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Major Indexes

Discounted Cash Flow (DCF) Analysis Unlevered


Zynga Inc.

Zynga Inc. (ZNGA)

$6.7
-0.04 (-0.59%)

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 873.27690.40764.69741.37861.32907.141,321.531,440.331,569.821,710.951,864.76
Revenue (%)
EBITDA 80.95-151.82-86.03-72.1455.3851.53-187.92-73.60-80.22-87.43-95.29
EBITDA (%)
EBIT -65.67-244.75-146.06-114.2425.756.71-272.23-194.01-211.45-230.46-251.18
EBIT (%)
Depreciation 146.6292.9360.0342.1129.6344.8184.31120.41131.24143.04155.89
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 1,125.47916.51987.22852.50681.39581.211,361.441,547.211,686.301,837.902,003.12
Total Cash (%)
Account Receivables 65.6789.6179.6077.25103.7091.62140.08152.39166.09181.02197.29
Account Receivables (%)
Inventories -----------
Inventories (%)
Accounts Payable 20.9614.9829.6724.0218.9526.8527.7539.0342.5446.3750.53
Accounts Payable (%)
Capital Expenditure 7.779.187.8010.319.9911.4323.6618.1519.7821.5623.50
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 6.7
Diluted Shares Outstanding 974.02
Cost of Debt
Tax Rate 11.43
After-tax Cost of Debt -0.52
Risk-Free Rate
Market Risk Premium
Cost of Equity 4.78
Total Debt 130.30
Total Equity 6,525.93
Total Capital 6,656.23
Debt Weighting 1.96
Equity Weighting 98.04
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 873.27690.40764.69741.37861.32907.141,321.531,440.331,569.821,710.951,864.76
EBITDA 80.95-151.82-86.03-72.1455.3851.53-187.92-73.60-80.22-87.43-95.29
EBIT -65.67-244.75-146.06-114.2425.756.71-272.23-194.01-211.45-230.46-251.18
Tax Rate 42.99%3.14%6.66%-3.29%29.12%41.59%11.43%18.81%18.81%18.81%18.81%
EBIAT -37.44-237.06-136.33-118.0018.253.92-241.12-157.53-171.69-187.12-203.94
Depreciation 146.6292.9360.0342.1129.6344.8184.31120.41131.24143.04155.89
Accounts Receivable --23.9410.012.35-26.4512.08-48.46-12.31-13.70-14.93-16.27
Inventories -----------
Accounts Payable --5.9814.69-5.65-5.077.900.9011.283.513.824.17
Capital Expenditure --1.411.38-2.510.31-1.44-12.235.51-1.63-1.78-1.94
UFCF 109.18-175.46-50.22-81.6916.6767.28-216.59-32.63-52.27-56.97-62.09
WACC
PV UFCF -31.15-47.62-49.54-51.53
SUM PV UFCF -389.12

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.77
Free cash flow (t + 1) -64.58
Terminal Value -8,386.70
Present Value of Terminal Value -6,643.64

Intrinsic Value

Enterprise Value -7,032.77
Net Debt -1,231.14
Equity Value -5,801.63
Shares Outstanding 974.02
Equity Value Per Share -5.96