Discounted Cash Flow (DCF) Analysis Levered
Sea Limited (SE)
$42.09
+1.94 (+4.83%)
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 | 826.97 | 2,175.38 | 4,375.66 | 9,955.19 | 12,449.70 | 25,421.36 | 51,908.49 | 105,993.21 | 216,430.13 | 441,933.98 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -495.22 | 69.87 | 555.87 | 208.65 | -1,055.69 | -2,560.05 | -5,227.43 | -10,674.01 | -21,795.53 | -44,504.82 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -178.48 | -247.10 | -336.27 | -807.18 | -976.28 | -2,876.52 | -5,873.64 | -11,993.54 | -24,489.90 | -50,006.53 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -673.71 | -177.23 | 219.59 | -598.53 | -2,031.97 | -5,436.57 | -11,101.07 | -22,667.55 | -46,285.43 | -94,511.35 |
Weighted Average Cost Of Capital
| Share price | $ 42.09 |
|---|---|
| Beta | 1.744 |
| Diluted Shares Outstanding | 558.12 |
| Cost of Debt | |
| Tax Rate | -11.22 |
| After-tax Cost of Debt | 1.01% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 12.857 |
| Total Debt | 4,485.18 |
| Total Equity | 23,491.27 |
| Total Capital | 27,976.45 |
| Debt Weighting | 16.03 |
| Equity Weighting | 83.97 |
| 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 | 826.97 | 2,175.38 | 4,375.66 | 9,955.19 | 12,449.70 | 25,421.36 | 51,908.49 | 105,993.21 | 216,430.13 | 441,933.98 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -495.22 | 69.87 | 555.87 | 208.65 | -1,055.69 | -2,560.05 | -5,227.43 | -10,674.01 | -21,795.53 | -44,504.82 |
| Capital Expenditure | -178.48 | -247.10 | -336.27 | -807.18 | -976.28 | -2,876.52 | -5,873.64 | -11,993.54 | -24,489.90 | -50,006.53 |
| Free Cash Flow | -673.71 | -177.23 | 219.59 | -598.53 | -2,031.97 | -5,436.57 | -11,101.07 | -22,667.55 | -46,285.43 | -94,511.35 |
| WACC | ||||||||||
| PV LFCF | -4,415.63 | -8,125.79 | -14,953.36 | -27,517.69 | -50,639.02 | |||||
| SUM PV LFCF | -117,230.89 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 10.96 |
| Free cash flow (t + 1) | -96,401.57 |
| Terminal Value | -1,075,910.42 |
| Present Value of Terminal Value | -639,652.16 |
Intrinsic Value
| Enterprise Value | -756,883.06 |
|---|---|
| Net Debt | -1,544.68 |
| Equity Value | -755,338.38 |
| Shares Outstanding | 558.12 |
| Equity Value Per Share | -1,353.36 |