| Intrinsic Valuation of: BKNG | |||||||||||
| Free Cash Flow Average and Growth over past 5Y | Key Statistics | ||||||||||
| Year | FCF | FCF (FCF/Revenue) | |||||||||
| 2020 | - | - | EPS (FY) | 8 | Market Cap | $119B | |||||
| 2021 | - | - (-) | P/E Ratio | 20 | Total Asset | $29B | |||||
| 2022 | $6B | - (-) | Net Income | $5B | Total Debt | $17B | |||||
| 2023 | $7B | 13.1% (-9.5%) | EBITDA | $9B | Total Liab | $35B | |||||
| 2024 | $8B | 12.8% (1.5%) | Opr Margin | 34.48 | Debt/Equity | -3.02 | |||||
| 2025 | $9B | 15.1% (1.5%) | PreTax Margin | 28.48 | BV/Share | -12 | |||||
| 5Y Average FCF | $8B | 15.0% (-2.2%) | |||||||||
| Overall Market Assumptions: | |||||||||||
| Assumptions: | P/E for No-Growth Company: | 7.0 | |||||||||
| Perpetual Growth Rate (g): | 2.48% | Historical US Bond Yield: | 4.40% | ||||||||
| Discount Rate (WACC): | 9.20% | Current US Bond Yield: | 3.48% | ||||||||
| Forcasting Future Free Cash Flow for next 6Y | Modified Benjamin Graham's Intrinsic Value | ||||||||||
| Year | FCF Projection (15.0%) | ||||||||||
| 2026 | $10B | MBG Intrinsic Value | $68 | ||||||||
| 2027 | $11B | ||||||||||
| 2028 | $12B | ||||||||||
| 2029 | $13B | ||||||||||
| 2030 | $14B | ||||||||||
| 2031 | $14B | ||||||||||
| Terminal Value | $216B | Net Worth/Share | $-7 | ||||||||
| DCF Valuation | DCF Valuation "What If" Scenario Table | ||||||||||
| Enterprise Value | $182B | Growth Rate | |||||||||
| (+) Cash & Cash Equivalents | $17B | $235 | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | ||||
| (-) Total Debt | $17B | WACC | 7.2% | 289 | 311 | 337 | 370 | 411 | |||
| Equity Value | $182B | 8.2% | 245 | 260 | 277 | 298 | 323 | ||||
| Shares Outstanding | 774,878,436 | 9.2% | 213 | 223 | 235 | 249 | 266 | ||||
| 10.2% | 188 | 195 | 204 | 214 | 226 | ||||||
| DCF Intrinsic Value | $235 | 11.2% | 168 | 174 | 180 | 188 | 196 | ||||
| Analyzed by QuantJuice (2025) | |||||||||||