Discounted Cash Flow (DCF) Analysis Unlevered

Adyen N.V. (ADYEN.AS)

1617.6 €

-7.40 (-0.46%)
All numbers are in Millions, Currency in USD
Stock DCF: 1,668.75 | 1617.6 | undervalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 1,012.441,652.952,656.773,641.395,995.429,378.3414,670.0722,947.6735,895.9156,150.20
Revenue (%)
EBITDA 98.93174.96284.22361.15628.65965.181,509.792,361.683,694.275,778.76
EBITDA (%)
EBIT 93166.23261.89332.59593.63902.841,412.272,209.153,455.665,405.51
EBIT (%)
Depreciation 5.948.7422.3328.5735.0162.3497.52152.54238.61373.24
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 574.92515.18753.151,270.414,596.444,273.806,685.2910,457.4716,358.1125,588.18
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 4.027.867.0219.5522.1438.3259.9493.76146.66229.41
Inventories (%)
Accounts Payable 3.526.629.468.318.9927.8043.4968.03106.42166.46
Accounts Payable (%)
Capital Expenditure -11.03-13.81-19.96-21.89-54.35-78.47-122.75-192.01-300.36-469.84
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1,617.6
Beta 1.171
Diluted Shares Outstanding 30.67
Cost of Debt
Tax Rate 19.13
After-tax Cost of Debt 7.23%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.060
Total Debt 142.96
Total Equity 49,607.91
Total Capital 49,750.87
Debt Weighting 0.29
Equity Weighting 99.71
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 1,012.441,652.952,656.773,641.395,995.429,378.3414,670.0722,947.6735,895.9156,150.20
EBITDA 98.93174.96284.22361.15628.65965.181,509.792,361.683,694.275,778.76
EBIT 93166.23261.89332.59593.63902.841,412.272,209.153,455.665,405.51
Tax Rate 22.68%20.38%20.69%19.23%19.13%20.42%20.42%20.42%20.42%20.42%
EBIAT 71.91132.35207.71268.62480.06718.461,123.851,757.992,749.934,301.58
Depreciation 5.948.7422.3328.5735.0162.3497.52152.54238.61373.24
Accounts Receivable ----------
Inventories --3.850.84-12.53-2.59-16.18-21.62-33.82-52.90-82.75
Accounts Payable -3.102.84-1.150.6818.8115.6924.5438.3960.04
Capital Expenditure -11.03-13.81-19.96-21.89-54.35-78.47-122.75-192.01-300.36-469.84
UFCF 66.81126.54213.76261.61458.81704.961,092.681,709.232,673.674,182.28
WACC
PV UFCF 646.46918.851,318.021,890.622,711.97
SUM PV UFCF 7,485.92

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.05
Free cash flow (t + 1) 4,265.93
Terminal Value 60,509.62
Present Value of Terminal Value 39,237.02

Intrinsic Value

Enterprise Value 46,722.94
Net Debt -4,453.48
Equity Value 51,176.42
Shares Outstanding 30.67
Equity Value Per Share 1,668.75