Loading...

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 80.95-151.82-86.03-72.1455.3851.53-33.20-33.75-34.31-34.88-35.46
EBITDA (%)
EBIT -65.67-244.75-146.06-114.2425.756.71-113.34-115.22-117.13-119.08-121.05
EBIT (%)
Depreciation 146.6292.9360.0342.1129.6344.8180.1481.4782.8284.2085.59
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 1,125.47916.51987.22852.50681.39581.21997.361,013.921,030.751,047.861,065.25
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 7.779.187.8010.319.9911.4310.8811.0611.2511.4311.62
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 6.63
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 4.78
Total Debt -
Total Equity 5,718.11
Total Capital 5,718.11
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 80.95-151.82-86.03-72.1455.3851.53-33.20-33.75-34.31-34.88-35.46
EBIT -65.67-244.75-146.06-114.2425.756.71-113.34-115.22-117.13-119.08-121.05
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 -37.44-237.06-136.33-118.0018.253.92-90.63-92.13-93.66-95.22-96.80
Depreciation 146.6292.9360.0342.1129.6344.8180.1481.4782.8284.2085.59
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 --1.411.38-2.510.31-1.440.55-0.18-0.18-0.19-0.19
UFCF 109.18-175.46-50.22-81.6916.6767.28-16.83-12.04-12.23-12.44-12.64
WACC
PV UFCF -16.83-11.49-11.14-10.81-10.49
SUM PV UFCF -146.82

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.78
Free cash flow (t + 1) -13.15
Terminal Value -1,685.92
Present Value of Terminal Value -1,334.89

Intrinsic Value

Enterprise Value -1,481.71
Net Debt -581.21
Equity Value -900.50
Shares Outstanding 862.46
Equity Value Per Share -1.04