Discounted Cash Flow (DCF) Analysis Unlevered
Roku, Inc. (ROKU)
$56.04
+3.46 (+6.58%)
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 | 512.76 | 742.51 | 1,128.92 | 1,778.39 | 2,764.58 | 4,214.82 | 6,425.83 | 9,796.68 | 14,935.81 | 22,770.80 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | -56.25 | -0.60 | -42.88 | 72.32 | 313.21 | 4.62 | 7.04 | 10.73 | 16.36 | 24.94 |
EBITDA (%) | ||||||||||
EBIT | -61.58 | -8.99 | -58.55 | -15.02 | 239.57 | -89.23 | -136.05 | -207.41 | -316.22 | -482.10 |
EBIT (%) | ||||||||||
Depreciation | 5.34 | 8.39 | 15.67 | 87.34 | 73.65 | 93.85 | 143.08 | 218.14 | 332.58 | 507.04 |
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 | 177.25 | 197.71 | 515.48 | 1,092.81 | 2,146.04 | 2,073.12 | 3,160.64 | 4,818.64 | 7,346.39 | 11,200.15 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 120.55 | 183.08 | 332.67 | 523.85 | 752.39 | 1,132.16 | 1,726.07 | 2,631.53 | 4,011.98 | 6,116.58 |
Account Receivables (%) | ||||||||||
Inventories | 32.74 | 35.59 | 49.71 | 53.90 | 50.28 | 172.22 | 262.56 | 400.30 | 610.29 | 930.43 |
Inventories (%) | ||||||||||
Accounts Payable | 56.41 | 56.58 | 115.23 | 112.31 | 124.92 | 334.34 | 509.73 | 777.12 | 1,184.78 | 1,806.29 |
Accounts Payable (%) | ||||||||||
Capital Expenditure | -9.23 | -18.33 | -84.61 | -82.38 | -40.04 | -150.41 | -229.32 | -349.61 | -533.01 | -812.62 |
Capital Expenditure (%) |
Weighted Average Cost Of Capital
Share price | $ 56.04 |
---|---|
Beta | 1.697 |
Diluted Shares Outstanding | 141.67 |
Cost of Debt | |
Tax Rate | -2.45 |
After-tax Cost of Debt | 0.57% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 11.527 |
Total Debt | 521.71 |
Total Equity | 7,939.07 |
Total Capital | 8,460.78 |
Debt Weighting | 6.17 |
Equity Weighting | 93.83 |
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 | 512.76 | 742.51 | 1,128.92 | 1,778.39 | 2,764.58 | 4,214.82 | 6,425.83 | 9,796.68 | 14,935.81 | 22,770.80 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | -56.25 | -0.60 | -42.88 | 72.32 | 313.21 | 4.62 | 7.04 | 10.73 | 16.36 | 24.94 |
EBIT | -61.58 | -8.99 | -58.55 | -15.02 | 239.57 | -89.23 | -136.05 | -207.41 | -316.22 | -482.10 |
Tax Rate | -0.50% | 5.10% | 1.61% | 5.12% | -2.45% | 1.78% | 1.78% | 1.78% | 1.78% | 1.78% |
EBIAT | -61.89 | -8.53 | -57.61 | -14.25 | 245.44 | -87.65 | -133.63 | -203.73 | -310.60 | -473.53 |
Depreciation | 5.34 | 8.39 | 15.67 | 87.34 | 73.65 | 93.85 | 143.08 | 218.14 | 332.58 | 507.04 |
Accounts Receivable | - | -62.52 | -149.60 | -191.18 | -228.54 | -379.77 | -593.91 | -905.46 | -1,380.45 | -2,104.60 |
Inventories | - | -2.85 | -14.13 | -4.18 | 3.62 | -121.94 | -90.34 | -137.74 | -209.99 | -320.14 |
Accounts Payable | - | 0.16 | 58.65 | -2.91 | 12.61 | 209.42 | 175.39 | 267.39 | 407.66 | 621.51 |
Capital Expenditure | -9.23 | -18.33 | -84.61 | -82.38 | -40.04 | -150.41 | -229.32 | -349.61 | -533.01 | -812.62 |
UFCF | -65.78 | -83.67 | -231.62 | -207.56 | 66.73 | -436.51 | -728.73 | -1,111 | -1,693.81 | -2,582.34 |
WACC | ||||||||||
PV UFCF | -393.78 | -593.05 | -815.66 | -1,121.82 | -1,542.89 | |||||
SUM PV UFCF | -4,467.20 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 10.85 |
Free cash flow (t + 1) | -2,633.99 |
Terminal Value | -29,762.60 |
Present Value of Terminal Value | -17,782.48 |
Intrinsic Value
Enterprise Value | -22,249.69 |
---|---|
Net Debt | -1,624.34 |
Equity Value | -20,625.35 |
Shares Outstanding | 141.67 |
Equity Value Per Share | -145.59 |