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 |