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Discounted Cash Flow (DCF) Analysis Levered


MercadoLibre Inc.

MercadoLibre Inc. (MELI)

Consumer Cyclical

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 472.60556.53651.81844.411,216.551,439.661,804.902,262.812,836.883,556.604,458.91
Revenue (%)
Operating Cash Flow 142.53196.79221.35190.25268.98230.92481.73603.94757.16949.261,190.08
Operating Cash Flow (%)
Capital Expenditure -113.75-34.45-62.51-76.93-74.82-97.61-186.27-233.52-292.77-367.04-460.16
Capital Expenditure (%)
Free Cash Flow 28.78162.34158.84113.32194.16133.31295.46370.42464.40582.22729.92

Weighted Average Cost Of Capital

Share price $ 574.48
Diluted Shares Outstanding 44.53
Cost of Debt
Tax Rate 44.10
After-tax Cost of Debt -2.16
Risk-Free Rate
Market Risk Premium
Cost of Equity 19.95
Total Debt 602.23
Total Equity 25,581.37
Total Capital 26,183.60
Debt Weighting 2.30
Equity Weighting 97.70
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 472.60556.53651.81844.411,216.551,439.661,804.902,262.812,836.883,556.604,458.91
Operating Cash Flow 142.53196.79221.35190.25268.98230.92481.73603.94757.16949.261,190.08
Capital Expenditure -113.75-34.45-62.51-76.93-74.82-97.61-186.27-233.52-292.77-367.04-460.16
Free Cash Flow 28.78162.34158.84113.32194.16133.31295.46370.42464.40582.22729.92
WACC
PV LFCF 247.13259.13271.73284.93298.78
SUM PV LFCF 877.35

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 19.56
Free cash flow (t + 1) 1,035.79
Terminal Value 6,656.76
Present Value of Terminal Value 2,724.79

Intrinsic Value

Enterprise Value 3,873.15
Net Debt -419.79
Equity Value 4,292.94
Shares Outstanding 44.53
Equity Value Per Share 73.98