Discounted Cash Flow (DCF) Analysis Levered

Yandex N.V. (YNDX)

$18.94

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 14,391.93 | 18.94 | 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 94,054127,657175,391218,344356,171499,292.41699,924.80981,1781,375,448.121,928,149.18
Revenue (%)
Operating Cash Flow 23,77228,21244,37932,6049,29390,091.45126,293.21177,042.04248,183.45347,911.86
Operating Cash Flow (%)
Capital Expenditure -12,389-28,323-20,543-24,551-44,621-70,743.60-99,170.75-139,020.87-194,884.11-273,195.06
Capital Expenditure (%)
Free Cash Flow 11,383-11123,8368,053-35,32819,347.8527,122.4638,021.1753,299.3474,716.80

Weighted Average Cost Of Capital

Share price $ 18.94
Beta 1.523
Diluted Shares Outstanding 353.38
Cost of Debt
Tax Rate -103.09
After-tax Cost of Debt 2.95%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.980
Total Debt 125,827
Total Equity 6,693.07
Total Capital 132,520.07
Debt Weighting 94.95
Equity Weighting 5.05
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 94,054127,657175,391218,344356,171499,292.41699,924.80981,1781,375,448.121,928,149.18
Operating Cash Flow 23,77228,21244,37932,6049,29390,091.45126,293.21177,042.04248,183.45347,911.86
Capital Expenditure -12,389-28,323-20,543-24,551-44,621-70,743.60-99,170.75-139,020.87-194,884.11-273,195.06
Free Cash Flow 11,383-11123,8368,053-35,32819,347.8527,122.4638,021.1753,299.3474,716.80
WACC
PV LFCF 18,727.9525,412.3234,482.4746,789.9363,490.17
SUM PV LFCF 188,902.84

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 3.31
Free cash flow (t + 1) 76,211.14
Terminal Value 5,817,644.16
Present Value of Terminal Value 4,943,509.19

Intrinsic Value

Enterprise Value 5,132,412.03
Net Debt 46,552
Equity Value 5,085,860.03
Shares Outstanding 353.38
Equity Value Per Share 14,391.93