Discounted Cash Flow (DCF) Analysis Unlevered

Airbnb, Inc. (ABNB)

$ 141.1199
-1.02 (-0.72%)
All numbers are in Millions, Currency in USD
Stock DCF: -5,015.12 | 141.1199 | overvalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 3,651.994,805.243,378.203,409.983,442.053,474.433,507.113,540.10
Revenue (%)
EBITDA 155.58-287.57-4,384.37-1,494.81-1,508.87-1,523.06-1,537.39-1,551.85
EBITDA (%)
EBIT 73.18-401.73-4,510.25-1,589.81-1,604.77-1,619.86-1,635.10-1,650.48
EBIT (%)
Depreciation 82.40114.16125.889595.9096.8097.7198.63
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Total Cash 3,329.313,074.276,391.263,913.893,950.713,987.874,025.384,063.24
Total Cash (%)
Account Receivables 2,305.013,145.462,181.332,195.412,216.062,236.912,257.952,279.19
Account Receivables (%)
Inventories --------
Inventories (%)
Accounts Payable 70.63151.4279.9084.6885.4886.2887.1087.91
Accounts Payable (%)
Capital Expenditure -90.62-125.45-37.37-70.46-71.12-71.79-72.46-73.14
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 141.1,199
Beta 0.000
Diluted Shares Outstanding 284.36
Cost of Debt
Tax Rate 2.08
After-tax Cost of Debt 7.22%
Risk-Free Rate
Market Risk Premium
Cost of Equity 1.785
Total Debt 2,329.81
Total Equity 40,129.28
Total Capital 42,459.09
Debt Weighting 5.49
Equity Weighting 94.51
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 3,651.994,805.243,378.203,409.983,442.053,474.433,507.113,540.10
EBITDA 155.58-287.57-4,384.37-1,494.81-1,508.87-1,523.06-1,537.39-1,551.85
EBIT 73.18-401.73-4,510.25-1,589.81-1,604.77-1,619.86-1,635.10-1,650.48
Tax Rate 135.85%-63.79%2.08%24.71%24.71%24.71%24.71%24.71%
EBIAT -26.23-658.01-4,416.59-1,196.96-1,208.22-1,219.59-1,231.06-1,242.64
Depreciation 82.40114.16125.889595.9096.8097.7198.63
Accounts Receivable --840.45964.13-14.08-20.65-20.84-21.04-21.24
Inventories --------
Accounts Payable -80.79-71.524.790.800.800.810.82
Capital Expenditure -90.62-125.45-37.37-70.46-71.12-71.79-72.46-73.14
UFCF -34.45-1,428.96-3,435.48-1,181.71-1,203.30-1,214.61-1,226.04-1,237.57
WACC
PV UFCF -1,206.29-1,203.30-1,189.86-1,176.58-1,163.45
SUM PV UFCF -5,699.91

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 2.08
Free cash flow (t + 1) -1,262.32
Terminal Value -1,577,903.46
Present Value of Terminal Value -1,423,564.41

Intrinsic Value

Enterprise Value -1,429,264.32
Net Debt -3,150.75
Equity Value -1,426,113.57
Shares Outstanding 284.36
Equity Value Per Share -5,015.12