Discounted Cash Flow (DCF) Analysis Levered
JOYY Inc. (YY)
$32.62
+2.62 (+8.73%)
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 | 1,775.98 | 2,291.55 | 3,655.41 | 2,025.15 | 2,619.05 | 3,098.83 | 3,666.50 | 4,338.15 | 5,132.85 | 6,073.13 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 569.56 | 649.05 | 654.83 | 524.10 | 210.42 | 695.51 | 822.92 | 973.67 | 1,152.03 | 1,363.07 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -63.58 | -57.11 | -156.15 | -161.83 | -184.88 | -157.38 | -186.21 | -220.32 | -260.68 | -308.44 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 505.98 | 591.94 | 498.68 | 362.27 | 25.54 | 538.13 | 636.71 | 753.34 | 891.35 | 1,054.63 |
Weighted Average Cost Of Capital
Share price | $ 32.62 |
---|---|
Beta | 0.582 |
Diluted Shares Outstanding | 80.01 |
Cost of Debt | |
Tax Rate | -3.49 |
After-tax Cost of Debt | 1.54% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 5.873 |
Total Debt | 940.85 |
Total Equity | 2,609.93 |
Total Capital | 3,550.78 |
Debt Weighting | 26.50 |
Equity Weighting | 73.50 |
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 | 1,775.98 | 2,291.55 | 3,655.41 | 2,025.15 | 2,619.05 | 3,098.83 | 3,666.50 | 4,338.15 | 5,132.85 | 6,073.13 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 569.56 | 649.05 | 654.83 | 524.10 | 210.42 | 695.51 | 822.92 | 973.67 | 1,152.03 | 1,363.07 |
Capital Expenditure | -63.58 | -57.11 | -156.15 | -161.83 | -184.88 | -157.38 | -186.21 | -220.32 | -260.68 | -308.44 |
Free Cash Flow | 505.98 | 591.94 | 498.68 | 362.27 | 25.54 | 538.13 | 636.71 | 753.34 | 891.35 | 1,054.63 |
WACC | ||||||||||
PV LFCF | 513.87 | 580.60 | 656 | 741.19 | 837.44 | |||||
SUM PV LFCF | 3,329.10 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 4.72 |
Free cash flow (t + 1) | 1,075.72 |
Terminal Value | 39,548.67 |
Present Value of Terminal Value | 31,403.91 |
Intrinsic Value
Enterprise Value | 34,733.01 |
---|---|
Net Debt | -896.33 |
Equity Value | 35,629.34 |
Shares Outstanding | 80.01 |
Equity Value Per Share | 445.31 |