Match Group Holdings II, LLC
NasdaqGS-MTCH
BUILD UP FREE CASH | 2017-12-31 (A) | 2018-12-31 (A) | 2019-12-31 (A) | 2021-12-31 (E) | 2022-12-31 (E) | 2023-12-31 (E) | 2024-12-31 (E) | 2025-12-31 (E) |
|---|---|---|---|---|---|---|---|---|
Revenue | 1,330.7 | 1,729.9 | 2,051.3 | 2,628 | 2,980 | 3,452.2 | 3,452.2 | 3,452.2 |
Revenue % Chg. | 19% | 30% | 18.6% | |||||
EBIT | 352.8 | 552.9 | 655.1 | 946 | 1,108 | 1,449.1 | 1,449.1 | 1,449.1 |
EBIT Margin | 26.5% | 32% | 31.9% | |||||
Tax Rate | -41.2% | 3% | 3.7% | |||||
NOPAT | 498.1 | 536.3 | 631.1 | 841.9 | 936.3 | 1,159.3 | 1,159.3 | 1,159.3 |
NOPAT Margin | 37.4% | 31% | 30.8% | 32% | 31.4% | 33.6% | 33.6% | 33.6% |
D&A | 34.1 | 34.3 | 34.6 | 47 | 54 | 34.8 | 34.8 | 34.8 |
D&A / Revenue | 2.6% | 2% | 1.7% | |||||
Capex | -28.8 | -31 | -38.8 | -53 | -54 | -35 | -35 | -35 |
Capex / Revenue | -2.2% | -1.8% | -1.9% | |||||
Chg. NWC | -47.2 | 49.3 | -8 | -9.5 | -10.8 | -12.5 | -12.5 | -12.5 |
Chg. NWC / Revenue | -3.5% | 2.8% | -0.4% | |||||
Unlevered FCF (UFCF) | 456.1 | 588.9 | 618.9 | 826.4 | 925.5 | 1,146.6 | 1,146.6 | 1,146.6 |
UFCF % Chg. | 96.6% | 29.1% | 5.1% | 33.5% | 12% | 23.9% | — | — |
PV of UFCF | — | — | — | 761.2 | 785.2 | 896 | 825.3 | 760.2 |
Sum of PV of UFCF | — | — | — | 761.2 | 1,546.4 | 2,442.4 | 3,267.7 | 4,027.9 |
| Cost of Debt | |
| Tax Rate | |
| After Tax Cost of Debt | 6.5% |
| Risk Free Rate | |
| Market Risk Premium | |
| Beta | 1 |
| Cost of Equity | 8.7% |
| Total Debt | 1,650 |
| Market Cap | 30,417.5 |
| Total Capital | 32,067.5 |
| Debt Weighting | 5.1% |
| Equity Weighting | 94.9% |
| WACC | 8.6% |
| Exit Multiple EV/FCF | |
| Terminal Value | 31,764.1 |
| PV of Terminal Value | 19,398.9 |
| Cumulative PV of UFCF | 4,027.9 |
| Net Debt | 1,346.1 |
| Equity Value | 22,080.8 |
| Shares Outstanding | 284.1 |
| Implied Share Price | 77.7 |
| Current Share Price | 107.1 |
| Implied Upside / (Downside) | -27.4% |