Discounted Cash Flow (DCF) Analysis Levered

The Trade Desk, Inc. (TTD)

$59.75

-1.05 (-1.73%)
All numbers are in Millions, Currency in USD
Stock DCF: 17.41 | 59.75 | 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 308.22477.29661.06836.031,196.471,683.842,369.763,335.074,693.606,605.53
Revenue (%)
Operating Cash Flow 31.2286.6060.20405.07378.51395.60556.75783.541,102.711,551.90
Operating Cash Flow (%)
Capital Expenditure -13.06-25.19-40.60-80.11-59.97-101.89-143.39-201.80-284-399.69
Capital Expenditure (%)
Free Cash Flow 18.1661.4119.60324.95318.54293.72413.36581.74818.711,152.21

Weighted Average Cost Of Capital

Share price $ 59.75
Beta 1.928
Diluted Shares Outstanding 489.88
Cost of Debt
Tax Rate -12.89
After-tax Cost of Debt 5.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity 12.906
Total Debt 284.60
Total Equity 29,270.33
Total Capital 29,554.93
Debt Weighting 0.96
Equity Weighting 99.04
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 308.22477.29661.06836.031,196.471,683.842,369.763,335.074,693.606,605.53
Operating Cash Flow 31.2286.6060.20405.07378.51395.60556.75783.541,102.711,551.90
Capital Expenditure -13.06-25.19-40.60-80.11-59.97-101.89-143.39-201.80-284-399.69
Free Cash Flow 18.1661.4119.60324.95318.54293.72413.36581.74818.711,152.21
WACC
PV LFCF 260.32324.70405505.16630.10
SUM PV LFCF 2,125.28

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 12.83
Free cash flow (t + 1) 1,175.26
Terminal Value 10,851.87
Present Value of Terminal Value 5,934.47

Intrinsic Value

Enterprise Value 8,059.75
Net Debt -469.56
Equity Value 8,529.30
Shares Outstanding 489.88
Equity Value Per Share 17.41