Discounted Cash Flow (DCF) Analysis Levered

Twitter, Inc. (delisted) (TWTR)

$53.7

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 103.17 | 53.7 | undervalue

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 2,443.303,042.363,459.333,716.355,077.486,121.917,381.188,899.4710,730.0812,937.23
Revenue (%)
Operating Cash Flow 831.211,339.711,303.36992.87632.691,896.682,286.822,757.223,324.374,008.19
Operating Cash Flow (%)
Capital Expenditure -160.74-483.93-540.69-873.35-1,011.55-998.33-1,203.69-1,451.29-1,749.81-2,109.75
Capital Expenditure (%)
Free Cash Flow 670.47855.78762.68119.52-378.86898.341,083.131,305.931,574.561,898.44

Weighted Average Cost Of Capital

Share price $ 53.7
Beta 0.000
Diluted Shares Outstanding 787.86
Cost of Debt
Tax Rate 46.14
After-tax Cost of Debt 0.50%
Risk-Free Rate
Market Risk Premium
Cost of Equity 4.482
Total Debt 5,546.57
Total Equity 42,308.14
Total Capital 47,854.71
Debt Weighting 11.59
Equity Weighting 88.41
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 2,443.303,042.363,459.333,716.355,077.486,121.917,381.188,899.4710,730.0812,937.23
Operating Cash Flow 831.211,339.711,303.36992.87632.691,896.682,286.822,757.223,324.374,008.19
Capital Expenditure -160.74-483.93-540.69-873.35-1,011.55-998.33-1,203.69-1,451.29-1,749.81-2,109.75
Free Cash Flow 670.47855.78762.68119.52-378.86898.341,083.131,305.931,574.561,898.44
WACC
PV LFCF 863.631,001.031,160.301,344.901,558.88
SUM PV LFCF 5,928.74

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.02
Free cash flow (t + 1) 1,936.41
Terminal Value 95,861.81
Present Value of Terminal Value 78,715.71

Intrinsic Value

Enterprise Value 84,644.44
Net Debt 3,360.03
Equity Value 81,284.42
Shares Outstanding 787.86
Equity Value Per Share 103.17