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Discounted Cash Flow (DCF) Analysis Unlevered
 | Zynga Inc. (ZNGA) | 5.30 | -0.13 (-2.31%) | Technology |
All | Operating Data | Balance Sheet Data | Weighted Average Cost Of Capital | Build Up Free Cash | Terminal Value | Intrinsic Value | Results
Operating Data Zynga Inc.
| Year A / P | 2012 Actual | 2013 Actual | 2014 Actual | 2015 Actual | 2016 Actual | 2017 Projected | 2018 Projected | 2019 Projected | 2020 Projected | 2021 Projected | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 690 | 765 | 741 | 861 | 907 | 973 | 1,044 | 1,120 | 1,202 | 1,290 | |
| Revenue (%) | |||||||||||
| EBITDA | -162 | -92 | -52 | 56 | 49 | -59 | -64 | -68 | -73 | -79 | |
| EBITDA (%) | |||||||||||
| EBIT | -245 | -146 | -94 | 26 | 7 | -124 | -133 | -142 | -153 | -164 | |
| EBIT (%) | |||||||||||
| Depreciation | 83 | 54 | 42 | 30 | 42 | 64 | 69 | 74 | 79 | 85 | |
| Depreciation (%) |
| Year A / P | 2012 Actual | 2013 Actual | 2014 Actual | 2015 Actual | 2016 Actual | |
|---|---|---|---|---|---|---|
| Revenue | 690 | 765 | 741 | 861 | 907 | |
| Revenue (%) | ||||||
| EBITDA | -162 | -92 | -52 | 56 | 49 | |
| EBITDA (%) | ||||||
| EBIT | -245 | -146 | -94 | 26 | 7 | |
| EBIT (%) | ||||||
| Depreciation | 83 | 54 | 42 | 30 | 42 | |
| Depreciation (%) |
| Year A / P | 2017 Projected | 2018 Projected | 2019 Projected | 2020 Projected | 2021 Projected | |
|---|---|---|---|---|---|---|
| Revenue | 973 | 1,044 | 1,120 | 1,202 | 1,290 | |
| Revenue (%) | ||||||
| EBITDA | -59 | -64 | -68 | -73 | -79 | |
| EBITDA (%) | ||||||
| EBIT | -124 | -133 | -142 | -153 | -164 | |
| EBIT (%) | ||||||
| Depreciation | 64 | 69 | 74 | 79 | 85 | |
| Depreciation (%) |
Balance Sheet Data Zynga Inc.
| Year A / P | 2012 Actual | 2013 Actual | 2014 Actual | 2015 Actual | 2016 Actual | 2017 Projected | 2018 Projected | 2019 Projected | 2020 Projected | 2021 Projected | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash | 917 | 987 | 852 | 681 | 581 | 1,012 | 1,086 | 1,165 | 1,250 | 1,342 | |
| Cash (%) | |||||||||||
| AccountReceivable | 90 | 80 | 77 | 104 | 92 | 109 | 117 | 125 | 135 | 144 | |
| AccountReceivable (%) | |||||||||||
| PrepaidExpenses | - | - | - | 24 | 27 | 12 | 13 | 13 | 14 | 15 | |
| PrepaidExpenses (%) | |||||||||||
| AccountsPayable | 15 | 61 | 48 | 57 | 49 | 55 | 60 | 64 | 69 | 74 | |
| AccountsPayable (%) | |||||||||||
| AccruedLiabilities | - | - | - | 11 | 8 | 4 | 4 | 4 | 5 | 5 | |
| AccruedLiabilities (%) | |||||||||||
| CapitalExpenditure | -9 | -8 | -10 | -10 | -11 | -12 | -13 | -13 | -14 | -15 | |
| CapitalExpenditure (%) |
| Year A / P | 2012 Actual | 2013 Actual | 2014 Actual | 2015 Actual | 2016 Actual | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash | 917 | 987 | 852 | 681 | 581 | ||||||
| Cash (%) | |||||||||||
| AccountReceivable | 90 | 80 | 77 | 104 | 92 | ||||||
| AccountReceivable (%) | |||||||||||
| PrepaidExpenses | - | - | - | 24 | 27 | ||||||
| PrepaidExpenses (%) | |||||||||||
| AccountsPayable | 15 | 61 | 48 | 57 | 49 | ||||||
| AccountsPayable (%) | |||||||||||
| AccruedLiabilities | - | - | - | 11 | 8 | ||||||
| AccruedLiabilities (%) | |||||||||||
| CapitalExpenditure | -9 | -8 | -10 | -10 | -11 | ||||||
| CapitalExpenditure (%) |
| Year A / P | 2017 Projected | 2018 Projected | 2019 Projected | 2020 Projected | 2021 Projected | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash | 1,012 | 1,086 | 1,165 | 1,250 | 1,342 | ||||||
| Cash (%) | |||||||||||
| AccountReceivable | 109 | 117 | 125 | 135 | 144 | ||||||
| AccountReceivable (%) | |||||||||||
| PrepaidExpenses | 12 | 13 | 13 | 14 | 15 | ||||||
| PrepaidExpenses (%) | |||||||||||
| AccountsPayable | 55 | 60 | 64 | 69 | 74 | ||||||
| AccountsPayable (%) | |||||||||||
| AccruedLiabilities | 4 | 4 | 4 | 5 | 5 | ||||||
| AccruedLiabilities (%) | |||||||||||
| CapitalExpenditure | -12 | -13 | -13 | -14 | -15 | ||||||
| CapitalExpenditure (%) |
Weighted Average Cost Of Capital Zynga Inc.
