Discounted Cash Flow (DCF) Analysis Unlevered

Tripadvisor, Inc. (T6A.DE)

21.37 €

+0.27 (+1.28%)
All numbers are in Millions, Currency in USD
Stock DCF: 0.19 | 21.37 | 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 1,5561,6151,560604902875.94850.63826.05802.18779
Revenue (%)
EBITDA 236301327-209-2929.6928.832827.1926.41
EBITDA (%)
EBIT 125185201-334-140-67.35-65.41-63.52-61.68-59.90
EBIT (%)
Depreciation 11111612612511197.0494.2491.5288.8786.30
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 708670319418723449.87436.88424.25411.99400.09
Total Cash (%)
Account Receivables 260212183133191148.49144.20140.04135.99132.06
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 81511182714.2313.8213.4213.0312.65
Accounts Payable (%)
Capital Expenditure -64-61-83-55-54-49.58-48.15-46.76-45.41-44.10
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 21.37
Beta 1.263
Diluted Shares Outstanding 135
Cost of Debt
Tax Rate 20.00
After-tax Cost of Debt 3.88%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.481
Total Debt 927
Total Equity 2,884.95
Total Capital 3,811.95
Debt Weighting 24.32
Equity Weighting 75.68
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 1,5561,6151,560604902875.94850.63826.05802.18779
EBITDA 236301327-209-2929.6928.832827.1926.41
EBIT 125185201-334-140-67.35-65.41-63.52-61.68-59.90
Tax Rate 117.27%34.68%35.05%21.68%20.00%45.74%45.74%45.74%45.74%45.74%
EBIAT -21.59120.84130.55-261.59-112-36.55-35.49-34.47-33.47-32.50
Depreciation 11111612612511197.0494.2491.5288.8786.30
Accounts Receivable -482950-5842.514.294.174.053.93
Inventories ----------
Accounts Payable -7-479-12.77-0.41-0.40-0.39-0.38
Capital Expenditure -64-61-83-55-54-49.58-48.15-46.76-45.41-44.10
UFCF 25.41230.84198.55-134.59-10440.6514.4814.0613.6513.26
WACC
PV UFCF 37.6012.3811.129.998.97
SUM PV UFCF 80.07

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.12
Free cash flow (t + 1) 13.52
Terminal Value 220.97
Present Value of Terminal Value 149.56

Intrinsic Value

Enterprise Value 229.63
Net Debt 204
Equity Value 25.63
Shares Outstanding 135
Equity Value Per Share 0.19