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DCF Valuation
Base-case fair value
$427.94
Intrinsic $570.59 · 25% MOS
Current price: $171.78
Base-case summary
Our base-case DCF for Booking Holdings Inc. (BKNG) projects 10 years of free cash flow growth at 20.0% for years 1–5 and 10.0% for years 6–10, anchored to 29.1% historical FCF growth, then applies a 2.5% perpetual growth rate and a 8.0% discount rate. Starting from $9.0B in trailing free cash flow, this produces an intrinsic value of $570.59 per share. A 25% safety margin gives a fair value of $427.94, suggesting the stock is currently 149% undervalued against the $171.78 market price.
See 3 scenarios side by side
Conservative, Base, and Optimistic fair values, plus the sensitivity matrix and FCF history. Free account.
Model inputs
TTM Free Cash Flow
$9.0B
Cash & equivalents
$16.0B
Total debt
$18.9B
Shares outstanding
794M