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Discounted Cash Flow (DCF) Analysis Unlevered


Snap Inc. Class A

Snap Inc. Class A (SNAP)

Technology

Operating Data

Year
A/P
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 58.66404.48824.941,180.414,078.5414,092.1748,691.27168,238.08581,296.21
Revenue (%)
EBITDA -365.18-491.20-3,398.67-1,157.86-12,786.22-44,178.96-152,647.13-527,426.37-1,822,363.60
EBITDA (%)
EBIT -380.48-520.32-3,459.96-1,249.46-13,280.54-45,886.93-158,548.51-547,816.83-1,892,816.70
EBIT (%)
Depreciation 15.3129.1261.2991.60494.321,707.975,901.3820,390.4570,453.10
Depreciation (%)

Balance Sheet Data

Year
A/P
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Total Cash 640.81987.382,043.051,279.0917,257.1259,626.80206,022.50711,848.952,459,580.50
Total Cash (%)
Account Receivables 44.33162.64279.49354.951,832.496,331.6121,876.9975,589.37261,176.39
Account Receivables (%)
Inventories ---------
Inventories (%)
Accounts Payable 0.708.4171.1930.93148.05511.551,767.496,107.0421,101.05
Accounts Payable (%)
Capital Expenditure -19.21-66.46-84.56-108.95-699.88-2,418.22-8,355.42-28,869.65-99,750.43
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 14.75
Diluted Shares Outstanding 1,300.57
Cost of Debt
Tax Rate -0.20
After-tax Cost of Debt 0.06
Risk-Free Rate
Market Risk Premium
Cost of Equity 12.15
Total Debt -
Total Equity 19,183.38
Total Capital 19,183.38
Debt Weighting 0.00
Equity Weighting 100.00
Wacc

Build Up Free Cash

Year
A/P
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 58.66404.48824.941,180.414,078.5414,092.1748,691.27168,238.08581,296.21
EBITDA -365.18-491.20-3,398.67-1,157.86-12,786.22-44,178.96-152,647.13-527,426.37-1,822,363.60
EBIT -380.48-520.32-3,459.96-1,249.46-13,280.54-45,886.93-158,548.51-547,816.83-1,892,816.70
Tax Rate 1.99%1.36%0.53%-0.20%0.92%0.92%0.92%0.92%0.92%
EBIAT -372.89-513.26-3,441.64-1,252.00-13,158.43-45,465.00-157,090.66-542,779.65-1,875,412.26
Depreciation 15.3129.1261.2991.60494.321,707.975,901.3820,390.4570,453.10
Accounts Receivable --118.32-116.85-75.46-1,477.54-4,499.12-15,545.38-53,712.38-185,587.02
Inventories ---------
Accounts Payable -7.7162.78-40.27117.12363.491,255.954,339.5514,994.01
Capital Expenditure -47.2518.1024.40590.931,718.345,937.2120,514.2370,880.77
UFCF -357.59-547.50-3,416.31-1,251.73-13,433.60-46,174.32-159,541.50-551,247.80-1,904,671.39
WACC
PV UFCF -15,065.78-46,174.32-142,257.25-438,276.63-1,350,275.00
SUM PV UFCF -

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 12.15
Free cash flow (t + 1) -1,980,858.25
Terminal Value -24,305,009.21
Present Value of Terminal Value -13,699,332.30

Intrinsic Value

Enterprise Value -
Net Debt -1,279.09
Equity Value -
Shares Outstanding 1,300.57
Equity Value Per Share -