| Intrinsic Valuation of: EBAY | |||||||||||
| Free Cash Flow Average and Growth over past 5Y | Key Statistics | ||||||||||
| Year | FCF | FCF (FCF/Revenue) | |||||||||
| 2020 | - | - | EPS (FY) | 4 | Market Cap | $35B | |||||
| 2021 | - | - (-) | P/E Ratio | 18 | Total Asset | $19B | |||||
| 2022 | $2B | - (-) | Net Income | $2B | Total Debt | $6B | |||||
| 2023 | $2B | -18.4% (-13.2%) | EBITDA | $3B | Total Liab | $14B | |||||
| 2024 | $2B | 9.1% (5.7%) | Opr Margin | 0.23 | Debt/Equity | 1.12 | |||||
| 2025 | $2B | -0.7% (-2.4%) | PreTax Margin | 20.02 | BV/Share | 2 | |||||
| 5Y Average FCF | $2B | -3.3% (-3.3%) | |||||||||
| 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 (4.0%) | ||||||||||
| 2026 | $2B | MBG Intrinsic Value | $37 | ||||||||
| 2027 | $2B | ||||||||||
| 2028 | $2B | ||||||||||
| 2029 | $2B | ||||||||||
| 2030 | $2B | ||||||||||
| 2031 | $2B | ||||||||||
| Terminal Value | $51B | Net Worth/Share | $11 | ||||||||
| DCF Valuation | DCF Valuation "What If" Scenario Table | ||||||||||
| Enterprise Value | $44B | Growth Rate | |||||||||
| (+) Cash & Cash Equivalents | $2B | $88 | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | ||||
| (-) Total Debt | $6B | WACC | 7.3% | 77 | 83 | 90 | 99 | 111 | |||
| Equity Value | $41B | 7.4% | 76 | 82 | 89 | 98 | 109 | ||||
| Shares Outstanding | 460,844,000 | 7.4% | 75 | 81 | 88 | 97 | 108 | ||||
| 7.9% | 69 | 74 | 79 | 86 | 95 | ||||||
| DCF Intrinsic Value | $88 | 8.4% | 63 | 67 | 72 | 78 | 84 | ||||
| Analyzed by QuantJuice (2025) | |||||||||||