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Discounted Cash Flow (DCF) Analysis Unlevered
 | Zynga Inc. (ZNGA) | 3.95 | 0.07 (+1.68%) | 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 | 873 | 690 | 765 | 741 | 861 | 868 | 875 | 882 | 889 | 896 | |
| Revenue (%) | |||||||||||
| EBITDA | 63 | -162 | -92 | -72 | 56 | -55 | -55 | -56 | -56 | -56 | |
| EBITDA (%) | |||||||||||
| EBIT | -66 | -245 | -146 | -114 | 26 | -129 | -130 | -131 | -132 | -134 | |
| EBIT (%) | |||||||||||
| Depreciation | 129 | 83 | 54 | 42 | 30 | 75 | 75 | 76 | 76 | 77 | |
| Depreciation (%) |
| Year A / P | 2012 Actual | 2013 Actual | 2014 Actual | 2015 Actual | 2016 Actual | |
|---|---|---|---|---|---|---|
| Revenue | 873 | 690 | 765 | 741 | 861 | |
| Revenue (%) | ||||||
| EBITDA | 63 | -162 | -92 | -72 | 56 | |
| EBITDA (%) | ||||||
| EBIT | -66 | -245 | -146 | -114 | 26 | |
| EBIT (%) | ||||||
| Depreciation | 129 | 83 | 54 | 42 | 30 | |
| Depreciation (%) |
| Year A / P | 2017 Projected | 2018 Projected | 2019 Projected | 2020 Projected | 2021 Projected | |
|---|---|---|---|---|---|---|
| Revenue | 868 | 875 | 882 | 889 | 896 | |
| Revenue (%) | ||||||
| EBITDA | -55 | -55 | -56 | -56 | -56 | |
| EBITDA (%) | ||||||
| EBIT | -129 | -130 | -131 | -132 | -134 | |
| EBIT (%) | ||||||
| Depreciation | 75 | 75 | 76 | 76 | 77 | |
| 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 | 1,125 | 917 | 987 | 852 | 681 | 1,015 | 1,024 | 1,032 | 1,040 | 1,048 | |
| Cash (%) | |||||||||||
| AccountReceivable | 66 | 90 | 80 | 77 | 104 | 93 | 94 | 94 | 95 | 96 | |
| AccountReceivable (%) | |||||||||||
| PrepaidExpenses | - | - | - | - | 24 | 5 | 5 | 5 | 5 | 5 | |
| PrepaidExpenses (%) | |||||||||||
| AccountsPayable | 21 | 15 | 61 | 48 | 57 | 44 | 45 | 45 | 45 | 46 | |
| AccountsPayable (%) | |||||||||||
| AccruedLiabilities | - | - | - | - | 20 | 4 | 4 | 4 | 4 | 4 | |
| AccruedLiabilities (%) | |||||||||||
| CapitalExpenditure | -8 | -9 | -8 | -10 | -10 | -10 | -10 | -10 | -10 | -10 | |
| CapitalExpenditure (%) |
| Year A / P | 2012 Actual | 2013 Actual | 2014 Actual | 2015 Actual | 2016 Actual | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash | 1,125 | 917 | 987 | 852 | 681 | ||||||
| Cash (%) | |||||||||||
| AccountReceivable | 66 | 90 | 80 | 77 | 104 | ||||||
| AccountReceivable (%) | |||||||||||
| PrepaidExpenses | - | - | - | - | 24 | ||||||
| PrepaidExpenses (%) | |||||||||||
| AccountsPayable | 21 | 15 | 61 | 48 | 57 | ||||||
| AccountsPayable (%) | |||||||||||
| AccruedLiabilities | - | - | - | - | 20 | ||||||
| AccruedLiabilities (%) | |||||||||||
| CapitalExpenditure | -8 | -9 | -8 | -10 | -10 | ||||||
| CapitalExpenditure (%) |
| Year A / P | 2017 Projected | 2018 Projected | 2019 Projected | 2020 Projected | 2021 Projected | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash | 1,015 | 1,024 | 1,032 | 1,040 | 1,048 | ||||||
| Cash (%) | |||||||||||
| AccountReceivable | 93 | 94 | 94 | 95 | 96 | ||||||
| AccountReceivable (%) | |||||||||||
| PrepaidExpenses | 5 | 5 | 5 | 5 | 5 | ||||||
| PrepaidExpenses (%) | |||||||||||
| AccountsPayable | 44 | 45 | 45 | 45 | 46 | ||||||
| AccountsPayable (%) | |||||||||||
| AccruedLiabilities | 4 | 4 | 4 | 4 | 4 | ||||||
| AccruedLiabilities (%) | |||||||||||
| CapitalExpenditure | -10 | -10 | -10 | -10 | -10 | ||||||
| CapitalExpenditure (%) |
Weighted Average Cost Of Capital Zynga Inc.
