Discounted Cash Flow (DCF) Analysis Levered
Facebook Inc. (FB)
$261.24
-0.06 (-0.02%)
Free Cash Flow
Year A/P | 2013 Actual | 2014 Actual | 2015 Actual | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Projected | 2021 Projected | 2022 Projected | 2023 Projected |
| Revenue | 7,872.00 | 12,466.10 | 17,928.74 | 27,638.95 | 40,654.13 | 55,838.45 | 70,697.07 | 102,199.68 | 147,739.85 | 213,572.73 | 308,740.74 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | |||||||||||
| Operating Cash Flow | 4,221.75 | 7,326.33 | 10,319.78 | 16,107.98 | 24,217.67 | 29,276.10 | 36,317.08 | 57,170.50 | 82,645.67 | 119,472.59 | 172,709.57 |
| Operating Cash Flow (%) | |||||||||||
| Capital Expenditure | -1,361.86 | -1,831.27 | -2,522.57 | -4,491.33 | -6,732.32 | -13,914.94 | -15,100.89 | -18,273.30 | -26,415.89 | -38,186.80 | -55,202.84 |
| Capital Expenditure (%) | |||||||||||
| Free Cash Flow | 2,859.90 | 5,495.06 | 7,797.21 | 11,616.65 | 17,485.34 | 15,361.16 | 21,216.19 | 38,897.20 | 56,229.79 | 81,285.78 | 117,506.73 |
Weighted Average Cost Of Capital
Weighted Average Cost Of Capital
| Share price | $ 261.24 |
|---|---|
| Diluted Shares Outstanding | 2,876.00 |
| Cost of Debt | |
| Tax Rate | 25.50 |
| After-tax Cost of Debt | 3.73% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.917 |
| Total Debt | 473.00 |
| Total Equity | 751,326.24 |
| Total Capital | 751,744.24 |
| Debt Weighting | 0.06 |
| Equity Weighting | 99.94 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2013 Actual | 2014 Actual | 2015 Actual | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Projected | 2021 Projected | 2022 Projected | 2023 Projected |
| Revenue | 7,872.00 | 12,466.10 | 17,928.74 | 27,638.95 | 40,654.13 | 55,838.45 | 70,697.07 | 102,199.68 | 147,739.85 | 213,572.73 | 308,740.74 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 4,221.75 | 7,326.33 | 10,319.78 | 16,107.98 | 24,217.67 | 29,276.10 | 36,317.08 | 57,170.50 | 82,645.67 | 119,472.59 | 172,709.57 |
| Capital Expenditure | -1,361.86 | -1,831.27 | -2,522.57 | -4,491.33 | -6,732.32 | -13,914.94 | -15,100.89 | -18,273.30 | -26,415.89 | -38,186.80 | -55,202.84 |
| Free Cash Flow | 2,859.90 | 5,495.06 | 7,797.21 | 11,616.65 | 17,485.34 | 15,361.16 | 21,216.19 | 38,897.20 | 56,229.79 | 81,285.78 | 117,506.73 |
| WACC | |||||||||||
| PV LFCF | 38,897.20 | 50,698.57 | 66,080.48 | 86,129.24 | |||||||
| SUM PV LFCF | 154,995.67 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 10.91 |
| Free cash flow (t + 1) | 129,357.51 |
| Terminal Value | 1,872,033.42 |
| Present Value of Terminal Value | 1,115,475.59 |
Intrinsic Value
| Enterprise Value | 1,285,271.42 |
|---|---|
| Net Debt | -18,606.00 |
| Equity Value | 1,303,877.42 |
| Shares Outstanding | 2,876.00 |
| Equity Value Per Share | 426.78 |