Discounted Cash Flow (DCF) Analysis Levered
TrueCar, Inc. (TRUE)
$3.08
-0.09 (-2.84%)
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 | 323.15 | 353.57 | 353.88 | 278.68 | 231.70 | 215.13 | 199.74 | 185.46 | 172.19 | 159.88 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 22.12 | 24.83 | 20.34 | 39.12 | 14.19 | 17.12 | 15.89 | 14.75 | 13.70 | 12.72 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -19.81 | -17.10 | -11.28 | -10.28 | -10.69 | -9.66 | -8.97 | -8.33 | -7.73 | -7.18 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 2.31 | 7.73 | 9.06 | 28.84 | 3.50 | 7.45 | 6.92 | 6.43 | 5.97 | 5.54 |
Weighted Average Cost Of Capital
Share price | $ 3.08 |
---|---|
Beta | 1.024 |
Diluted Shares Outstanding | 106.31 |
Cost of Debt | |
Tax Rate | -0.43 |
After-tax Cost of Debt | 5.00% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 7.710 |
Total Debt | 31.55 |
Total Equity | 327.45 |
Total Capital | 359 |
Debt Weighting | 8.79 |
Equity Weighting | 91.21 |
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 | 323.15 | 353.57 | 353.88 | 278.68 | 231.70 | 215.13 | 199.74 | 185.46 | 172.19 | 159.88 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 22.12 | 24.83 | 20.34 | 39.12 | 14.19 | 17.12 | 15.89 | 14.75 | 13.70 | 12.72 |
Capital Expenditure | -19.81 | -17.10 | -11.28 | -10.28 | -10.69 | -9.66 | -8.97 | -8.33 | -7.73 | -7.18 |
Free Cash Flow | 2.31 | 7.73 | 9.06 | 28.84 | 3.50 | 7.45 | 6.92 | 6.43 | 5.97 | 5.54 |
WACC | ||||||||||
PV LFCF | 6.94 | 5.99 | 5.18 | 4.47 | 3.86 | |||||
SUM PV LFCF | 26.44 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 7.47 |
Free cash flow (t + 1) | 5.65 |
Terminal Value | 103.29 |
Present Value of Terminal Value | 72.05 |
Intrinsic Value
Enterprise Value | 98.49 |
---|---|
Net Debt | -213.66 |
Equity Value | 312.15 |
Shares Outstanding | 106.31 |
Equity Value Per Share | 2.94 |