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Discounted Cash Flow (DCF) Analysis Levered


Amazon.com Inc.

Amazon.com Inc. (AMZN)

Technology

Free Cash Flow

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 74,452.0088,985.03107,004.50135,981.32177,863.56232,876.76292,772.67368,073.80462,742.38581,759.72731,388.32
Revenue (%)
Operating Cash Flow 5,472.226,842.9511,920.3016,440.1418,426.6730,716.4530,184.8637,948.4147,708.7459,979.4375,406.14
Operating Cash Flow (%)
Capital Expenditure 3,447.134,894.184,590.496,731.08-13,436.9914,726.4718,514.1123,275.9429,262.5136,788.83
Capital Expenditure (%)
Free Cash Flow 8,919.3511,737.1316,510.7923,171.2218,426.6744,153.4344,911.3356,462.5270,984.6889,241.94112,194.97

Weighted Average Cost Of Capital

Share price $ 1,892
Diluted Shares Outstanding 487.00
Cost of Debt
Tax Rate 10.62
After-tax Cost of Debt -0.48
Risk-Free Rate
Market Risk Premium
Cost of Equity 14.53
Total Debt 23,495.00
Total Equity 921,404.00
Total Capital 944,899.00
Debt Weighting 2.49
Equity Weighting 97.51
Wacc

Build Up Free Cash Flow

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 74,452.0088,985.03107,004.50135,981.32177,863.56232,876.76292,772.67368,073.80462,742.38581,759.72731,388.32
Operating Cash Flow 5,472.226,842.9511,920.3016,440.1418,426.6730,716.4530,184.8637,948.4147,708.7459,979.4375,406.14
Capital Expenditure 3,447.134,894.184,590.496,731.08-13,436.9914,726.4718,514.1123,275.9429,262.5136,788.83
Free Cash Flow 8,919.3511,737.1316,510.7923,171.2218,426.6744,153.4344,911.3356,462.5270,984.6889,241.94112,194.97
WACC
PV LFCF 44,911.3349,407.1854,353.0859,794.1065,779.79
SUM PV LFCF 178,447.95

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 14.28
Free cash flow (t + 1) 60,525.13
Terminal Value 588,765.90
Present Value of Terminal Value 302,058.80

Intrinsic Value

Enterprise Value 399,979.88
Net Debt -17,747.47
Equity Value 417,727.36
Shares Outstanding 487.00
Equity Value Per Share 1,598.60