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Discounted Cash Flow (DCF) Analysis Unlevered


Zynga Inc.

Zynga Inc. (ZNGA)

Technology

Operating Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 873.27690.40764.69741.37861.32907.14922.20937.51953.07968.90984.98
Revenue (%)
EBITDA 64.19-150.30-75.86-62.9467.8768.49-26.74-27.19-27.64-28.10-28.56
EBITDA (%)
EBIT -64.88-233.22-130.15-104.6837.5526.40-100.06-101.72-103.41-105.13-106.87
EBIT (%)
Depreciation 129.0782.9254.2941.7430.3242.0973.3274.5375.7777.0378.31
Depreciation (%)

Balance Sheet Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Total Cash 1,128.96964.56988.44861.69714.21616.221,022.631,039.611,056.861,074.411,092.24
Total Cash (%)
Account Receivables 65.6789.6179.6077.25103.7091.6297.5799.19100.84102.51104.21
Account Receivables (%)
Inventories -----------
Inventories (%)
Accounts Payable 20.9614.9829.6724.0218.9526.8525.9126.3426.7827.2327.68
Accounts Payable (%)
Capital Expenditure -4.72-4.14-7.04-7.12-9.73-11.43-8.30-8.44-8.58-8.72-8.86
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 6.09
Diluted Shares Outstanding 862.46
Cost of Debt
Tax Rate 41.59
After-tax Cost of Debt -2.03
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.63
Total Debt -
Total Equity 5,252.38
Total Capital 5,252.38
Debt Weighting 0.00
Equity Weighting 100.00
Wacc

Build Up Free Cash

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 873.27690.40764.69741.37861.32907.14922.20937.51953.07968.90984.98
EBITDA 64.19-150.30-75.86-62.9467.8768.49-26.74-27.19-27.64-28.10-28.56
EBIT -64.88-233.22-130.15-104.6837.5526.40-100.06-101.72-103.41-105.13-106.87
Tax Rate 42.99%3.14%6.66%-3.29%29.12%41.59%20.04%20.04%20.04%20.04%20.04%
EBIAT -36.99-225.89-121.48-108.1226.6215.42-80.01-81.34-82.69-84.06-85.46
Depreciation 129.0782.9254.2941.7430.3242.0973.3274.5375.7777.0378.31
Accounts Receivable --23.9410.012.35-26.4512.08-5.95-1.62-1.65-1.67-1.70
Inventories -----------
Accounts Payable --5.9814.69-5.65-5.077.90-0.940.430.440.440.45
Capital Expenditure --0.572.890.082.621.70-3.130.140.140.140.14
UFCF 92.08-173.47-39.60-69.6028.0379.19-16.71-7.86-7.99-8.12-8.26
WACC
PV UFCF -15.82-7.04-6.78-6.52-6.28
SUM PV UFCF -110.03

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.63
Free cash flow (t + 1) -8.59
Terminal Value -526.82
Present Value of Terminal Value -400.61

Intrinsic Value

Enterprise Value -510.64
Net Debt -616.22
Equity Value 105.58
Shares Outstanding 862.46
Equity Value Per Share 0.12