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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 10.6391.70152.21201.24406.20400.62321.76381.93453.36538.13638.76
EBITDA (%)
EBIT -129.93-61.04-6.5941.21200.42166.536.007.128.4510.0311.91
EBIT (%)
Depreciation 140.56152.74158.80160.03205.78234.10315.76374.81444.90528.10626.85
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 98.61142.06352.48572.66595.02951.28706.68838.83995.691,181.891,402.90
Total Cash (%)
Account Receivables 5.313.474.827.9518.3026.3417.0520.2424.0228.5233.85
Account Receivables (%)
Inventories -----------
Inventories (%)
Accounts Payable 23.9731.91190.95264.25212.70235.96257.98306.22363.49431.46512.14
Accounts Payable (%)
Capital Expenditure -52.13-67.84-55.77-61.53-83.25-87.79-122.83-145.80-173.07-205.43-243.85
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 65.71
Diluted Shares Outstanding 155.23
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 10,200.43
Total Capital 12,594.63
Debt Weighting 19.01
Equity Weighting 80.99
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 10.6391.70152.21201.24406.20400.62321.76381.93453.36538.13638.76
EBIT -129.93-61.04-6.5941.21200.42166.536.007.128.4510.0311.91
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 -129.22-59.87-6.5742.23232.66188.546.297.478.8610.5212.49
Depreciation 140.56152.74158.80160.03205.78234.10315.76374.81444.90528.10626.85
Accounts Receivable -1.85-1.35-3.12-10.36-8.039.28-3.19-3.78-4.49-5.33
Inventories -----------
Accounts Payable -7.93159.0473.30-51.5523.2622.0248.2457.2667.9780.68
Capital Expenditure -15.71-12.065.7621.714.5435.0522.9727.2632.3638.42
UFCF 11.34118.36297.85278.20398.25442.39388.41450.30534.51634.46753.11
WACC
PV UFCF 362.08391.33433.03479.17530.23
SUM PV UFCF 2,576.82

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.27
Free cash flow (t + 1) 783.23
Terminal Value 23,951.99
Present Value of Terminal Value 16,863.59

Intrinsic Value

Enterprise Value 19,440.42
Net Debt 1,442.92
Equity Value 17,997.50
Shares Outstanding 155.23
Equity Value Per Share 115.94