| Share Price | $ 5.3 |
| Diluted Shares Outstanding | 879 |
| Cost of Debt | |
| Tax Rate | 42.3 |
| After-tax Cost of Debt | 4.2 |
| Risk Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 5.97 |
| Total Debt | 0.00 |
| Total Equity | 4,717.00 |
| Total Capital | 4,717.00 |
| Debt Weighting | 0.00 |
| Equity Weighting | 100.00 |
| Wacc |
Build Up Free Cash Zynga Inc.
| Year A / P | 2012 Actual | 2013 Actual | 2014 Actual | 2015 Actual | 2016 Actual | 2017 Projected | 2018 Projected | 2019 Projected | 2020 Projected | 2021 Projected |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 690 | 765 | 741 | 861 | 907 | 973 | 1,044 | 1,120 | 1,202 | 1,290 |
| EBITDA | -162 | -92 | -52 | 56 | 49 | -59 | -64 | -68 | -73 | -79 |
| EBIT | -245 | -146 | -94 | 26 | 7 | -124 | -133 | -142 | -153 | -164 |
| TaxesRate | 3.0 | 6.2 | -2.9 | 28.9 | 42.3 | 15.5 | 15.5 | 15.5 | 15.5 | 15.5 |
| EBIAT | -237.6 | -137.0 | -96.7 | 18.5 | 4.0 | -104.4 | -112.0 | -120.2 | -129.0 | -138.4 |
| Depreciation | 83 | 54 | 42 | 30 | 42 | 64 | 69 | 74 | 79 | 85 |
| AccountReceivable | - | 10 | 3 | -27 | 12 | -17 | -8 | -9 | -9 | -10 |
| PrepaidExpenses | - | - | - | -24 | -3 | 15 | -1 | -1 | -1 | -1 |
| AccountsPayable | - | 46 | -13 | 9 | -8 | 6 | 4 | 4 | 5 | 5 |
| AccruedLiabilities | - | - | - | 11 | -3 | -4 | 0 | 0 | 0 | 0 |
| CapitalExpenditure | -9 | -8 | -10 | -10 | -11 | -12 | -13 | -13 | -14 | -15 |
| UFCF | -155 | -28 | -63 | 41 | 48 | -54 | -46 | -49 | -53 | -57 |
| WACC | ||||||||||
| PV UFCF | -51 | -41 | -41 | -42 | -42 | |||||
| SUM PV UFCF | -218 |
| Year A / P | 2012 Actual | 2013 Actual | 2014 Actual | 2015 Actual | 2016 Actual |
|---|---|---|---|---|---|
| Revenue | 690 | 765 | 741 | 861 | 907 |
| EBITDA | -162 | -92 | -52 | 56 | 49 |
| EBIT | -245 | -146 | -94 | 26 | 7 |
| TaxesRate | 3.0 | 6.2 | -2.9 | 28.9 | 42.3 |
| EBIAT | -237.6 | -137.0 | -96.7 | 18.5 | 4.0 |
| Depreciation | 83 | 54 | 42 | 30 | 42 |
| AccountReceivable | - | 10 | 3 | -27 | 12 |
| PrepaidExpenses | - | - | - | -24 | -3 |
| AccountsPayable | - | 46 | -13 | 9 | -8 |
| AccruedLiabilities | - | - | - | 11 | -3 |
| CapitalExpenditure | -9 | -8 | -10 | -10 | -11 |
| UFCF | -155 | -28 | -63 | 41 | 48 |
| WACC | |||||
| PV UFCF | |||||
| SUM PV UFCF |
| Year A / P | 2017 Projected | 2018 Projected | 2019 Projected | 2020 Projected | 2021 Projected |
|---|---|---|---|---|---|
| Revenue | 973 | 1,044 | 1,120 | 1,202 | 1,290 |
| EBITDA | -59 | -64 | -68 | -73 | -79 |
| EBIT | -124 | -133 | -142 | -153 | -164 |
| TaxesRate | 15.5 | 15.5 | 15.5 | 15.5 | 15.5 |
| EBIAT | -104.4 | -112.0 | -120.2 | -129.0 | -138.4 |
| Depreciation | 64 | 69 | 74 | 79 | 85 |
| AccountReceivable | -17 | -8 | -9 | -9 | -10 |
| PrepaidExpenses | 15 | -1 | -1 | -1 | -1 |
| AccountsPayable | 6 | 4 | 4 | 5 | 5 |
| AccruedLiabilities | -4 | 0 | 0 | 0 | 0 |
| CapitalExpenditure | -12 | -13 | -13 | -14 | -15 |
| UFCF | -54 | -46 | -49 | -53 | -57 |
| WACC | |||||
| PV UFCF | -51 | -41 | -41 | -42 | -42 |
| SUM PV UFCF | -218 |
Terminal Value Zynga Inc.
