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Discounted Cash Flow (DCF) Analysis Unlevered


eBay Inc.

eBay Inc. (EBAY)

Consumer Cyclical

Operating Data

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 8,257.008,790.408,592.629,298.939,927.5410,746.5611,336.5511,958.9212,615.4713,308.0614,038.67
Revenue (%)
EBITDA 4,020.334,107.752,870.794,313.772,947.493,416.334,472.274,717.804,976.805,250.035,538.26
EBITDA (%)
EBIT 3,360.603,425.622,183.383,632.162,271.422,719.953,634.503,834.034,044.524,266.564,500.80
EBIT (%)
Depreciation 659.73682.14687.41681.61676.07696.38837.77883.76932.28983.471,037.46
Depreciation (%)

Balance Sheet Data

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
Total Cash 11,814.127,834.896,130.837,149.025,863.204,915.489,167.879,671.1810,202.1310,762.2311,353.07
Total Cash (%)
Account Receivables 10,159.41600.38618.67592.34695.92712.502,967.913,130.853,302.733,484.053,675.32
Account Receivables (%)
Inventories -----------
Inventories (%)
Accounts Payable 9,569.04107.24348.86282.69329.59285.862,460.032,595.092,737.562,887.853,046.39
Accounts Payable (%)
Capital Expenditure -677.90-622.36-667.65-625.82-666.14-651.24-803.76-847.89-894.44-943.54-995.34
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 35.56
Diluted Shares Outstanding 980.00
Cost of Debt
Tax Rate 6.99
After-tax Cost of Debt -0.30
Risk-Free Rate
Market Risk Premium
Cost of Equity 13.09
Total Debt 7,685.00
Total Equity 34,848.80
Total Capital 42,533.80
Debt Weighting 18.07
Equity Weighting 81.93
Wacc

Build Up Free Cash

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 8,257.008,790.408,592.629,298.939,927.5410,746.5611,336.5511,958.9212,615.4713,308.0614,038.67
EBITDA 4,020.334,107.752,870.794,313.772,947.493,416.334,472.274,717.804,976.805,250.035,538.26
EBIT 3,360.603,425.622,183.383,632.162,271.422,719.953,634.503,834.034,044.524,266.564,500.80
Tax Rate 15.00%98.66%21.02%-100.06%144.78%6.99%31.06%31.06%31.06%31.06%31.06%
EBIAT 2,856.5145.991,724.517,266.33-1,017.192,529.962,505.462,643.012,788.122,941.183,102.65
Depreciation 659.73682.14687.41681.61676.07696.38837.77883.76932.28983.471,037.46
Accounts Receivable -9,559.03-18.2826.33-103.58-16.58-2,255.41-162.94-171.88-181.32-191.27
Inventories -----------
Accounts Payable --9,461.79241.62-66.1746.91-43.742,174.17135.06142.47150.29158.54
Capital Expenditure --55.5445.29-41.8340.32-14.90152.5244.1346.5549.1051.80
UFCF 3,516.24769.822,680.547,866.26-357.483,151.133,414.523,543.023,737.533,942.734,159.18
WACC
PV UFCF 3,060.702,846.802,691.902,545.442,406.94
SUM PV UFCF 19,237.12

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 11.56
Free cash flow (t + 1) 4,325.55
Terminal Value 57,216.25
Present Value of Terminal Value 33,111.35

Intrinsic Value

Enterprise Value 52,348.47
Net Debt 2,769.52
Equity Value 49,578.95
Shares Outstanding 980.00
Equity Value Per Share 50.59