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Discounted Cash Flow (DCF) Analysis Levered


Booking Holdings Inc.

Booking Holdings Inc. (BKNG)

Consumer Cyclical

Free Cash Flow

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 6,793.318,442.049,223.7710,742.9312,680.9514,527.3016,927.2119,723.5922,981.9226,778.5431,202.35
Revenue (%)
Operating Cash Flow 2,301.572,914.193,203.423,983.484,661.525,337.336,029.477,025.548,186.169,538.5211,114.28
Operating Cash Flow (%)
Capital Expenditure -84.24-131.70-174.33-267.50-287.86-441.63-352.09-410.25-478.02-556.99-649.01
Capital Expenditure (%)
Free Cash Flow 2,217.342,782.503,029.093,715.984,373.664,895.705,677.396,615.297,708.148,981.5210,465.27

Weighted Average Cost Of Capital

Share price $ 1,842.29
Diluted Shares Outstanding 47.45
Cost of Debt
Tax Rate 17.31
After-tax Cost of Debt -0.82
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.73
Total Debt 8,649.00
Total Equity 87,409.29
Total Capital 96,058.29
Debt Weighting 9.00
Equity Weighting 91.00
Wacc

Build Up Free Cash Flow

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 6,793.318,442.049,223.7710,742.9312,680.9514,527.3016,927.2119,723.5922,981.9226,778.5431,202.35
Operating Cash Flow 2,301.572,914.193,203.423,983.484,661.525,337.336,029.477,025.548,186.169,538.5211,114.28
Capital Expenditure -84.24-131.70-174.33-267.50-287.86-441.63-352.09-410.25-478.02-556.99-649.01
Free Cash Flow 2,217.342,782.503,029.093,715.984,373.664,895.705,677.396,615.297,708.148,981.5210,465.27
WACC
PV LFCF 5,155.175,454.285,770.756,105.596,459.85
SUM PV LFCF 30,768.75

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.13
Free cash flow (t + 1) 9,315.88
Terminal Value 151,971.93
Present Value of Terminal Value 93,806.98

Intrinsic Value

Enterprise Value 120,137.87
Net Debt 2,364.49
Equity Value 117,773.38
Shares Outstanding 47.45
Equity Value Per Share 2,908.58