Discounted Cash Flow (DCF) Analysis Levered

Tripadvisor, Inc. (T6A.DE)

22.57 €

+0.75 (+3.44%)

All numbers are in Millions, Currency in USD

Stock DCF: 1.87 | 22.57 | overvalue

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	1,556	1,615	1,560	604	902	875.94	850.63	826.05	802.18	779
Revenue (%)
Operating Cash Flow	238	405	424	-194	108	83.05	80.65	78.32	76.06	73.86
Operating Cash Flow (%)
Capital Expenditure	-64	-61	-83	-55	-54	-49.58	-48.15	-46.76	-45.41	-44.10
Capital Expenditure (%)
Free Cash Flow	174	344	341	-249	54	33.47	32.50	31.56	30.65	29.76

Weighted Average Cost Of Capital

Share price	$ 22.57
Beta	1.263
Diluted Shares Outstanding	135
Cost of Debt
Tax Rate	20.00
After-tax Cost of Debt	3.88%
Risk-Free Rate
Market Risk Premium
Cost of Equity	9.495
Total Debt	927
Total Equity	3,046.95
Total Capital	3,973.95
Debt Weighting	23.33
Equity Weighting	76.67
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	1,556	1,615	1,560	604	902	875.94	850.63	826.05	802.18	779
Operating Cash Flow	238	405	424	-194	108	83.05	80.65	78.32	76.06	73.86
Capital Expenditure	-64	-61	-83	-55	-54	-49.58	-48.15	-46.76	-45.41	-44.10
Free Cash Flow	174	344	341	-249	54	33.47	32.50	31.56	30.65	29.76
WACC
PV LFCF						30.93	27.77	24.92	22.37	20.08
SUM PV LFCF										126.07

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	8.19
Free cash flow (t + 1)	30.36
Terminal Value	490.44
Present Value of Terminal Value	330.86

Intrinsic Value

Enterprise Value	456.93
Net Debt	204
Equity Value	252.93
Shares Outstanding	135
Equity Value Per Share	1.87