VALUACION CON EL METODO DE DCF

Empresa PAYPAL
Nemonico PYPL

2017 2018 2019 2020

Revenue 13,094,000 15,451,000 17,772,000 21,454,000
Growth Rate 18.00% 15.02% 20.72%
Net Income 1,795,000 2,057,000 2,459,000 4,202,000
Margins 13.71% 13.31% 13.84% 19.59%

FCF 1,864,000 4,660,000 3,857,000 4,988,000

FCF/Net Income 103.84% 226.54% 156.85% 118.71%
Discount Factor
PV

WACC 7.97%
Growth infinity 8.08%

Today Value -1,094,074,837

Shares outset 1,190,000

Fair Value -919.39 Price

Pesimista Moderado Optimista

Fair Value -919.39
% Cambio

Conclusion

Tasa g :
Utilidad Neta 1,795,000 2,057,000 2,459,000 4,202,000
Dividendos 0 0 0 0
Utilidad Retenidas 1,795,000 2,057,000 2,459,000 4,202,000
% Utilidad Retenidas 100.00% 100.00% 100.00% 100.00%
Tasa payout

% Utilidad Retenidas 100.00% 100.00% 100.00% 100.00%

Ke % 8.08% 8.08% 8.08% 8.08%

g= 8.08% 8.08% 8.08% 8.08%

VAN
TIR
 1 2 3 4 5
2021 2022 2023 2024 2025 Terminal Value
25,296,411.4 29,826,998.7 35,169,014.1 41,467,784.6 48,894,664.8
18% 18% 18% 18% 18%
3,822,288 4,506,860 5,314,038 6,265,782 7,387,984
15% 15% 15% 15% 15%

848,930 1,000,973 1,180,248 1,391,630 1,640,871 -1,612,256,257

22% 22% 22% 22% 22%
0.9262 0.8578 0.7945 0.7358 0.6815 0.6815
786,265 858,650 937,700 1,024,027 1,118,302 -1,098,799,781

ESCENARIOS PESIMISTA MODERADO OPTIMISTA

Growth Rate 18%
% Margins 15%
FCF/Net Income 22%
FSC = (1+i)^n - 1 valor futuro

FSA = 1 Valor presente

(1+i )^n

Perp = FCLu * (1+g)

Wacc - g