Discounted Cash Flow (DCF) Analysis Levered
Tuniu Corporation (TOUR)
$2.35
-0.01 (-0.42%)
All numbers are in Millions, Currency in USD
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 | 350.74 | 358.42 | 364.96 | 72.04 | 68.22 | 54.31 | 43.23 | 34.42 | 27.40 | 21.81 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -66.98 | 42.89 | -19.27 | -210.10 | -36.21 | -38.79 | -30.88 | -24.58 | -19.57 | -15.58 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -25.68 | -19.11 | -19.60 | -4.53 | -2.36 | -3.02 | -2.40 | -1.91 | -1.52 | -1.21 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -92.66 | 23.78 | -38.87 | -214.63 | -38.57 | -41.81 | -33.28 | -26.50 | -21.09 | -16.79 |
Weighted Average Cost Of Capital
| Share price | $ 2.35 |
|---|---|
| Beta | 1.527 |
| Diluted Shares Outstanding | 123.62 |
| Cost of Debt | |
| Tax Rate | 5.84 |
| After-tax Cost of Debt | 2.42% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.741 |
| Total Debt | 46.65 |
| Total Equity | 290.52 |
| Total Capital | 337.16 |
| Debt Weighting | 13.83 |
| Equity Weighting | 86.17 |
| 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 | 350.74 | 358.42 | 364.96 | 72.04 | 68.22 | 54.31 | 43.23 | 34.42 | 27.40 | 21.81 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -66.98 | 42.89 | -19.27 | -210.10 | -36.21 | -38.79 | -30.88 | -24.58 | -19.57 | -15.58 |
| Capital Expenditure | -25.68 | -19.11 | -19.60 | -4.53 | -2.36 | -3.02 | -2.40 | -1.91 | -1.52 | -1.21 |
| Free Cash Flow | -92.66 | 23.78 | -38.87 | -214.63 | -38.57 | -41.81 | -33.28 | -26.50 | -21.09 | -16.79 |
| WACC | ||||||||||
| PV LFCF | -38.15 | -27.71 | -20.13 | -14.62 | -10.62 | |||||
| SUM PV LFCF | -111.24 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 9.59 |
| Free cash flow (t + 1) | -17.13 |
| Terminal Value | -225.68 |
| Present Value of Terminal Value | -142.77 |
Intrinsic Value
| Enterprise Value | -254.01 |
|---|---|
| Net Debt | -9.21 |
| Equity Value | -244.81 |
| Shares Outstanding | 123.62 |
| Equity Value Per Share | -1.98 |