| Intrinsic Valuation of: BKNG | |||||||||||
| Free Cash Flow Average and Growth over past 5Y | Key Statistics | ||||||||||
| Year | FCF | FCF (FCF/Revenue) | |||||||||
| 2020 | - | - | EPS (FY) | 160 | Market Cap | $186B | |||||
| 2021 | - | - (-) | P/E Ratio | 36 | Total Asset | $28B | |||||
| 2022 | $3B | - (-) | Net Income | $6B | Total Debt | $15B | |||||
| 2023 | $6B | 145.9% (57.6%) | EBITDA | $9B | Total Liab | $32B | |||||
| 2024 | $7B | 13.1% (-9.5%) | Opr Margin | 0.32 | Debt/Equity | -3.69 | |||||
| 2025 | $8B | 12.8% (1.5%) | PreTax Margin | 26.37 | BV/Share | -252 | |||||
| 5Y Average FCF | $6B | 57.3% (16.5%) | |||||||||
| Overall Market Assumptions: | |||||||||||
| Assumptions: | P/E for No-Growth Company: | 7.0 | |||||||||
| Perpetual Growth Rate (g): | 2.5% | Historical US Bond Yield: | 4.4% | ||||||||
| Discount Rate (WACC): | 7.4% | Current US Bond Yield: | 3.5% | ||||||||
| Forcasting Future Free Cash Flow for next 6Y | Modified Benjamin Graham's Intrinsic Value | ||||||||||
| Year | FCF Projection (25.0%) | ||||||||||
| 2026 | $10B | MBG Intrinsic Value | $1,434 | ||||||||
| 2027 | $12B | ||||||||||
| 2028 | $15B | ||||||||||
| 2029 | $19B | ||||||||||
| 2030 | $24B | ||||||||||
| 2031 | $30B | ||||||||||
| Terminal Value | $626B | Net Worth/Share | $-124 | ||||||||
| DCF Valuation | DCF Valuation "What If" Scenario Table | ||||||||||
| Enterprise Value | $490B | Growth Rate | |||||||||
| (+) Cash & Cash Equivalents | $16B | $15,113 | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | ||||
| (-) Total Debt | $15B | WACC | 7.3% | 13,146 | 14,191 | 15,453 | 17,006 | 18,965 | |||
| Equity Value | $492B | 7.4% | 13,022 | 14,047 | 15,281 | 16,798 | 18,705 | ||||
| Shares Outstanding | 32,540,300 | 7.4% | 12,901 | 13,905 | 15,113 | 16,594 | 18,451 | ||||
| 7.9% | 11,792 | 12,621 | 13,602 | 14,782 | 16,229 | ||||||
| DCF Intrinsic Value | $15,113 | 8.4% | 10,846 | 11,539 | 12,348 | 13,307 | 14,460 | ||||
| Analyzed by QuantJuice (2025) | |||||||||||