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Discounted Cash Flow (DCF) Analysis Unlevered


GoDaddy Inc. Class A

GoDaddy Inc. Class A (GDDY)

Technology

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 1,130.801,387.271,607.291,847.902,231.892,660.193,157.643,748.124,449.025,280.996,268.54
Revenue (%)
EBITDA 10.6391.70152.21201.24406.20400.62380.50451.65536.11636.36755.36
EBITDA (%)
EBIT -129.93-61.04-6.5941.21200.42166.5379.8994.83112.56133.61158.59
EBIT (%)
Depreciation 140.56152.74158.80160.03205.78234.10300.61356.82423.55502.75596.76
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 98.61142.06352.48572.66595.02951.28793.20941.531,117.591,326.581,574.66
Total Cash (%)
Account Receivables 5.313.474.827.9518.3026.3417.6820.9924.9129.5735.10
Account Receivables (%)
Inventories -----------
Inventories (%)
Accounts Payable 23.9731.91190.95264.25212.70235.96296.19351.57417.32495.36587.99
Accounts Payable (%)
Capital Expenditure -52.13-67.84-55.77-61.53-83.25-87.79-118.10-140.18-166.39-197.51-234.44
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 64.03
Diluted Shares Outstanding 181.35
Cost of Debt
Tax Rate -13.22
After-tax Cost of Debt 0.71
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.65
Total Debt 2,394.20
Total Equity 11,612.03
Total Capital 14,006.23
Debt Weighting 17.09
Equity Weighting 82.91
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 1,130.801,387.271,607.291,847.902,231.892,660.193,157.643,748.124,449.025,280.996,268.54
EBITDA 10.6391.70152.21201.24406.20400.62380.50451.65536.11636.36755.36
EBIT -129.93-61.04-6.5941.21200.42166.5379.8994.83112.56133.61158.59
Tax Rate 0.55%1.92%0.26%-2.48%-16.09%-13.22%-4.84%-4.84%-4.84%-4.84%-4.84%
EBIAT -129.22-59.87-6.5742.23232.66188.5483.7699.42118.01140.08166.27
Depreciation 140.56152.74158.80160.03205.78234.10300.61356.82423.55502.75596.76
Accounts Receivable -1.85-1.35-3.12-10.36-8.038.65-3.31-3.93-4.66-5.53
Inventories -----------
Accounts Payable -7.93159.0473.30-51.5523.2660.2355.3965.7478.0492.63
Capital Expenditure -15.71-12.065.7621.714.5430.3122.0826.2131.1236.93
UFCF 11.34118.36297.85278.20398.25442.39483.56530.41629.59747.33887.07
WACC
PV UFCF 450.62460.60509.49563.57623.39
SUM PV UFCF 2,841.46

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.31
Free cash flow (t + 1) 922.56
Terminal Value 27,871.84
Present Value of Terminal Value 19,586.85

Intrinsic Value

Enterprise Value 22,428.31
Net Debt 1,442.92
Equity Value 20,985.40
Shares Outstanding 181.35
Equity Value Per Share 115.72

Results Unlevered DCF

Wacc / Long-term Growth -4 (%)-3 (%)-2 (%)-1 (%)0 (%)1 (%)2 (%)3 (%)4 (%)
9.31 (%) 46.65 Sell 51.79 Sell 58.34 Sell 66.96 Buy 78.83 Buy 96.21 Buy 124.09 Buy 176.10 Buy 307.52 Buy
8.81 (%) 43.80 Sell 48.32 Sell 53.99 Sell 61.33 Sell 71.19 Buy 85.15 Buy 106.45 Buy 142.90 Buy 219.62 Buy
8.31 (%) 41.25 Sell 45.24 Sell 50.19 Sell 56.50 Sell 64.80 Buy 76.23 Buy 92.96 Buy 119.80 Buy 169.89 Buy
7.81 (%) 38.96 Sell 42.50 Sell 46.85 Sell 52.31 Sell 59.38 Sell 68.88 Buy 82.33 Buy 102.84 Buy 137.94 Buy
7.31 (%) 36.89 Sell 40.05 Sell 43.90 Sell 48.66 Sell 54.74 Sell 62.73 Sell 73.74 Buy 89.86 Buy 115.72 Buy
6.81 (%) 35.01 Sell 37.85 Sell 41.26 Sell 45.45 Sell 50.71 Sell 57.52 Sell 66.67 Buy 79.63 Buy 99.39 Buy
6.31 (%) 33.30 Sell 35.86 Sell 38.90 Sell 42.61 Sell 47.20 Sell 53.05 Sell 60.76 Sell 71.37 Buy 86.90 Buy
5.81 (%) 31.75 Sell 34.05 Sell 36.78 Sell 40.08 Sell 44.11 Sell 49.18 Sell 55.75 Sell 64.56 Buy 77.05 Buy
5.31 (%) 30.32 Sell 32.41 Sell 34.87 Sell 37.81 Sell 41.38 Sell 45.81 Sell 51.45 Sell 58.87 Sell 69.10 Buy