investorscraft@gmail.com

Intrinsic Value of LendingTree, Inc. (TREE)

Previous Close$35.59
Intrinsic Value
Upside potential
Previous Close
$35.59

VALUATION INPUT DATA

Revenue, mln $Initial revenue growth rate, %Variable cost ratio, %Fixed operating exp., mln $Prod. assets / Revenue, %Working capital / Revenue, %Interest rate on debt, %Initial discount rate, %Shares outstanding, mlnAdjusted equity ratioAdjusted assets / RevenueCash & ST InvestmentsTotal debt

This valuation is based on fiscal year data as of 2024 and quarterly data as of 2024-12-31.

Quarterly Revenue – actual and YoY change

show cash flow forecast

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year2025202620272028202920302031203220332034203520362037203820392040204120422043204420452046204720482049

INCOME STATEMENT

Revenue growth rate, %33.932.531.129.828.527.426.225.224.223.222.321.420.619.819.118.417.717.116.515.915.414.814.413.913.4
Revenue, $1205159720932716349144475613702787261075113149159681926023081274883254238309448535224560554698568022491736104472118511
Variable operating expenses, $m24131941954369888911231405174521502630319438524616549865087662897110449121111397116045183472089423702
Fixed operating expenses, $m733795863936101611021196129714081527165717981951211722972492270429343183345337474065441147865193
Total operating expenses, $m974111412821479171419912319270231533677428749925803673377959000103661190513632155641771820110227582568028895
Operating income, $m231482811123717772455329543245573707488621097613457163481969323542279433294938613449905213860114689787879189616
EBITDA, $m258518859129918582559342744915781733291811136713931169192037824357289093408639944465405393462186713588151392715
Interest expense (income), $m224051658310513116420425230937645554765577892010821266147417071968225925832940
Earnings before tax, $m210442760117116942350316341605369682285541060113002158001903922763270233186737347435165043158146667197620986676
Tax expense, $m571192053164576358541123145018422309286235114266514061467296860410084117491361615699180142057623402
Net income, $m153322555855123717162309303739194980624477389492115341389816617197272326327263317673681442446487055563263273

BALANCE SHEET

Cash and short-term investments, $m0000000000000000000000000
Total assets, $m940124516322119272334684378548168068386102561245515023180032144025383298813498540751472325448862575715548148892439
Adjusted assets (=assets-cash), $m940124516322119272334684378548168068386102561245515023180032144025383298813498540751472325448862575715548148892439
Average production assets, $m647857112414591875238830143774468657737061857510343123941476117475205722408628055325183751343080492625610163640
Working capital, $m395167871121421802252793444215116167398801041122614351672193822352567293633433792
Total debt, $m101212861635207226163287410650996291771393961137513686163681946223010270583165236841426754920456483645647350583360
Total liabilities, $m84611211469190724513121394149336125754792311121013521162031929622845268933148736676425094903956317643997333983195
Total equity, $m94125163212272347438548681839102612461502180021442538298834994075472354496257715581499244
Debt-to-equity ratio5.7878.1247.8807.7167.6107.5447.5077.4927.4917.5027.5207.5447.5727.6027.6347.6677.7017.7347.7677.8007.8327.8637.8947.9237.952
Adjusted equity ratio0.1000.1000.1000.1000.1000.1000.1000.1000.1000.1000.1000.1000.1000.1000.1000.1000.1000.1000.1000.1000.1000.1000.1000.1000.100

CASH FLOW

Net income, $m153322555855123717162309303739194980624477389492115341389816617197272326327263317673681442446487055563263273
Depreciation, amort., depletion, $m273647628110413216720825931939047457168581696511371331155017972073238027223100
Funds from operations, $m180358602917131718192441320341285239656381299965121061458317433206922439928594333173861144519510855835466373
Change in working capital, $m101316202531374554657790105122141162185209237266298332368408449
Cash from operations, $m170346586897129317892404315840735174648680389860119831444217271205082419028357330513831344187507165794665924
Maintenance CAPEX, $m-27-36-47-62-81-104-132-167-208-259-319-390-474-571-685-816-965-1137-1331-1550-1797-2073-2380-2722-3100
New CAPEX, $m-164-210-266-335-416-513-627-759-912-1088-1288-1514-1768-2052-2367-2714-3097-3514-3969-4462-4995-5568-6182-6839-7539
Total CAPEX, $m-191-246-314-397-497-617-759-926-1121-1347-1607-1904-2242-2623-3051-3530-4062-4651-5300-6012-6791-7640-8562-9561-10639
Free cash flow, $m-211002725007961172164522322953382748806134761893601139113741164461953923057270393152236547421544838655285
Issuance/(repurchase) of shares, $m6000000000000000000000000
Retained Cash Flow, $m-125-31-39-49-60-75-91-110-132-158-187-220-257-298-344-394-450-510-577-648-726-809-898-993-1095
Pot'l extraordinary dividend, $m140
Cash available for distribution, $m0692344527351098155421222820366946935915736290621104713347159961902822481263913079635738412564739354190
Discount rate, %5.806.096.396.717.057.407.778.168.579.009.459.9210.4210.9411.4812.0612.6613.2913.9614.6615.3916.1616.9717.8118.71
PV of cash for distribution, $m0611943485237159201133134615501738190120302119216321592108201218781712152413241122927745
Current shareholders' claim on cash, %50505050505050505050505050505050505050505050505050