Discounted Cash Flow (DCF) Analysis Levered
Just Eat Takeaway.com N.V. (TKWY.AS)
12.848 €
+0.20 (+1.60%)
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 | 232.31 | 415.88 | 2,042 | 4,495 | 5,561 | 14,095.26 | 35,726.73 | 90,555.23 | 229,526.98 | 581,773.52 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -2.73 | -63.77 | 177 | -423 | -166 | -570.43 | -1,445.84 | -3,664.71 | -9,288.81 | -23,544.01 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -4.51 | -8.45 | -43 | -151 | -201 | -367.91 | -932.54 | -2,363.67 | -5,991.10 | -15,185.42 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -7.23 | -72.22 | 134 | -574 | -367 | -938.34 | -2,378.38 | -6,028.38 | -15,279.91 | -38,729.43 |
Weighted Average Cost Of Capital
| Share price | $ 12.848 |
|---|---|
| Beta | 0.949 |
| Diluted Shares Outstanding | 213.77 |
| Cost of Debt | |
| Tax Rate | 1.75 |
| After-tax Cost of Debt | 3.51% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.917 |
| Total Debt | 2,380 |
| Total Equity | 2,746.50 |
| Total Capital | 5,126.50 |
| Debt Weighting | 46.43 |
| Equity Weighting | 53.57 |
| 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 | 232.31 | 415.88 | 2,042 | 4,495 | 5,561 | 14,095.26 | 35,726.73 | 90,555.23 | 229,526.98 | 581,773.52 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -2.73 | -63.77 | 177 | -423 | -166 | -570.43 | -1,445.84 | -3,664.71 | -9,288.81 | -23,544.01 |
| Capital Expenditure | -4.51 | -8.45 | -43 | -151 | -201 | -367.91 | -932.54 | -2,363.67 | -5,991.10 | -15,185.42 |
| Free Cash Flow | -7.23 | -72.22 | 134 | -574 | -367 | -938.34 | -2,378.38 | -6,028.38 | -15,279.91 | -38,729.43 |
| WACC | ||||||||||
| PV LFCF | -881.82 | -2,100.47 | -5,003.26 | -11,917.66 | -28,387.61 | |||||
| SUM PV LFCF | -48,290.82 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.41 |
| Free cash flow (t + 1) | -39,504.01 |
| Terminal Value | -895,782.63 |
| Present Value of Terminal Value | -656,584.19 |
Intrinsic Value
| Enterprise Value | -704,875.01 |
|---|---|
| Net Debt | 360 |
| Equity Value | -705,235.01 |
| Shares Outstanding | 213.77 |
| Equity Value Per Share | -3,299.06 |