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
Stock DCF: -12.33 | 1.27 | 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 1,5691,6151,560604902874846.86820.57795.10770.41
Revenue (%)
EBITDA -388179153-1813467.967.717.477.247.02
EBITDA (%)
EBIT -60119-16-349196-129.71-125.68-121.78-118-114.34
EBIT (%)
Depreciation 213160169168150137.67133.40129.26125.24121.36
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 730672341423760461.97447.63433.73420.27407.22
Total Cash (%)
Account Receivables 230212183133190144.39139.90135.56131.35127.27
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 1,5691,6151,560604902874846.86820.57795.10770.41
EBITDA -388179153-1813467.967.717.477.247.02
EBIT -60119-16-349196-129.71-125.68-121.78-118-114.34
Tax Rate 78.07%233.33%83.33%76.53%3,680.00%830.25%830.25%830.25%830.25%830.25%
EBIAT -131.82-25.33-2.67-81.92-7,016.80947.22917.81889.32861.71834.96
Depreciation 213160169168150137.67133.40129.26125.24121.36
Accounts Receivable -182950-5745.614.484.344.214.08
Inventories ----------
Accounts Payable ----------
Capital Expenditure -65-61-83-55-54-49.53-47.99-46.50-45.06-43.66
UFCF 16.1891.67112.3381.08-6,977.801,080.981,007.71976.42946.11916.74
WACC
PV UFCF -1,388.901,663.56-2,071.082,578.41-3,210.03
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