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Major Indexes

Discounted Cash Flow (DCF) Analysis Unlevered


MercadoLibre Inc.

MercadoLibre Inc. (MELI)

$454.47
-8.4 (-1.81%)

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 472.59556.53651.81844.411,398.101,439.622,296.193,032.814,005.745,290.786,988.06
Revenue (%)
EBITDA 165.41145.31179.70219.89108.07-12.246.89528.01697.40921.121,216.62
EBITDA (%)
EBIT 153.55120.49139.23181.0456.34-69.39-153.16387.59511.93676.16893.07
EBIT (%)
Depreciation 11.8624.8240.4838.8451.7357.15160.04140.42185.47244.96323.55
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 215.64569.22368.99487.48597.69901.922,982.062,155.422,846.883,760.154,966.41
Total Cash (%)
Account Receivables 25.9046.6928.4225.4228.1035.1335.36117.98155.82205.81271.84
Account Receivables (%)
Inventories --0.201.102.524.618.736.378.4111.1114.67
Inventories (%)
Accounts Payable 34.4057.9962.05105.13221.04266.76372.21390.93516.34681.98900.76
Accounts Payable (%)
Capital Expenditure 114.2335.2840.8768.9955.2293.29136.85265.67350.90463.47612.15
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 454.47
Diluted Shares Outstanding 48.69
Cost of Debt
Tax Rate -60.38
After-tax Cost of Debt 3.07
Risk-Free Rate
Market Risk Premium
Cost of Equity 15.29
Total Debt 176.67
Total Equity 22,129.46
Total Capital 22,306.14
Debt Weighting 0.79
Equity Weighting 99.21
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 472.59556.53651.81844.411,398.101,439.622,296.193,032.814,005.745,290.786,988.06
EBITDA 165.41145.31179.70219.89108.07-12.246.89528.01697.40921.121,216.62
EBIT 153.55120.49139.23181.0456.34-69.39-153.16387.59511.93676.16893.07
Tax Rate -49.08%40.41%29.70%26.42%74.51%44.10%-60.38%15.10%15.10%15.10%15.10%
EBIAT 228.9171.8097.87133.2114.36-38.79-245.63329.07434.64574.07758.23
Depreciation 11.8624.8240.4838.8451.7357.15160.04140.42185.47244.96323.55
Accounts Receivable --20.7918.273.00-2.68-7.02-0.23-82.61-37.85-49.99-66.02
Inventories ----0.90-1.42-2.09-4.122.36-2.04-2.70-3.56
Accounts Payable -23.594.0643.08115.9145.72105.4518.72125.41165.64218.78
Capital Expenditure -78.94-5.58-28.1213.76-38.06-43.57-128.82-85.23-112.57-148.68
UFCF 240.77178.36155.10189.11191.6616.91-28.05279.13620.40819.421,082.29
WACC
PV UFCF 242.21467.16535.42613.66
SUM PV UFCF 1,331.47

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 15.24
Free cash flow (t + 1) 1,125.58
Terminal Value 10,014.06
Present Value of Terminal Value 4,927.13

Intrinsic Value

Enterprise Value 6,258.60
Net Debt -2,805.39
Equity Value 9,063.99
Shares Outstanding 48.69
Equity Value Per Share 186.15