Discounted Cash Flow (DCF) Analysis Levered
Yandex N.V. (YNDX)
$18.94
0.00 (0.00%)
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 | 94,054 | 127,657 | 175,391 | 218,344 | 356,171 | 499,292.41 | 699,924.80 | 981,178 | 1,375,448.12 | 1,928,149.18 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 23,772 | 28,212 | 44,379 | 32,604 | 9,293 | 90,091.45 | 126,293.21 | 177,042.04 | 248,183.45 | 347,911.86 |
| 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 | -111 | 23,836 | 8,053 | -35,328 | 19,347.85 | 27,122.46 | 38,021.17 | 53,299.34 | 74,716.80 |
Weighted Average Cost Of Capital
| Share price | $ 18.94 |
|---|---|
| Beta | 1.040 |
| 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 | 8.538 |
| 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 | 94,054 | 127,657 | 175,391 | 218,344 | 356,171 | 499,292.41 | 699,924.80 | 981,178 | 1,375,448.12 | 1,928,149.18 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 23,772 | 28,212 | 44,379 | 32,604 | 9,293 | 90,091.45 | 126,293.21 | 177,042.04 | 248,183.45 | 347,911.86 |
| 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 | -111 | 23,836 | 8,053 | -35,328 | 19,347.85 | 27,122.46 | 38,021.17 | 53,299.34 | 74,716.80 |
| WACC | ||||||||||
| PV LFCF | 18,742.46 | 25,451.72 | 34,562.70 | 46,935.14 | 63,736.56 | |||||
| SUM PV LFCF | 189,428.59 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 3.23 |
| Free cash flow (t + 1) | 76,211.14 |
| Terminal Value | 6,196,027.52 |
| Present Value of Terminal Value | 5,285,471.09 |
Intrinsic Value
| Enterprise Value | 5,474,899.68 |
|---|---|
| Net Debt | 46,552 |
| Equity Value | 5,428,347.68 |
| Shares Outstanding | 353.38 |
| Equity Value Per Share | 15,361.10 |