Discounted Cash Flow (DCF) Analysis Unlevered
DiDi Global Inc. (DIDI)
$2.29
0.00 (0.00%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 21,646.08 | 24,765.78 | 22,677.78 | 27,812.38 | 30,465.95 | 33,372.69 | 36,556.76 | 40,044.62 | 43,865.26 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | |||||||||
| EBITDA | -2,026.09 | -959.11 | -865.96 | -6,856.71 | -3,176.44 | -3,479.50 | -3,811.48 | -4,175.13 | -4,573.48 |
| EBITDA (%) | |||||||||
| EBIT | -2,471.62 | -1,600.98 | -1,709.02 | -7,823.96 | -4,078.64 | -4,467.78 | -4,894.04 | -5,360.98 | -5,872.47 |
| EBIT (%) | |||||||||
| Depreciation | 445.53 | 641.87 | 843.05 | 967.25 | 902.19 | 988.27 | 1,082.56 | 1,185.85 | 1,298.99 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Total Cash | 8,437.11 | 8,664.16 | 9,083.14 | 9,083.76 | 11,171.54 | 12,237.41 | 13,404.98 | 14,683.94 | 16,084.93 |
|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | |||||||||
| Account Receivables | 862.71 | 984.47 | 1,237.91 | 1,472.28 | 1,425.27 | 1,561.26 | 1,710.21 | 1,873.38 | 2,052.12 |
| Account Receivables (%) | |||||||||
| Inventories | 24.58 | 32.20 | 41.85 | 31.67 | 41.28 | 45.22 | 49.53 | 54.26 | 59.43 |
| Inventories (%) | |||||||||
| Accounts Payable | 521.62 | 559.88 | 717.99 | 529.02 | 741.74 | 812.51 | 890.03 | 974.95 | 1,067.97 |
| Accounts Payable (%) | |||||||||
| Capital Expenditure | -877.39 | -360.40 | -927.86 | -1,059.23 | -1,021.26 | -1,118.70 | -1,225.43 | -1,342.35 | -1,470.42 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 2.29 |
|---|---|
| Beta | 0.000 |
| Diluted Shares Outstanding | 2,631.99 |
| Cost of Debt | |
| Tax Rate | -0.36 |
| After-tax Cost of Debt | 2.86% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 3.528 |
| Total Debt | 1,550.63 |
| Total Equity | 6,027.25 |
| Total Capital | 7,577.88 |
| Debt Weighting | 20.46 |
| Equity Weighting | 79.54 |
| Wacc |
Build Up Free Cash
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 21,646.08 | 24,765.78 | 22,677.78 | 27,812.38 | 30,465.95 | 33,372.69 | 36,556.76 | 40,044.62 | 43,865.26 |
|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -2,026.09 | -959.11 | -865.96 | -6,856.71 | -3,176.44 | -3,479.50 | -3,811.48 | -4,175.13 | -4,573.48 |
| EBIT | -2,471.62 | -1,600.98 | -1,709.02 | -7,823.96 | -4,078.64 | -4,467.78 | -4,894.04 | -5,360.98 | -5,872.47 |
| Tax Rate | 3.32% | 3.50% | 3.63% | -0.36% | 2.52% | 2.52% | 2.52% | 2.52% | 2.52% |
| EBIAT | -2,389.51 | -1,544.99 | -1,646.95 | -7,851.87 | -3,975.71 | -4,355.03 | -4,770.54 | -5,225.69 | -5,724.27 |
| Depreciation | 445.53 | 641.87 | 843.05 | 967.25 | 902.19 | 988.27 | 1,082.56 | 1,185.85 | 1,298.99 |
| Accounts Receivable | - | -121.76 | -253.44 | -234.37 | 47.01 | -135.98 | -148.96 | -163.17 | -178.74 |
| Inventories | - | -7.62 | -9.65 | 10.17 | -9.61 | -3.94 | -4.31 | -4.73 | -5.18 |
| Accounts Payable | - | 38.26 | 158.11 | -188.97 | 212.72 | 70.77 | 77.52 | 84.92 | 93.02 |
| Capital Expenditure | -877.39 | -360.40 | -927.86 | -1,059.23 | -1,021.26 | -1,118.70 | -1,225.43 | -1,342.35 | -1,470.42 |
| UFCF | -2,821.37 | -1,354.64 | -1,836.73 | -8,357.03 | -3,844.64 | -4,554.61 | -4,989.16 | -5,465.17 | -5,986.60 |
| WACC | |||||||||
| PV UFCF | -3,844.64 | -4,405.27 | -4,667.35 | -4,945.02 | -5,239.21 | ||||
| SUM PV UFCF | -22,344.03 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 3.39 |
| Free cash flow (t + 1) | -6,106.33 |
| Terminal Value | -439,304.49 |
| Present Value of Terminal Value | -371,854.44 |
Intrinsic Value
| Enterprise Value | -394,198.47 |
|---|---|
| Net Debt | -5,398.12 |
| Equity Value | -388,800.34 |
| Shares Outstanding | 2,631.99 |
| Equity Value Per Share | -147.72 |