DCF Tool

ZD

Ziff Davis Inc – Data Processing, Hosting, and Related Services
Ziff Davis is a vertically focused digital media and internet company whose portfolio includes leading brands in technology, entertainment, shopping, health, cybersecurity, and martech.
Analysis Results
Intrinsic Value $190.13
Latest Price $88.12
Relative Value 54% undervalued
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Cash Flow (Millions)
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 12.0%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 9.0%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 12.0%, 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 (million) Present value (million)
2022 483 443
2023 541 455
2024 606 468
2025 678 481
2026 760 494
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 11100 million. This corresponds to a present value of 6630 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 2340 million. Adding in the terminal value gives a total present value of 8970 million.

There are presently 47.2 million outstanding shares, so the intrinsic value per share is 190.13.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 1,300,674,000
Current Cash 924,042,000
Current Liabilities 497,238,000
Current Debt 54,609,000
Non-Cash Working Capital (NCWC) -65,997,000
Change in NCWC 40,231,000
EBIT 235,814,000
Tax Provision -14,199,000
Depreciation and Amortization 258,303,000
Capital Expenditure -113,818,000
Unlevered Free Cash Flow 420,530,000
Current Assets 622,843,000
Current Cash 243,315,000
Current Liabilities 882,557,000
Current Debt 396,801,000
Non-Cash Working Capital (NCWC) -106,228,000
Change in NCWC 30,069,000
EBIT 323,273,000
Tax Provision 68,393,000
Depreciation and Amortization 228,737,000
Capital Expenditure -92,552,000
Unlevered Free Cash Flow 388,597,988
Current Assets 886,890,000
Current Cash 575,615,000
Current Liabilities 833,104,000
Current Debt 385,532,000
Non-Cash Working Capital (NCWC) -136,297,000
Change in NCWC -79,832,000
EBIT 276,912,000
Tax Provision -19,376,000
Depreciation and Amortization 232,032,000
Capital Expenditure -70,634,000
Unlevered Free Cash Flow 358,478,000
Current Assets 460,331,000
Current Cash 209,474,000
Current Liabilities 307,322,000
Current Debt 0
Non-Cash Working Capital (NCWC) -56,465,000
Change in NCWC -60,845,000
EBIT 240,140,000
Tax Provision 44,760,000
Depreciation and Amortization 187,174,000
Capital Expenditure -57,048,000
Unlevered Free Cash Flow 247,450,101
Current Assets 620,427,000
Current Cash 350,945,000
Current Liabilities 265,102,000
Current Debt 0
Non-Cash Working Capital (NCWC) 4,380,000
Change in NCWC 55,599,000
EBIT 245,708,000
Tax Provision 60,541,000
Depreciation and Amortization 162,041,000
Capital Expenditure -41,835,000
Unlevered Free Cash Flow 347,123,313
Current Assets 347,999,000
Current Cash 124,010,000
Current Liabilities 454,089,000
Current Debt 178,881,000
Non-Cash Working Capital (NCWC) -51,219,000
Change in NCWC -2,399,000
EBIT 242,566,000
Tax Provision 59,000,000
Depreciation and Amortization 122,091,000
Capital Expenditure -29,067,000
Unlevered Free Cash Flow 265,505,312
Current Assets 482,805,000
Current Cash 335,185,000
Current Liabilities 196,654,000
Current Debt 214,000
Non-Cash Working Capital (NCWC) -48,820,000
Change in NCWC -6,025,000
EBIT 199,382,000
Tax Provision 23,283,000
Depreciation and Amortization 93,213,000
Capital Expenditure -18,752,000
Unlevered Free Cash Flow 238,234,513
Current Assets 646,183,000
Current Cash 529,869,000
Current Liabilities 159,367,000
Current Debt 258,000
Non-Cash Working Capital (NCWC) -42,795,000
Change in NCWC -18,338,000
EBIT 186,206,000
Tax Provision 29,840,000
Depreciation and Amortization 62,953,000
Capital Expenditure -17,165,000
Unlevered Free Cash Flow 177,846,923
Current Assets 389,025,000
Current Cash 298,590,000
Current Liabilities 114,892,000
Current Debt 0
Non-Cash Working Capital (NCWC) -24,457,000
Change in NCWC 705,000
EBIT 175,423,000
Tax Provision 35,175,000
Depreciation and Amortization 39,788,000
Capital Expenditure -32,827,000
Unlevered Free Cash Flow 139,846,997
Current Assets 377,499,000
Current Cash 323,734,000
Current Liabilities 78,927,000
Current Debt 0
Non-Cash Working Capital (NCWC) -25,162,000
Change in NCWC -2,389,000
EBIT 162,162,000
Tax Provision 33,259,000
Depreciation and Amortization 22,164,000
Capital Expenditure -11,356,000
Unlevered Free Cash Flow 135,767,700

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