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Discounted Cash Flow (DCF) Analysis Levered


GoPro Inc.

GoPro Inc. (GPRO)

Technology

Free Cash Flow

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 985.741,394.231,619.951,185.481,179.791,148.411,211.911,278.931,349.661,424.291,503.06
Revenue (%)
Operating Cash Flow 102.5296.90157.62-107.76-36.81-42.4922.5423.7925.1026.4927.96
Operating Cash Flow (%)
Capital Expenditure -18.3327.4751.1943.6324.0711.0220.1221.2322.4023.6424.95
Capital Expenditure (%)
Free Cash Flow 84.18124.36208.81-64.13-12.74-31.4742.6645.0247.5150.1452.91

Weighted Average Cost Of Capital

Share price $ 4.29
Diluted Shares Outstanding 139.50
Cost of Debt
Tax Rate -1.26
After-tax Cost of Debt 0.11
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.07
Total Debt 138.99
Total Equity 598.43
Total Capital 737.43
Debt Weighting 18.85
Equity Weighting 81.15
Wacc

Build Up Free Cash Flow

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 985.741,394.231,619.951,185.481,179.791,148.411,211.911,278.931,349.661,424.291,503.06
Operating Cash Flow 102.5296.90157.62-107.76-36.81-42.4922.5423.7925.1026.4927.96
Capital Expenditure -18.3327.4751.1943.6324.0711.0220.1221.2322.4023.6424.95
Free Cash Flow 84.18124.36208.81-64.13-12.74-31.4742.6645.0247.5150.1452.91
WACC
PV LFCF 42.6641.5640.4939.4538.43
SUM PV LFCF 389.18

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.32
Free cash flow (t + 1) -34.17
Terminal Value -791.05
Present Value of Terminal Value -530.47

Intrinsic Value

Enterprise Value -813.77
Net Debt -58.53
Equity Value -755.24
Shares Outstanding 139.50
Equity Value Per Share 9.33