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: 4,415.83 | 18.94 | undervalue

Free Cash Flow

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 175,391218,344356,171521,699838,446.021,246,774.391,853,961.192,756,851.684,099,455.416,095,915.41
Revenue (%)
Operating Cash Flow 44,37932,6049,29341,68873,648.08148,663.20221,063.09328,722.17488,811.89726,866.29
Operating Cash Flow (%)
Capital Expenditure -20,543-24,551-44,621-51,952-108,408.81-145,555.44-216,441.83-321,850.33-478,593.42-711,671.36
Capital Expenditure (%)
Free Cash Flow 23,8368,053-35,328-10,264-34,760.733,107.764,621.266,871.8410,218.4715,194.92

Weighted Average Cost Of Capital

Share price $ 18.94
Beta 0.904
Diluted Shares Outstanding 373.06
Cost of Debt
Tax Rate 55.60
After-tax Cost of Debt 2.59%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.477
Total Debt 195,280.40
Total Equity 7,065.74
Total Capital 202,346.14
Debt Weighting 96.51
Equity Weighting 3.49
Wacc

Build Up Free Cash Flow

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 175,391218,344356,171521,699838,446.021,246,774.391,853,961.192,756,851.684,099,455.416,095,915.41
Operating Cash Flow 44,37932,6049,29341,68873,648.08148,663.20221,063.09328,722.17488,811.89726,866.29
Capital Expenditure -20,543-24,551-44,621-51,952-108,408.81-145,555.44-216,441.83-321,850.33-478,593.42-711,671.36
Free Cash Flow 23,8368,053-35,328-10,264-34,760.733,107.764,621.266,871.8410,218.4715,194.92
WACC
PV LFCF 2,634.773,811.575,513.997,976.7911,539.58
SUM PV LFCF 36,119.64

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 2.79
Free cash flow (t + 1) 15,498.82
Terminal Value 1,961,876.08
Present Value of Terminal Value 1,709,689.49

Intrinsic Value

Enterprise Value 1,745,809.13
Net Debt 98,443.84
Equity Value 1,647,365.29
Shares Outstanding 373.06
Equity Value Per Share 4,415.83