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 1,5561,6151,560604902875.94850.63826.05802.18779
Revenue (%)
Operating Cash Flow 238405424-19410883.0580.6578.3276.0673.86
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 174344341-2495433.4732.5031.5630.6529.76

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 1,5561,6151,560604902875.94850.63826.05802.18779
Operating Cash Flow 238405424-19410883.0580.6578.3276.0673.86
Capital Expenditure -64-61-83-55-54-49.58-48.15-46.76-45.41-44.10
Free Cash Flow 174344341-2495433.4732.5031.5630.6529.76
WACC
PV LFCF 30.9327.7724.9222.3720.08
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