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NMS · Valuation Lab
ZG
Zillow Group, Inc.
Last$36.89
Market cap8.4B
EV/EBITDA71.5x
Intrinsic value
$174.82
MoS +78.9% · Undervalued
Assuming 10.6% FCF margin and 18.4% Y1–5 growth.
Upside to price
EV (DCF)7B
Terminal share51%
Expected IV$182.78
Probability weights
Projected free cash flows
Stage FCF path with present values · terminal 51% of EV
PV of stage FCFs3.4B
PV of terminal value3.6B
Enterprise value7B
Net cash / (debt)366M
Equity value7.4B
Intrinsic value / share$174.82
| Year | Revenue | FCF | PV | DF |
|---|---|---|---|---|
| Y1 | 3.2B | 338M | 301.8M | 89.3% |
| Y2 | 3.8B | 400.2M | 319.1M | 79.7% |
| Y3 | 4.5B | 473.8M | 337.4M | 71.2% |
| Y4 | 5.3B | 561M | 356.8M | 63.6% |
| Y5 | 6.3B | 664.2M | 377.2M | 56.8% |
| Y6 | 6.8B | 725.3M | 367.9M | 50.7% |
| Y7 | 7.5B | 792M | 358.7M | 45.3% |
| Y8 | 8.2B | 864.9M | 349.8M | 40.4% |
| Y9 | 8.9B | 944.5M | 341.1M | 36.1% |
| Y10 | 9.7B | 1B | 332.7M | 32.3% |
| Terminal | — | — | 3.6B | — |
Educational DCF model only — not financial advice. Terminal value and assumptions dominate results; verify filings and run your own diligence.