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Discounted Cash Flow (DCF) Analysis Levered


Zynga Inc.

Zynga Inc. (ZNGA)

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 873.27690.40764.69741.37861.32907.14922.20937.51953.07968.90984.98
Revenue (%)
Operating Cash Flow 28.64-4.49-44.4360.0594.40168.2852.9353.8154.7155.6156.54
Operating Cash Flow (%)
Capital Expenditure -4.72-4.14-7.04-7.12-9.73-11.43-8.30-8.44-8.58-8.72-8.86
Capital Expenditure (%)
Free Cash Flow 23.93-8.63-51.4652.9384.67156.8544.6345.3846.1346.8947.67

Weighted Average Cost Of Capital

Share price $ 6.67
Diluted Shares Outstanding 862.46
Cost of Debt
Tax Rate 41.59
After-tax Cost of Debt -2.03
Risk-Free Rate
Market Risk Premium
Cost of Equity 4.78
Total Debt -
Total Equity 5,752.61
Total Capital 5,752.61
Debt Weighting 0.00
Equity Weighting 100.00
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 873.27690.40764.69741.37861.32907.14922.20937.51953.07968.90984.98
Operating Cash Flow 28.64-4.49-44.4360.0594.40168.2852.9353.8154.7155.6156.54
Capital Expenditure -4.72-4.14-7.04-7.12-9.73-11.43-8.30-8.44-8.58-8.72-8.86
Free Cash Flow 23.93-8.63-51.4652.9384.67156.8544.6345.3846.1346.8947.67
WACC
PV LFCF 44.6343.3142.0240.7639.55
SUM PV LFCF 351.36

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.78
Free cash flow (t + 1) -8.59
Terminal Value -1,100.91
Present Value of Terminal Value -871.69

Intrinsic Value

Enterprise Value -984.68
Net Debt -616.22
Equity Value -368.46
Shares Outstanding 862.46
Equity Value Per Share 6.96