Discounted Cash Flow (DCF) Analysis Unlevered

Yelp Inc. (YELP)

$29.34

-0.24 (-0.81%)
All numbers are in Millions, Currency in USD
Stock DCF: - | 29.34 | undervalue

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 846.81942.771,014.19872.931,031.841,091.641,154.911,221.841,292.661,367.58
Revenue (%)
EBITDA 225.5582.8199.1215.4889.40121.46128.50135.94143.82152.16
EBITDA (%)
EBIT 184.3540.0149.77-35.1233.7265.8669.6773.7177.9882.50
EBIT (%)
Depreciation 41.2042.8149.3650.6155.6855.6058.8262.2365.8469.65
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 821.22755.86412.28595.88479.78726.08768.16812.68859.78909.61
Total Cash (%)
Account Receivables 76.1787.31106.8388.40107.36107.68113.92120.52127.51134.90
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 9.036.54687.763233.8635.8237.8940.0942.41
Accounts Payable (%)
Capital Expenditure -30.25-44.97-37.52-32-28.28-40.28-42.61-45.08-47.70-50.46
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 29.34
Beta 1.749
Diluted Shares Outstanding 73
Cost of Debt
Tax Rate -17.66
After-tax Cost of Debt -%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.137
Total Debt 168.22
Total Equity 2,141.97
Total Capital 2,310.18
Debt Weighting 7.28
Equity Weighting 92.72
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 846.81942.771,014.19872.931,031.841,091.641,154.911,221.841,292.661,367.58
EBITDA 225.5582.8199.1215.4889.40121.46128.50135.94143.82152.16
EBIT 184.3540.0149.77-35.1233.7265.8669.6773.7177.9882.50
Tax Rate 17.08%-38.35%17.86%44.70%-17.66%4.73%4.73%4.73%4.73%4.73%
EBIAT 152.8655.3540.88-19.4239.6762.7466.3870.2374.3078.60
Depreciation 41.2042.8149.3650.6155.6855.6058.8262.2365.8469.65
Accounts Receivable --11.13-19.5318.43-18.96-0.32-6.24-6.60-6.99-7.39
Inventories ----------
Accounts Payable --2.49-0.5481.76-55.761.851.962.082.202.32
Capital Expenditure -30.25-44.97-37.52-32-28.28-40.28-42.61-45.08-47.70-50.46
UFCF 163.8139.5632.6599.37-7.6479.6078.3182.8587.6592.73
WACC
PV UFCF -----
SUM PV UFCF -

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) -
Free cash flow (t + 1) 94.59
Terminal Value -
Present Value of Terminal Value -

Intrinsic Value

Enterprise Value -
Net Debt -311.57
Equity Value -
Shares Outstanding 73
Equity Value Per Share -