| Intrinsic Valuation of: DKNG | |||||||||||
| Free Cash Flow Average and Growth over past 5Y | Key Statistics | ||||||||||
| Year | FCF | FCF (FCF/Revenue) | |||||||||
| 2020 | - | - | EPS (FY) | -1 | Market Cap | $21B | |||||
| 2021 | - | - (-) | P/E Ratio | - | Total Asset | $4B | |||||
| 2022 | $-518M | - (-) | Net Income | $-507M | Total Debt | $1B | |||||
| 2023 | $-729M | -40.8% (18.5%) | EBITDA | $-319M | Total Liab | $3B | |||||
| 2024 | $-115M | 84.2% (90.3%) | Opr Margin | -0.13 | Debt/Equity | 1.24 | |||||
| 2025 | $297M | 357.9% (298.3%) | PreTax Margin | -12.84 | BV/Share | -3 | |||||
| 5Y Average FCF | $-266M | 133.8% (135.7%) | |||||||||
| 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 | $371M | MBG Intrinsic Value | $-7 | ||||||||
| 2027 | $464M | ||||||||||
| 2028 | $580M | ||||||||||
| 2029 | $725M | ||||||||||
| 2030 | $906M | ||||||||||
| 2031 | $1B | ||||||||||
| Terminal Value | $24B | Net Worth/Share | $2 | ||||||||
| DCF Valuation | DCF Valuation "What If" Scenario Table | ||||||||||
| Enterprise Value | $18B | Growth Rate | |||||||||
| (+) Cash & Cash Equivalents | $788M | $36 | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | ||||
| (-) Total Debt | $1B | WACC | 7.3% | 31 | 34 | 37 | 41 | 46 | |||
| Equity Value | $18B | 7.4% | 31 | 34 | 37 | 40 | 45 | ||||
| Shares Outstanding | 496,286,016 | 7.4% | 31 | 33 | 36 | 40 | 44 | ||||
| 7.9% | 28 | 30 | 33 | 35 | 39 | ||||||
| DCF Intrinsic Value | $36 | 8.4% | 26 | 27 | 29 | 32 | 35 | ||||
| Analyzed by QuantJuice (2025) | |||||||||||