Discounted Cash Flow (DCF) Analysis Levered

Vipshop Holdings Limited (VIPS)

$15.92

+0.30 (+1.92%)
All numbers are in Millions, Currency in USD
Stock DCF: 38.56 | 15.92 | undervalue

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 13,523.8314,879.1116,297.3618,729.5516,504.4017,436.7618,421.7919,462.4620,561.9321,723.50
Revenue (%)
Operating Cash Flow 919.321,966.431,891.271,079.141,683.151,659.231,752.961,851.991,956.612,067.14
Operating Cash Flow (%)
Capital Expenditure -574.89-684.43-363.50-572.58-496.41-597.95-631.73-667.41-705.12-744.95
Capital Expenditure (%)
Free Cash Flow 344.431,2821,527.77506.561,186.741,061.281,121.241,184.581,251.491,322.19

Weighted Average Cost Of Capital

Share price $ 15.92
Beta 0.594
Diluted Shares Outstanding 693.73
Cost of Debt
Tax Rate 22.02
After-tax Cost of Debt 0.51%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.401
Total Debt 585.09
Total Equity 11,044.10
Total Capital 11,629.19
Debt Weighting 5.03
Equity Weighting 94.97
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 13,523.8314,879.1116,297.3618,729.5516,504.4017,436.7618,421.7919,462.4620,561.9321,723.50
Operating Cash Flow 919.321,966.431,891.271,079.141,683.151,659.231,752.961,851.991,956.612,067.14
Capital Expenditure -574.89-684.43-363.50-572.58-496.41-597.95-631.73-667.41-705.12-744.95
Free Cash Flow 344.431,2821,527.77506.561,186.741,061.281,121.241,184.581,251.491,322.19
WACC
PV LFCF 991.39978.42965.61952.98940.51
SUM PV LFCF 4,828.90

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.05
Free cash flow (t + 1) 1,348.64
Terminal Value 26,705.70
Present Value of Terminal Value 18,996.37

Intrinsic Value

Enterprise Value 23,825.27
Net Debt -2,925.10
Equity Value 26,750.36
Shares Outstanding 693.73
Equity Value Per Share 38.56