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Major Indexes

Discounted Cash Flow (DCF) Analysis Unlevered


Booking Holdings Inc.

Booking Holdings Inc. (BKNG)

$1255.15
-150.85 (-10.73%)

Operating Data

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 (%)
EBITDA 2,593.683,341.363,605.573,292.714,979.815,825.455,871.326,545.017,486.198,562.709,794.02
EBITDA (%)
EBIT 2,412.303,073.753,258.762,907.044,538.515,340.245,344.005,965.996,823.907,805.188,927.56
EBIT (%)
Depreciation 181.38267.61346.81385.67441.30485.21527.32579.02662.29757.52866.45
Depreciation (%)

Balance Sheet Data

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
Total Cash 6,752.554,291.092,648.154,300.397,401.876,284.517,310.159,086.8510,393.5411,888.1313,597.65
Total Cash (%)
Account Receivables 535.99644.13644.74860.511,217.371,522.461,679.891,519.931,738.501,988.492,274.44
Account Receivables (%)
Inventories -----------
Inventories (%)
Accounts Payable 247.28281.12322.83418.97667.021,134.581,238.45878.871,005.251,149.811,315.15
Accounts Payable (%)
Capital Expenditure 84.24131.70174.33220.23287.86441.63367.62356.72408.01466.69533.80
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1,255.15
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 54,610.32
Total Capital 62,250.32
Debt Weighting 12.27
Equity Weighting 87.73
Wacc

Build Up Free Cash

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
EBITDA 2,593.683,341.363,605.573,292.714,979.815,825.455,871.326,545.017,486.198,562.709,794.02
EBIT 2,412.303,073.753,258.762,907.044,538.515,340.245,344.005,965.996,823.907,805.188,927.56
Tax Rate 4.93%18.99%18.44%21.31%46.78%17.31%18.35%20.87%20.87%20.87%20.87%
EBIAT 2,293.402,490.042,657.742,287.482,415.374,415.774,363.644,720.715,399.556,176.007,064.11
Depreciation 181.38267.61346.81385.67441.30485.21527.32579.02662.29757.52866.45
Accounts Receivable --108.14-0.61-215.77-356.86-305.09-157.43159.96-218.57-250.00-285.95
Inventories -----------
Accounts Payable -33.8441.7196.14248.04467.56103.86-359.57126.38144.56165.34
Capital Expenditure --47.46-42.63-45.90-67.63-153.7774.0110.90-51.30-58.67-67.11
UFCF 2,474.782,635.913,003.022,507.632,680.224,909.694,911.415,111.015,918.356,769.417,742.85
WACC
PV UFCF 4,633.324,863.755,043.205,229.28
SUM PV UFCF 25,124.62

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.31
Free cash flow (t + 1) 8,052.57
Terminal Value 127,615.97
Present Value of Terminal Value 78,132.30

Intrinsic Value

Enterprise Value 103,256.92
Net Debt 329.85
Equity Value 102,927.07
Shares Outstanding 43.51
Equity Value Per Share 2,365.65