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Major Indexes

Discounted Cash Flow (DCF) Analysis Levered


Zynga Inc.

Zynga Inc. (ZNGA)

$6.64
-0.04 (-0.60%)

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 873.27690.40764.69741.37861.32907.141,321.531,440.331,569.821,710.951,864.76
Revenue (%)
Operating Cash Flow 28.64-4.49-44.4360.0594.57168.28262.85111.77121.82132.77144.71
Operating Cash Flow (%)
Capital Expenditure 7.779.187.8010.319.9911.4323.6618.1519.7821.5623.50
Capital Expenditure (%)
Free Cash Flow 36.424.69-36.6370.36104.56179.71286.51129.92141.60154.33168.20

Weighted Average Cost Of Capital

Share price $ 6.64
Diluted Shares Outstanding 974.02
Cost of Debt
Tax Rate 11.43
After-tax Cost of Debt -0.52
Risk-Free Rate
Market Risk Premium
Cost of Equity 4.78
Total Debt 130.30
Total Equity 6,467.49
Total Capital 6,597.79
Debt Weighting 1.97
Equity Weighting 98.03
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 873.27690.40764.69741.37861.32907.141,321.531,440.331,569.821,710.951,864.76
Operating Cash Flow 28.64-4.49-44.4360.0594.57168.28262.85111.77121.82132.77144.71
Capital Expenditure 7.779.187.8010.319.9911.4323.6618.1519.7821.5623.50
Free Cash Flow 36.424.69-36.6370.36104.56179.71286.51129.92141.60154.33168.20
WACC
PV LFCF 124.00129.00134.19139.60
SUM PV LFCF 871.22

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.77
Free cash flow (t + 1) -64.58
Terminal Value -8,386.70
Present Value of Terminal Value -6,643.64

Intrinsic Value

Enterprise Value -7,032.77
Net Debt -1,231.14
Equity Value -5,801.63
Shares Outstanding 974.02
Equity Value Per Share 20.63