12.14 | -15.66 | -20.21 | -26.08 | |||||
| SUM PV LFCF | -83.49 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 12.01 |
| Free cash flow (t + 1) | -46.90 |
| Terminal Value | -468.49 |
| Present Value of Terminal Value | -265.71 |
Intrinsic Value
| Enterprise Value | -349.21 |
|---|---|
| Net Debt | -1,297.32 |
| Equity Value | 948.11 |
| Shares Outstanding | 137.67 |
| Equity Value Per Share | 6.89 |