| 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 | $52B | |||||
| 2021 | - | - (-) | P/E Ratio | 27 | Total Asset | $18B | |||||
| 2022 | $2B | - (-) | Net Income | $2B | Total Debt | $6B | |||||
| 2023 | $2B | 9.1% (5.7%) | EBITDA | $3B | Total Liab | $13B | |||||
| 2024 | $2B | -0.7% (-2.4%) | Opr Margin | 20.51 | Debt/Equity | 1.30 | |||||
| 2025 | $1B | -26.7% (-32.1%) | PreTax Margin | 18.30 | BV/Share | 0 | |||||
| 5Y Average FCF | $2B | 3.5% (-9.6%) | |||||||||
| 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): | 10.37% | Current US Bond Yield: | 3.48% | ||||||||
| Forcasting Future Free Cash Flow for next 6Y | Modified Benjamin Graham's Intrinsic Value | ||||||||||
| Year | FCF Projection (3.5%) | ||||||||||
| 2026 | $2B | MBG Intrinsic Value | $39 | ||||||||
| 2027 | $2B | ||||||||||
| 2028 | $2B | ||||||||||
| 2029 | $2B | ||||||||||
| 2030 | $2B | ||||||||||
| 2031 | $2B | ||||||||||
| Terminal Value | $24B | Net Worth/Share | $10 | ||||||||
| DCF Valuation | DCF Valuation "What If" Scenario Table | ||||||||||
| Enterprise Value | $21B | Growth Rate | |||||||||
| (+) Cash & Cash Equivalents | $2B | $37 | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | ||||
| (-) Total Debt | $6B | WACC | 8.4% | 46 | 49 | 53 | 57 | 62 | |||
| Equity Value | $16B | 9.4% | 39 | 41 | 44 | 47 | 50 | ||||
| Shares Outstanding | 444,000,000 | 10.4% | 33 | 35 | 37 | 39 | 42 | ||||
| 11.4% | 29 | 30 | 32 | 33 | 35 | ||||||
| DCF Intrinsic Value | $37 | 12.4% | 25 | 26 | 28 | 29 | 30 | ||||
| Analyzed by QuantJuice (2025) | |||||||||||