Discounted Cash Flow (DCF) Analysis Unlevered
Liberty TripAdvisor Holdings, Inc. (LTRPA)
$1.27
-0.05 (-3.79%)
All numbers are in Millions, Currency in USD
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 | 1,569 | 1,615 | 1,560 | 604 | 902 | 874 | 846.86 | 820.57 | 795.10 | 770.41 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -388 | 179 | 153 | -181 | 346 | 7.96 | 7.71 | 7.47 | 7.24 | 7.02 |
| EBITDA (%) | ||||||||||
| EBIT | -601 | 19 | -16 | -349 | 196 | -129.71 | -125.68 | -121.78 | -118 | -114.34 |
| EBIT (%) | ||||||||||
| Depreciation | 213 | 160 | 169 | 168 | 150 | 137.67 | 133.40 | 129.26 | 125.24 | 121.36 |
| 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 | 730 | 672 | 341 | 423 | 760 | 461.97 | 447.63 | 433.73 | 420.27 | 407.22 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 230 | 212 | 183 | 133 | 190 | 144.39 | 139.90 | 135.56 | 131.35 | 127.27 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -65 | -61 | -83 | -55 | -54 | -49.53 | -47.99 | -46.50 | -45.06 | -43.66 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 1.27 |
|---|---|
| Beta | 1.978 |
| Diluted Shares Outstanding | 77 |
| Cost of Debt | |
| Tax Rate | 3,680.00 |
| After-tax Cost of Debt | -194.75% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 12.889 |
| Total Debt | 1,102 |
| Total Equity | 97.79 |
| Total Capital | 1,199.79 |
| Debt Weighting | 91.85 |
| Equity Weighting | 8.15 |
| 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 | 1,569 | 1,615 | 1,560 | 604 | 902 | 874 | 846.86 | 820.57 | 795.10 | 770.41 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -388 | 179 | 153 | -181 | 346 | 7.96 | 7.71 | 7.47 | 7.24 | 7.02 |
| EBIT | -601 | 19 | -16 | -349 | 196 | -129.71 | -125.68 | -121.78 | -118 | -114.34 |
| Tax Rate | 78.07% | 233.33% | 83.33% | 76.53% | 3,680.00% | 830.25% | 830.25% | 830.25% | 830.25% | 830.25% |
| EBIAT | -131.82 | -25.33 | -2.67 | -81.92 | -7,016.80 | 947.22 | 917.81 | 889.32 | 861.71 | 834.96 |
| Depreciation | 213 | 160 | 169 | 168 | 150 | 137.67 | 133.40 | 129.26 | 125.24 | 121.36 |
| Accounts Receivable | - | 18 | 29 | 50 | -57 | 45.61 | 4.48 | 4.34 | 4.21 | 4.08 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure | -65 | -61 | -83 | -55 | -54 | -49.53 | -47.99 | -46.50 | -45.06 | -43.66 |
| UFCF | 16.18 | 91.67 | 112.33 | 81.08 | -6,977.80 | 1,080.98 | 1,007.71 | 976.42 | 946.11 | 916.74 |
| WACC | ||||||||||
| PV UFCF | -1,388.90 | 1,663.56 | -2,071.08 | 2,578.41 | -3,210.03 | |||||
| SUM PV UFCF | -2,428.03 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | -177.83 |
| Free cash flow (t + 1) | 935.07 |
| Terminal Value | -519.97 |
| Present Value of Terminal Value | 1,820.74 |
Intrinsic Value
| Enterprise Value | -607.29 |
|---|---|
| Net Debt | 342 |
| Equity Value | -949.29 |
| Shares Outstanding | 77 |
| Equity Value Per Share | -12.33 |