| Intrinsic Valuation of: TCOM | |||||||||||
| Free Cash Flow Average and Growth over past 5Y | Key Statistics | ||||||||||
| Year | FCF | FCF (FCF/Revenue) | |||||||||
| 2020 | - | - | EPS (FY) | 7 | Market Cap | $31B | |||||
| 2021 | - | - (-) | P/E Ratio | 7 | Total Asset | $267B | |||||
| 2022 | $2B | - (-) | Net Income | $33B | Total Debt | $11B | |||||
| 2023 | $21B | 898.5% (349.5%) | EBITDA | $41B | Total Liab | $95B | |||||
| 2024 | $19B | -11.0% (-25.7%) | Opr Margin | 27.42 | Debt/Equity | 0.07 | |||||
| 2025 | $14B | -28.6% (-39.1%) | PreTax Margin | 26.06 | BV/Share | 152 | |||||
| 5Y Average FCF | $14B | 15.0% (94.9%) | |||||||||
| 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): | 7.11% | 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 | $16B | MBG Intrinsic Value | $63 | ||||||||
| 2027 | $18B | ||||||||||
| 2028 | $20B | ||||||||||
| 2029 | $21B | ||||||||||
| 2030 | $22B | ||||||||||
| 2031 | $23B | ||||||||||
| Terminal Value | $499B | Net Worth/Share | $274 | ||||||||
| DCF Valuation | DCF Valuation "What If" Scenario Table | ||||||||||
| Enterprise Value | $423B | Growth Rate | |||||||||
| (+) Cash & Cash Equivalents | $40B | $717 | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | ||||
| (-) Total Debt | $11B | WACC | 6.5% | 692 | 750 | 822 | 914 | 1,037 | |||
| Equity Value | $452B | 7.2% | 616 | 659 | 712 | 777 | 860 | ||||
| Shares Outstanding | 629,705,222 | 7.8% | 555 | 588 | 628 | 676 | 735 | ||||
| 8.5% | 506 | 533 | 563 | 600 | 644 | ||||||
| DCF Intrinsic Value | $717 | 9.1% | 466 | 487 | 511 | 540 | 574 | ||||
| Analyzed by QuantJuice (2025) | |||||||||||