| Intrinsic Valuation of: TCOM | |||||||||||
| Free Cash Flow Average and Growth over past 5Y | Key Statistics | ||||||||||
| Year | FCF | FCF (FCF/Revenue) | |||||||||
| 2020 | - | - | EPS (FY) | 3 | Market Cap | $39B | |||||
| 2021 | - | - (-) | P/E Ratio | 17 | Total Asset | $243B | |||||
| 2022 | $2B | - (-) | Net Income | $17B | Total Debt | $20B | |||||
| 2023 | $2B | 12.6% (12.5%) | EBITDA | $20B | Total Liab | $99B | |||||
| 2024 | $21B | 898.5% (349.5%) | Opr Margin | 0.28 | Debt/Equity | 0.14 | |||||
| 2025 | $19B | -11.0% (-25.7%) | PreTax Margin | 24.82 | BV/Share | 105 | |||||
| 5Y Average FCF | $11B | 300.0% (112.1%) | |||||||||
| 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 | $24B | MBG Intrinsic Value | $31 | ||||||||
| 2027 | $30B | ||||||||||
| 2028 | $37B | ||||||||||
| 2029 | $46B | ||||||||||
| 2030 | $58B | ||||||||||
| 2031 | $73B | ||||||||||
| Terminal Value | $1,510B | Net Worth/Share | $220 | ||||||||
| DCF Valuation | DCF Valuation "What If" Scenario Table | ||||||||||
| Enterprise Value | $1,183B | Growth Rate | |||||||||
| (+) Cash & Cash Equivalents | $48B | $1,853 | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | ||||
| (-) Total Debt | $20B | WACC | 7.3% | 1,617 | 1,742 | 1,894 | 2,080 | 2,315 | |||
| Equity Value | $1,211B | 7.4% | 1,602 | 1,725 | 1,873 | 2,055 | 2,284 | ||||
| Shares Outstanding | 653,603,008 | 7.4% | 1,587 | 1,708 | 1,853 | 2,030 | 2,253 | ||||
| 7.9% | 1,454 | 1,554 | 1,671 | 1,813 | 1,987 | ||||||
| DCF Intrinsic Value | $1,853 | 8.4% | 1,340 | 1,424 | 1,521 | 1,636 | 1,774 | ||||
| Analyzed by QuantJuice (2025) | |||||||||||