Discounted Cash Flow (DCF) Analysis Levered
Sohu.com Limited (SOHU)
$11.69
-0.05 (-0.43%)
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 | 1,883.03 | 1,845.45 | 749.89 | 835.58 | 733.87 | 619.93 | 523.67 | 442.36 | 373.68 | 315.66 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 84.02 | 210.59 | 95.21 | -62.28 | 38.74 | 32.73 | 27.65 | 23.35 | 19.73 | 16.66 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -199.38 | -96.76 | -33.78 | -42.21 | -46.58 | -39.35 | -33.24 | -28.08 | -23.72 | -20.03 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -115.35 | 113.83 | 61.43 | -104.49 | -7.84 | -6.62 | -5.59 | -4.72 | -3.99 | -3.37 |
Weighted Average Cost Of Capital
| Share price | $ 11.69 |
|---|---|
| Beta | 1.361 |
| Diluted Shares Outstanding | 39.25 |
| Cost of Debt | |
| Tax Rate | 142.71 |
| After-tax Cost of Debt | -2.14% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.136 |
| Total Debt | - |
| Total Equity | 458.82 |
| Total Capital | 458.82 |
| Debt Weighting | 0.00 |
| Equity Weighting | 100.00 |
| 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 | 1,883.03 | 1,845.45 | 749.89 | 835.58 | 733.87 | 619.93 | 523.67 | 442.36 | 373.68 | 315.66 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 84.02 | 210.59 | 95.21 | -62.28 | 38.74 | 32.73 | 27.65 | 23.35 | 19.73 | 16.66 |
| Capital Expenditure | -199.38 | -96.76 | -33.78 | -42.21 | -46.58 | -39.35 | -33.24 | -28.08 | -23.72 | -20.03 |
| Free Cash Flow | -115.35 | 113.83 | 61.43 | -104.49 | -7.84 | -6.62 | -5.59 | -4.72 | -3.99 | -3.37 |
| WACC | ||||||||||
| PV LFCF | -5.46 | -4.18 | -3.21 | -2.46 | -1.89 | |||||
| SUM PV LFCF | -18.94 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 10.14 |
| Free cash flow (t + 1) | -3.44 |
| Terminal Value | -42.23 |
| Present Value of Terminal Value | -26.06 |
Intrinsic Value
| Enterprise Value | -45 |
|---|---|
| Net Debt | -697.82 |
| Equity Value | 652.82 |
| Shares Outstanding | 39.25 |
| Equity Value Per Share | 16.63 |