Discounted Cash Flow (DCF) Analysis Levered
Sea Limited (SE)
$70.47
-2.04 (-2.81%)
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 | 414.19 | 826.97 | 2,175.38 | 4,375.66 | 9,955.19 | 22,184.43 | 49,436.42 | 110,165.53 | 245,496.01 | 547,070.33 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -334.23 | -495.22 | 69.87 | 555.87 | 208.65 | -5,438.18 | -12,118.60 | -27,005.43 | -60,179.68 | -134,106.12 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -79.75 | -178.48 | -239.84 | -756.43 | -1,720.98 | -3,835.09 | -8,546.23 | -19,044.66 | -42,439.66 | -94,573.75 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -413.98 | -673.70 | -169.98 | -200.57 | -1,512.34 | -9,273.27 | -20,664.83 | -46,050.09 | -102,619.34 | -228,679.88 |
Weighted Average Cost Of Capital
| Share price | $ 70.47 |
|---|---|
| Beta | 1.630 |
| Diluted Shares Outstanding | 477.26 |
| Cost of Debt | |
| Tax Rate | -19.33 |
| After-tax Cost of Debt | 3.27% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 11.224 |
| Total Debt | 4,253.52 |
| Total Equity | 33,632.86 |
| Total Capital | 37,886.37 |
| Debt Weighting | 11.23 |
| Equity Weighting | 88.77 |
| 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 | 414.19 | 826.97 | 2,175.38 | 4,375.66 | 9,955.19 | 22,184.43 | 49,436.42 | 110,165.53 | 245,496.01 | 547,070.33 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -334.23 | -495.22 | 69.87 | 555.87 | 208.65 | -5,438.18 | -12,118.60 | -27,005.43 | -60,179.68 | -134,106.12 |
| Capital Expenditure | -79.75 | -178.48 | -239.84 | -756.43 | -1,720.98 | -3,835.09 | -8,546.23 | -19,044.66 | -42,439.66 | -94,573.75 |
| Free Cash Flow | -413.98 | -673.70 | -169.98 | -200.57 | -1,512.34 | -9,273.27 | -20,664.83 | -46,050.09 | -102,619.34 | -228,679.88 |
| WACC | ||||||||||
| PV LFCF | -5,141.28 | -10,384.28 | -20,974.01 | -42,363 | -85,564.14 | |||||
| SUM PV LFCF | -268,806.93 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 10.33 |
| Free cash flow (t + 1) | -233,253.48 |
| Terminal Value | -2,800,161.78 |
| Present Value of Terminal Value | -1,712,833.04 |
Intrinsic Value
| Enterprise Value | -1,981,639.97 |
|---|---|
| Net Debt | -4,994.25 |
| Equity Value | -1,976,645.72 |
| Shares Outstanding | 477.26 |
| Equity Value Per Share | -4,141.61 |