DCF Tool

IQ

iQIYI Inc – All Other Telecommunications
公司介绍 爱奇艺,中国视频行业领先者。2010年4月22日正式上线,秉承“悦享品质”的品牌口号,积极推动产品、技术、内容、营销等全方位创新,为用户提供丰富、高清、流畅的专业视频体验,致力于让人们平等、便捷地获得更多、更好的视频。目前,爱奇艺已成功构建了包含电商、游戏、电影票等业务在内、连接人与服务的视频商业生态,引领视频网站商业模式的多元化发展。 爱奇艺品质、青春、时尚的品牌调性深入人心,网罗了中国最广大的年轻用户群体。爱奇艺打造涵盖电影、电视剧、综艺、动漫在内的十余种类型的中国最大正版视频内容库,并通过“爱奇艺出品”战略的持续推动,让“纯网内容”进入真正意义上的全类别、高品质时代。同时,作为中国付费用户规模最大的视频网站,爱奇艺倡导“轻奢新主义”的vip会员理念,主张人们对高品质生活细节的追求,坚持为广大vip会员提供专属的海量精品内容,极致的视听体验,以及独有的线下会员服务。 2014年,爱奇艺在全球范围内率先建立起首个基于搜索和视频数据理解人类行为的视频大脑——爱奇艺大脑,用大数据指导内容的制作、生产、运营、消费。并通过强大的云计算能力,以及领先行业的带宽储备,和全球最庞大的视频分发网络,为用户提供更好的视频服务。在技术与内容双核驱动的新体验营销时代,爱奇艺创造性地提出了“ijoy悦享营销”客户服务价值观和方法论。通过多屏触点、创意内容、技术优化、互动参与、实现购买等路径全面提升roi,让客户享受到创新营销带来的成功与快乐。 未来,爱奇艺将在多元化的内容储备、个性化的产品体验、定制化营销服务领域继续发力,引领视频体验革命。不断提升连接人与服务的能力,更好的改变人们的生活。 品牌口号 悦享品质 品牌关键词 品质 青春 时尚 vip会员理念 轻奢新主义——2015年6月16日 在“付费的力量”爱奇艺vip会员战略发布会上,爱奇艺“轻奢新主义”会员品牌口号正式发布。“轻奢新主义”是爱奇艺“悦享品质”品牌口号的延展。 我们推崇精致而实用的生活态度,倡导格调与乐趣的双重质感。轻奢“与财富多寡、地位高低”无关,代表着对高品质生活细节的追求。 企业愿景 让人们平等便捷地获得更多、更好的视频 企业文化 简单想 简单做 recent updates: http://www.iqiyi.com/common/news.html
Analysis Results
Intrinsic Value $142.80
Latest Price $3.64
Relative Value 97% undervalued
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Cash Flow (Billions)
Analysis Parameters
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Analysis Details
Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of 31.3%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 7.5%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 31.3%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year Future flow (billion) Present value (billion)
2023 2.91 2.71
2024 3.82 3.31
2025 5.02 4.04
2026 6.59 4.93
2027 8.66 6.02
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 160 billion. This corresponds to a present value of 103 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 21.0 billion. Adding in the terminal value gives a total present value of 124 billion.

There are presently 870.0 million outstanding shares, so the intrinsic value per share is 142.8.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 1,998,526,362
Current Cash 1,147,625,073
Current Liabilities 4,078,055,349
Current Debt 1,689,367,053
Non-Cash Working Capital (NCWC) -1,537,787,007
Change in NCWC 216,604,992
EBIT 159,325,591
Tax Provision 12,177,619
Depreciation and Amortization 1,979,590,599
Capital Expenditure -39,108,859
Unlevered Free Cash Flow 2,316,412,323
Current Assets 1,808,386,000
Current Cash 681,899,000
Current Liabilities 3,527,048,000
Current Debt 646,169,000
Non-Cash Working Capital (NCWC) -1,754,392,000
Change in NCWC -496,070,000
EBIT -772,924,000
Tax Provision 15,150,000
Depreciation and Amortization 2,630,952,000
Capital Expenditure -62,884,000
Unlevered Free Cash Flow 1,299,074,000
Current Assets 3,416,158,000
Current Cash 2,187,503,000
Current Liabilities 3,809,131,000
Current Debt 1,322,154,000
Non-Cash Working Capital (NCWC) -1,258,322,000
Change in NCWC -244,306,000
EBIT -960,151,000
Tax Provision 3,567,000
Depreciation and Amortization 2,635,342,000
Capital Expenditure -59,116,000
Unlevered Free Cash Flow 1,371,769,000
Current Assets 2,912,011,000
Current Cash 1,510,249,000
Current Liabilities 2,897,692,000
Current Debt 481,914,000
Non-Cash Working Capital (NCWC) -1,014,016,000
Change in NCWC 73,465,000
EBIT -1,352,081,000
Tax Provision 7,448,000
Depreciation and Amortization 2,466,220,000
Capital Expenditure -124,633,000
Unlevered Free Cash Flow 1,062,971,000
Current Assets 2,887,563,000
Current Cash 1,548,722,000
Current Liabilities 2,881,587,000
Current Debt 455,265,000
Non-Cash Working Capital (NCWC) -1,087,481,000
Change in NCWC 8,170,000
EBIT -1,210,559,000
Tax Provision 11,461,000
Depreciation and Amortization 1,849,238,000
Capital Expenditure -2,042,252,000
Unlevered Free Cash Flow -1,395,403,000

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