Kanzhun Limited
NasdaqGS-BZ
BUILD UP FREE CASH | 2022-12-31 (A) | 2023-12-31 (A) | 2024-12-31 (A) | 2025-12-31 (E) | 2026-12-31 (E) | 2027-12-31 (E) | 2028-12-31 (E) | 2029-12-31 (E) |
|---|---|---|---|---|---|---|---|---|
Revenue | 4,511.1 | 5,952 | 7,355.7 | 8,254.5 | 9,312.4 | 10,473.8 | 10,473.8 | 10,473.8 |
Revenue % Chg. | 5.9% | 31.9% | 23.6% | |||||
EBIT | -129.5 | 581 | 1,172.9 | 3,306 | 3,863 | 4,593.9 | 4,593.9 | 4,593.9 |
EBIT Margin | -2.9% | 9.8% | 15.9% | |||||
Tax Rate | 8.3% | 10% | 14.5% | |||||
NOPAT | -118.7 | 522.7 | 1,002.9 | 2,829.4 | 3,277.7 | 3,881.9 | 3,881.9 | 3,881.9 |
NOPAT Margin | -2.6% | 8.8% | 13.6% | 34.3% | 35.2% | 37.1% | 37.1% | 37.1% |
D&A | 287.4 | 427.9 | 686.5 | 503.2 | 624.2 | 772 | 772 | 772 |
D&A / Revenue | 6.4% | 7.2% | 9.3% | |||||
Capex | -340.1 | -955.5 | -856 | -567.8 | -646.2 | -689.8 | -689.8 | -689.8 |
Capex / Revenue | -7.5% | -16.1% | -11.6% | |||||
Chg. NWC | -41 | 737.7 | 146.4 | 370.8 | 418.3 | 470.4 | 470.4 | 470.4 |
Chg. NWC / Revenue | -0.9% | 12.4% | 2% | |||||
Unlevered FCF (UFCF) | -212.5 | 732.8 | 979.8 | 3,135.5 | 3,674 | 4,434.5 | 4,434.5 | 4,434.5 |
UFCF % Chg. | -120.6% | -444.9% | 33.7% | 220% | 17.2% | 20.7% | — | — |
PV of UFCF | — | — | — | 2,859.6 | 3,055.9 | 3,363.9 | 3,068 | 2,798 |
Sum of PV of UFCF | — | — | — | 2,859.6 | 5,915.5 | 9,279.4 | 12,347.4 | 15,145.4 |
| Cost of Debt | |
| Tax Rate | |
| After Tax Cost of Debt | — |
| Risk Free Rate | |
| Market Risk Premium | |
| Beta | 1 |
| Cost of Equity | 9.7% |
| Total Debt | 302.1 |
| Market Cap | 69,176 |
| Total Capital | 69,478.2 |
| Debt Weighting | 0.4% |
| Equity Weighting | 99.6% |
| WACC | 9.6% |
| Exit Multiple EV/FCF | |
| Terminal Value | 50,255.1 |
| PV of Terminal Value | 28,918.8 |
| Cumulative PV of UFCF | 15,145.4 |
| Net Debt | -19,048.6 |
| Equity Value | 63,112.8 |
| Shares Outstanding | 464.3 |
| Implied Share Price | 135.9 |
| Current Share Price | 153.9 |
| Implied Upside / (Downside) | -11.7% |