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Major Indexes

Discounted Cash Flow (DCF) Analysis Levered


Booking Holdings Inc.

Booking Holdings Inc. (BKNG)

$1707.4
37.12 (+2.22%)

Free Cash Flow

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 6,793.318,442.049,223.7710,742.9312,680.9514,527.3015,066.2617,232.7919,710.8722,545.2925,787.30
Revenue (%)
Operating Cash Flow 2,301.572,914.193,101.963,924.394,661.525,337.334,864.906,015.976,881.067,870.569,002.35
Operating Cash Flow (%)
Capital Expenditure 84.24131.70174.33220.23287.86441.63367.62356.72408.01466.69533.80
Capital Expenditure (%)
Free Cash Flow 2,385.813,045.893,276.284,144.624,949.385,778.965,232.516,372.697,289.088,337.259,536.15

Weighted Average Cost Of Capital

Weighted Average Cost Of Capital

Share price $ 1,707.4
Diluted Shares Outstanding 43.51
Cost of Debt
Tax Rate 18.35
After-tax Cost of Debt -0.87
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.18
Total Debt 7,640.00
Total Equity 74,287.27
Total Capital 81,927.27
Debt Weighting 9.33
Equity Weighting 90.67
Wacc

Build Up Free Cash Flow

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 6,793.318,442.049,223.7710,742.9312,680.9514,527.3015,066.2617,232.7919,710.8722,545.2925,787.30
Operating Cash Flow 2,301.572,914.193,101.963,924.394,661.525,337.334,864.906,015.976,881.067,870.569,002.35
Capital Expenditure 84.24131.70174.33220.23287.86441.63367.62356.72408.01466.69533.80
Free Cash Flow 2,385.813,045.893,276.284,144.624,949.385,778.965,232.516,372.697,289.088,337.259,536.15
WACC
PV LFCF 5,217.245,399.465,588.045,783.20
SUM PV LFCF 30,693.07

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.52
Free cash flow (t + 1) 8,052.57
Terminal Value 123,505.64
Present Value of Terminal Value 74,900.10

Intrinsic Value

Enterprise Value 99,728.52
Net Debt 329.85
Equity Value 99,398.68
Shares Outstanding 43.51
Equity Value Per Share 2,818.05