| Share Price | $ 3.95 |
| Diluted Shares Outstanding | 914 |
| Cost of Debt | |
| Tax Rate | 28.9 |
| After-tax Cost of Debt | 4.2 |
| Risk Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 5.97 |
| Total Debt | 0.00 |
| Total Equity | 3,543.15 |
| Total Capital | 3,543.15 |
| 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 | 873 | 690 | 765 | 741 | 861 | 868 | 875 | 882 | 889 | 896 |
| EBITDA | 63 | -162 | -92 | -72 | 56 | -55 | -55 | -56 | -56 | -56 |
| EBIT | -66 | -245 | -146 | -114 | 26 | -129 | -130 | -131 | -132 | -134 |
| TaxesRate | 43.1 | 3.0 | 6.2 | -2.9 | 28.9 | 15.7 | 15.7 | 15.7 | 15.7 | 15.7 |
| EBIAT | -37.6 | -237.6 | -137.0 | -117.3 | 18.5 | -109.1 | -109.9 | -110.8 | -111.7 | -112.6 |
| Depreciation | 129 | 83 | 54 | 42 | 30 | 75 | 75 | 76 | 76 | 77 |
| AccountReceivable | - | -24 | 10 | 3 | -27 | 11 | -1 | -1 | -1 | -1 |
| PrepaidExpenses | - | - | - | - | -24 | 19 | -0 | -0 | -0 | -0 |
| AccountsPayable | - | -6 | 46 | -13 | 9 | -13 | 0 | 0 | 0 | 0 |
| AccruedLiabilities | - | - | - | - | 20 | -16 | 0 | 0 | 0 | 0 |
| CapitalExpenditure | -8 | -9 | -8 | -10 | -10 | -10 | -10 | -10 | -10 | -10 |
| UFCF | 91 | -184 | -28 | -83 | 50 | -52 | -35 | -35 | -36 | -36 |
| WACC | ||||||||||
| PV UFCF | -49 | -31 | -30 | -28 | -27 | |||||
| SUM PV UFCF | -165 |
| Year A / P | 2012 Actual | 2013 Actual | 2014 Actual | 2015 Actual | 2016 Actual |
|---|---|---|---|---|---|
| Revenue | 873 | 690 | 765 | 741 | 861 |
| EBITDA | 63 | -162 | -92 | -72 | 56 |
| EBIT | -66 | -245 | -146 | -114 | 26 |
| TaxesRate | 43.1 | 3.0 | 6.2 | -2.9 | 28.9 |
| EBIAT | -37.6 | -237.6 | -137.0 | -117.3 | 18.5 |
| Depreciation | 129 | 83 | 54 | 42 | 30 |
| AccountReceivable | - | -24 | 10 | 3 | -27 |
| PrepaidExpenses | - | - | - | - | -24 |
| AccountsPayable | - | -6 | 46 | -13 | 9 |
| AccruedLiabilities | - | - | - | - | 20 |
| CapitalExpenditure | -8 | -9 | -8 | -10 | -10 |
| UFCF | 91 | -184 | -28 | -83 | 50 |
| WACC | |||||
| PV UFCF | |||||
| SUM PV UFCF |
| Year A / P | 2017 Projected | 2018 Projected | 2019 Projected | 2020 Projected | 2021 Projected |
|---|---|---|---|---|---|
| Revenue | 868 | 875 | 882 | 889 | 896 |
| EBITDA | -55 | -55 | -56 | -56 | -56 |
| EBIT | -129 | -130 | -131 | -132 | -134 |
| TaxesRate | 15.7 | 15.7 | 15.7 | 15.7 | 15.7 |
| EBIAT | -109.1 | -109.9 | -110.8 | -111.7 | -112.6 |
| Depreciation | 75 | 75 | 76 | 76 | 77 |
| AccountReceivable | 11 | -1 | -1 | -1 | -1 |
| PrepaidExpenses | 19 | -0 | -0 | -0 | -0 |
| AccountsPayable | -13 | 0 | 0 | 0 | 0 |
| AccruedLiabilities | -16 | 0 | 0 | 0 | 0 |
| CapitalExpenditure | -10 | -10 | -10 | -10 | -10 |
| UFCF | -52 | -35 | -35 | -36 | -36 |
| WACC | |||||
| PV UFCF | -49 | -31 | -30 | -28 | -27 |
| SUM PV UFCF | -165 |
Terminal Value Zynga Inc.
