Discounted Cash Flow

Tripadvisor, Inc.

TRIP · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $1.5b $120.0m $249.0m 8.1% $0.83
2017 $1.6b (5.1%) $-19.0m (-115.8%) $174.0m (-30.1%) -1.2% (-115.1%) $-0.14 (-116.9%)
2018 $1.6b (3.8%) $113.0m (694.7%) $344.0m (97.7%) 7.0% (673.0%) $0.82 (685.7%)
2019 $1.6b (-3.4%) $126.0m (11.5%) $341.0m (-0.9%) 8.1% (15.4%) $0.91 (11.0%)
2020 $604.0m (-61.3%) $-289.0m (-329.4%) $-249.0m (-173.0%) -47.8% (-692.4%) $-2.14 (-335.2%)
2021 $902.0m (49.3%) $-148.0m (48.8%) $54.0m (121.7%) -16.4% (65.7%) $-1.08 (49.5%)
2022 $1.5b (65.4%) $20.0m (113.5%) $20.0m (-63.0%) 1.3% (108.2%) $0.14 (113.0%)
2023 $1.8b (19.8%) $10.0m (-50.0%) $172.0m (760.0%) 0.6% (-58.3%) $0.07 (-50.0%)
2024 $1.8b (2.6%) $5.0m (-50.0%) $70.0m (-59.3%) 0.3% (-51.3%) $0.04 (-42.9%)
2025 $1.9b (3.1%) $40.0m (700.0%) $163.0m (132.9%) 2.1% (676.3%) $0.32 (700.0%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model