| Intrinsic Valuation of: DKNG | |||||||||||
| Free Cash Flow Average and Growth over past 5Y | Key Statistics | ||||||||||
| Year | FCF | FCF (FCF/Revenue) | |||||||||
| 2020 | - | - | EPS (FY) | 0 | Market Cap | $12B | |||||
| 2021 | - | - (-) | P/E Ratio | 278 | Total Asset | $5B | |||||
| 2022 | $-729M | - (-) | Net Income | $4M | Total Debt | $2B | |||||
| 2023 | $-115M | 84.2% (90.3%) | EBITDA | $260M | Total Liab | $4B | |||||
| 2024 | $297M | 357.9% (298.3%) | Opr Margin | -0.26 | Debt/Equity | 2.91 | |||||
| 2025 | $508M | 71.2% (34.8%) | PreTax Margin | -0.26 | BV/Share | -4 | |||||
| 5Y Average FCF | $-10M | 15.0% (141.1%) | |||||||||
| 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): | 11.84% | 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 | $548M | MBG Intrinsic Value | $1 | ||||||||
| 2027 | $617M | ||||||||||
| 2028 | $678M | ||||||||||
| 2029 | $729M | ||||||||||
| 2030 | $765M | ||||||||||
| 2031 | $784M | ||||||||||
| Terminal Value | $9B | Net Worth/Share | $1 | ||||||||
| DCF Valuation | DCF Valuation "What If" Scenario Table | ||||||||||
| Enterprise Value | $7B | Growth Rate | |||||||||
| (+) Cash & Cash Equivalents | $1B | $13 | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | ||||
| (-) Total Debt | $2B | WACC | 9.8% | 15 | 16 | 17 | 18 | 19 | |||
| Equity Value | $6B | 10.8% | 14 | 14 | 15 | 16 | 16 | ||||
| Shares Outstanding | 496,128,817 | 11.8% | 12 | 13 | 13 | 14 | 14 | ||||
| 12.8% | 11 | 11 | 12 | 12 | 12 | ||||||
| DCF Intrinsic Value | $13 | 13.8% | 10 | 10 | 10 | 11 | 11 | ||||
| Analyzed by QuantJuice (2025) | |||||||||||