| Growth in perpetuity method: | |
|---|---|
| Long term growth rate | |
| WACC (%) | 6.0 |
| Free cash flow (t+1) | -37.25 |
| Terminal Value | -1,862.58 |
| Present Value of Terminal Value | -1,391.83 |
Intrinsic Value Zynga Inc.
| Enterprise Value | -1,557 |
| Net Debt | -681 |
| Equity Value | -876 |
| Shares Outstanding | 897 |
| Equity Value Per Share | -1 |
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 | -0 Sell | -0 Sell | -1 Sell | -1 Sell | -3 Sell | 4,919,203,663,180,860 Buy |
| 4.5 (%) | 0 Sell | 0 Sell | 0 Sell | -0 Sell | -0 Sell | -0 Sell | -1 Sell | -2 Sell | -6 Sell |
| 5.0 (%) | 0 Sell | 0 Sell | 0 Sell | 0 Sell | -0 Sell | -0 Sell | -0 Sell | -1 Sell | -3 Sell |
| 5.5 (%) | 0 Sell | 0 Sell | 0 Sell | 0 Sell | 0 Sell | -0 Sell | -0 Sell | -1 Sell | -2 Sell |
| 6.0 (%) | 0 Sell | 0 Sell | 0 Sell | 0 Sell | 0 Sell | -0 Sell | -0 Sell | -0 Sell | -1 Sell |
| 6.5 (%) | 0 Sell | 0 Sell | 0 Sell | 0 Sell | 0 Sell | 0 Sell | -0 Sell | -0 Sell | -1 Sell |
| 7.0 (%) | 0 Sell | 0 Sell | 0 Sell | 0 Sell | 0 Sell | 0 Sell | -0 Sell | -0 Sell | -0 Sell |
| 7.5 (%) | 0 Sell | 0 Sell | 0 Sell | 0 Sell | 0 Sell | 0 Sell | 0 Sell | -0 Sell | -0 Sell |
| 8.0 (%) | 0 Sell | 0 Sell | 0 Sell | 0 Sell | 0 Sell | 0 Sell | 0 Sell | 0 Sell | -0 Sell |
| Wacc/Long Term Growth | -4 (%) | -3 (%) | -2 (%) | -1 (%) | 0 (%) |
|---|---|---|---|---|---|
| 4.0 (%) | 0 Sell | 0 Sell | 0 Sell | -0 Sell | -0 Sell |
| 4.5 (%) | 0 Sell | 0 Sell | 0 Sell | -0 Sell | -0 Sell |
| 5.0 (%) | 0 Sell | 0 Sell | 0 Sell | 0 Sell | -0 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 | -0 Sell | -0 Sell | -1 Sell |
| 7.0 (%) | 0 Sell | -0 Sell | -0 Sell | -0 Sell |
| 7.5 (%) | 0 Sell | 0 Sell | -0 Sell | -0 Sell |
| 8.0 (%) | 0 Sell | 0 Sell | 0 Sell | -0 Sell |
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