Discounted Cash Flow (DCF) Analysis Levered
Zynga Inc. (ZNGA)
$8.18
-0.17 (-2.04%)
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 | 861.39 | 907.21 | 1,321.66 | 1,974.80 | 2,800.50 | 3,796.31 | 5,146.22 | 6,976.13 | 9,456.72 | 12,819.38 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 94.58 | 168.24 | 262.83 | 429.20 | 253.80 | 608.98 | 825.53 | 1,119.07 | 1,516.99 | 2,056.41 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -9.97 | -11.47 | -23.64 | -24.80 | -16.80 | -46.06 | -62.43 | -84.63 | -114.73 | -155.52 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 84.61 | 156.77 | 239.19 | 404.40 | 237 | 562.93 | 763.09 | 1,034.44 | 1,402.27 | 1,900.89 |
Weighted Average Cost Of Capital
Share price | $ 8.18 |
---|---|
Beta | 0.023 |
Diluted Shares Outstanding | 1,016.80 |
Cost of Debt | |
Tax Rate | -1,170.73 |
After-tax Cost of Debt | 3.96% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 4.639 |
Total Debt | 1,494.30 |
Total Equity | 8,317.42 |
Total Capital | 9,811.72 |
Debt Weighting | 15.23 |
Equity Weighting | 84.77 |
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 | 861.39 | 907.21 | 1,321.66 | 1,974.80 | 2,800.50 | 3,796.31 | 5,146.22 | 6,976.13 | 9,456.72 | 12,819.38 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 94.58 | 168.24 | 262.83 | 429.20 | 253.80 | 608.98 | 825.53 | 1,119.07 | 1,516.99 | 2,056.41 |
Capital Expenditure | -9.97 | -11.47 | -23.64 | -24.80 | -16.80 | -46.06 | -62.43 | -84.63 | -114.73 | -155.52 |
Free Cash Flow | 84.61 | 156.77 | 239.19 | 404.40 | 237 | 562.93 | 763.09 | 1,034.44 | 1,402.27 | 1,900.89 |
WACC | ||||||||||
PV LFCF | 538.48 | 698.25 | 905.43 | 1,174.09 | 1,522.45 | |||||
SUM PV LFCF | 4,838.71 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 4.54 |
Free cash flow (t + 1) | 1,938.91 |
Terminal Value | 76,334.90 |
Present Value of Terminal Value | 61,137.92 |
Intrinsic Value
Enterprise Value | 65,976.63 |
---|---|
Net Debt | 510.30 |
Equity Value | 65,466.33 |
Shares Outstanding | 1,016.80 |
Equity Value Per Share | 64.38 |