Discounted Cash Flow (DCF) Analysis Unlevered
Tripadvisor, Inc. (T6A.DE)
21.37 €
+0.27 (+1.28%)
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 | 1,556 | 1,615 | 1,560 | 604 | 902 | 875.94 | 850.63 | 826.05 | 802.18 | 779 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 236 | 301 | 327 | -209 | -29 | 29.69 | 28.83 | 28 | 27.19 | 26.41 |
| EBITDA (%) | ||||||||||
| EBIT | 125 | 185 | 201 | -334 | -140 | -67.35 | -65.41 | -63.52 | -61.68 | -59.90 |
| EBIT (%) | ||||||||||
| Depreciation | 111 | 116 | 126 | 125 | 111 | 97.04 | 94.24 | 91.52 | 88.87 | 86.30 |
| 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 | 708 | 670 | 319 | 418 | 723 | 449.87 | 436.88 | 424.25 | 411.99 | 400.09 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 260 | 212 | 183 | 133 | 191 | 148.49 | 144.20 | 140.04 | 135.99 | 132.06 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 8 | 15 | 11 | 18 | 27 | 14.23 | 13.82 | 13.42 | 13.03 | 12.65 |
| 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 | 1,556 | 1,615 | 1,560 | 604 | 902 | 875.94 | 850.63 | 826.05 | 802.18 | 779 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 236 | 301 | 327 | -209 | -29 | 29.69 | 28.83 | 28 | 27.19 | 26.41 |
| EBIT | 125 | 185 | 201 | -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 | -21.59 | 120.84 | 130.55 | -261.59 | -112 | -36.55 | -35.49 | -34.47 | -33.47 | -32.50 |
| Depreciation | 111 | 116 | 126 | 125 | 111 | 97.04 | 94.24 | 91.52 | 88.87 | 86.30 |
| Accounts Receivable | - | 48 | 29 | 50 | -58 | 42.51 | 4.29 | 4.17 | 4.05 | 3.93 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 7 | -4 | 7 | 9 | -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 | 25.41 | 230.84 | 198.55 | -134.59 | -104 | 40.65 | 14.48 | 14.06 | 13.65 | 13.26 |
| WACC | ||||||||||
| PV UFCF | 37.60 | 12.38 | 11.12 | 9.99 | 8.97 | |||||
| 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 |