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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 5,472.226,842.9512,038.0117,201.6418,373.3130,716.4530,477.6338,316.4848,171.4860,561.1976,137.52
Operating Cash Flow (%)
Capital Expenditure -3,447.13-4,894.18-4,590.49-6,731.08-10,049.29-11,317.81-14,580.08-18,330.08-23,044.57-28,971.63-36,423.14
Capital Expenditure (%)
Free Cash Flow 2,025.091,948.777,447.5110,470.568,324.0119,398.6315,897.5619,986.4125,126.9131,589.5539,714.39

Weighted Average Cost Of Capital

Share price $ 1,752.12
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 15.41
Total Debt 33,145.00
Total Equity 853,282.44
Total Capital 886,427.44
Debt Weighting 3.74
Equity Weighting 96.26
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 5,472.226,842.9512,038.0117,201.6418,373.3130,716.4530,477.6338,316.4848,171.4860,561.1976,137.52
Capital Expenditure -3,447.13-4,894.18-4,590.49-6,731.08-10,049.29-11,317.81-14,580.08-18,330.08-23,044.57-28,971.63-36,423.14
Free Cash Flow 2,025.091,948.777,447.5110,470.568,324.0119,398.6315,897.5619,986.4125,126.9131,589.5539,714.39
WACC
PV LFCF 13,823.9615,112.6016,521.3518,061.4319,745.07
SUM PV LFCF 62,640.51

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 15.00
Free cash flow (t + 1) 76,288.81
Terminal Value 693,534.60
Present Value of Terminal Value 344,809.27

Intrinsic Value

Enterprise Value 455,018.64
Net Debt -8,097.47
Equity Value 463,116.12
Shares Outstanding 487.00
Equity Value Per Share 528.58