Discounted Cash Flow (DCF) Analysis Unlevered

Despegar.com, Corp. (DESP)

$6.41

-0.22 (-3.32%)
All numbers are in Millions, Currency in USD
Stock DCF: -10.66 | 6.41 | overvalue

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 523.94530.61524.88131.33322.84380.17447.69527.19620.81731.05
Revenue (%)
EBITDA 87.4568.1425.74-128.51-65.33-63.60-74.90-88.20-103.86-122.30
EBITDA (%)
EBIT 73.6353.01-0.98-161.75-104.86-100.20-117.99-138.95-163.62-192.68
EBIT (%)
Depreciation 13.8315.1226.7233.2439.5336.6043.1050.7559.7670.38
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 371.01346.48309.19334.43246.08399.85470.86554.47652.94768.89
Total Cash (%)
Account Receivables 227.39270.14270.1787.81151.97197.48232.54273.84322.47379.73
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 213.16219.29266.63261.99315.11326.87384.92453.27533.76628.55
Accounts Payable (%)
Capital Expenditure -21.67-26.58-30.56-17.53-21.19-26.52-31.23-36.77-43.30-50.99
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 6.41
Beta 1.842
Diluted Shares Outstanding 69.47
Cost of Debt
Tax Rate 3.51
After-tax Cost of Debt 4.82%
Risk-Free Rate
Market Risk Premium
Cost of Equity 12.575
Total Debt 54.56
Total Equity 445.27
Total Capital 499.83
Debt Weighting 10.92
Equity Weighting 89.08
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 523.94530.61524.88131.33322.84380.17447.69527.19620.81731.05
EBITDA 87.4568.1425.74-128.51-65.33-63.60-74.90-88.20-103.86-122.30
EBIT 73.6353.01-0.98-161.75-104.86-100.20-117.99-138.95-163.62-192.68
Tax Rate 22.06%26.96%19.99%13.37%3.51%17.18%17.18%17.18%17.18%17.18%
EBIAT 57.3838.72-0.78-140.12-101.18-82.99-97.72-115.08-135.51-159.58
Depreciation 13.8315.1226.7233.2439.5336.6043.1050.7559.7670.38
Accounts Receivable --42.75-0.03182.36-64.16-45.50-35.07-41.30-48.63-57.26
Inventories ----------
Accounts Payable -6.1347.34-4.6453.1211.7658.0568.3580.4994.79
Capital Expenditure -21.68-26.58-30.56-17.53-21.19-26.52-31.23-36.77-43.30-50.99
UFCF 49.53-9.3642.6953.32-93.89-106.65-62.88-74.04-87.19-102.67
WACC
PV UFCF -95.45-50.37-53.09-55.95-58.97
SUM PV UFCF -313.82

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 11.73
Free cash flow (t + 1) -104.73
Terminal Value -1,076.34
Present Value of Terminal Value -618.16

Intrinsic Value

Enterprise Value -931.98
Net Debt -191.52
Equity Value -740.46
Shares Outstanding 69.47
Equity Value Per Share -10.66