Discounted Cash Flow (DCF) Analysis Levered

JOYY Inc. (YY)

$30.97

+1.11 (+3.72%)
All numbers are in Millions, Currency in USD
Stock DCF: 482.71 | 30.97 | 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 1,775.982,291.553,655.412,025.152,619.053,098.833,666.504,338.155,132.856,073.13
Revenue (%)
Operating Cash Flow 569.56649.05654.83524.10210.42695.51822.92973.671,152.031,363.07
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 505.98591.94498.68362.2725.54538.13636.71753.34891.351,054.63

Weighted Average Cost Of Capital

Share price $ 30.97
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 5.637
Total Debt 940.85
Total Equity 2,477.91
Total Capital 3,418.76
Debt Weighting 27.52
Equity Weighting 72.48
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 1,775.982,291.553,655.412,025.152,619.053,098.833,666.504,338.155,132.856,073.13
Operating Cash Flow 569.56649.05654.83524.10210.42695.51822.92973.671,152.031,363.07
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 505.98591.94498.68362.2725.54538.13636.71753.34891.351,054.63
WACC
PV LFCF 451.08510.68578.16654.55741.03
SUM PV LFCF 3,350.86

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.51
Free cash flow (t + 1) 1,075.72
Terminal Value 42,857.52
Present Value of Terminal Value 34,374.61

Intrinsic Value

Enterprise Value 37,725.47
Net Debt -896.33
Equity Value 38,621.80
Shares Outstanding 80.01
Equity Value Per Share 482.71