| Growth in perpetuity method: | |
|---|---|
| Long term growth rate | |
| WACC (%) | 6.0 |
| Free cash flow (t+1) | -58.97 |
| Terminal Value | -2,948.55 |
| Present Value of Terminal Value | -2,203.33 |
Intrinsic Value Zynga Inc.
| Enterprise Value | -2,421 |
| Net Debt | -581 |
| Equity Value | -1,840 |
| Shares Outstanding | 890 |
| Equity Value Per Share | -2 |
Results Unlevered DCF Zynga Inc.
| Wacc/Long Term Growth | -4 (%) | -3 (%) | -2 (%) | -1 (%) | 0 (%) | 1 (%) | 2 (%) | 3 (%) | 4 (%) |
|---|---|---|---|---|---|---|---|---|---|
| 4.0 (%) | -0 Sell | -0 Sell | -0 Sell | -1 Sell | -1 Sell | -1 Sell | -2 Sell | -5 Sell | 7,848,585,329,173,654 Buy |
| 4.5 (%) | -0 Sell | -0 Sell | -0 Sell | -1 Sell | -1 Sell | -1 Sell | -2 Sell | -3 Sell | -10 Sell |
| 5.0 (%) | -0 Sell | -0 Sell | -0 Sell | -0 Sell | -1 Sell | -1 Sell | -1 Sell | -2 Sell | -5 Sell |
| 5.5 (%) | -0 Sell | -0 Sell | -0 Sell | -0 Sell | -0 Sell | -1 Sell | -1 Sell | -2 Sell | -3 Sell |
| 6.0 (%) | -0 Sell | -0 Sell | -0 Sell | -0 Sell | -0 Sell | -1 Sell | -1 Sell | -1 Sell | -2 Sell |
| 6.5 (%) | -0 Sell | -0 Sell | -0 Sell | -0 Sell | -0 Sell | -0 Sell | -1 Sell | -1 Sell | -2 Sell |
| 7.0 (%) | 0 Sell | -0 Sell | -0 Sell | -0 Sell | -0 Sell | -0 Sell | -1 Sell | -1 Sell | -1 Sell |
| 7.5 (%) | 0 Sell | -0 Sell | -0 Sell | -0 Sell | -0 Sell | -0 Sell | -0 Sell | -1 Sell | -1 Sell |
| 8.0 (%) | 0 Sell | 0 Sell | -0 Sell | -0 Sell | -0 Sell | -0 Sell | -0 Sell | -0 Sell | -1 Sell |
| Wacc/Long Term Growth | -4 (%) | -3 (%) | -2 (%) | -1 (%) | 0 (%) |
|---|---|---|---|---|---|
| 4.0 (%) | -0 Sell | -0 Sell | -0 Sell | -1 Sell | -1 Sell |
| 4.5 (%) | -0 Sell | -0 Sell | -0 Sell | -1 Sell | -1 Sell |
| 5.0 (%) | -0 Sell | -0 Sell | -0 Sell | -0 Sell | -1 Sell |
| 5.5 (%) | -0 Sell | -0 Sell | -0 Sell | -0 Sell | -0 Sell |
| 6.0 (%) | -0 Sell | -0 Sell | -0 Sell | -0 Sell | -0 Sell |
| Wacc/Long Term Growth | 1 (%) | 2 (%) | 3 (%) | 4 (%) |
|---|---|---|---|---|
| 6.5 (%) | -0 Sell | -1 Sell | -1 Sell | -2 Sell |
| 7.0 (%) | -0 Sell | -1 Sell | -1 Sell | -1 Sell |
| 7.5 (%) | -0 Sell | -0 Sell | -1 Sell | -1 Sell |
| 8.0 (%) | -0 Sell | -0 Sell | -0 Sell | -1 Sell |
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