Discounted Cash Flow (DCF) Analysis Levered

Free Cash Flow Facebook In

Year A / P	2012 Actual	2013 Actual	2014 Actual	2015 Actual	2016 Actual	2017 Projected	2018 Projected	2019 Projected	2020 Projected	2021 Projected
Revenue	12,466	17,928	27,638	40,653	55,838	81,300	118,373	172,351	250,943	365,373
Revenue (%)
OperatingCashFlow	5,457	8,599	16,108	24,216	29,274	42,601	62,027	90,312	131,494	191,456
OperatingCashFlow (%)
CapitalExpenditure	-1,831	-2,523	-4,491	-6,733	-13,915	-14,065	-20,479	-29,817	-43,413	-63,210
CapitalExpenditure (%)
FreeCashFlow	3,626	6,076	11,617	17,483	15,359	28,536	41,549	60,495	88,081	128,246

Year A / P	2012 Actual	2013 Actual	2014 Actual	2015 Actual	2016 Actual
Revenue	12,466	17,928	27,638	40,653	55,838
Revenue (%)
OperatingCashFlow	5,457	8,599	16,108	24,216	29,274
OperatingCashFlow (%)
CapitalExpenditure	-1,831	-2,523	-4,491	-6,733	-13,915
CapitalExpenditure (%)
FreeCashFlow	3,626	6,076	11,617	17,483	15,359

Year A / P	2017 Projected	2018 Projected	2019 Projected	2020 Projected	2021 Projected
Revenue	81,300	118,373	172,351	250,943	365,373
Revenue (%)
OperatingCashFlow	42,601	62,027	90,312	131,494	191,456
OperatingCashFlow (%)
CapitalExpenditure	-14,065	-20,479	-29,817	-43,413	-63,210
CapitalExpenditure (%)
FreeCashFlow	28,536	41,549	60,495	88,081	128,246

Weighted Average Cost Of Capital Facebook In

Share Price	$ 164.38
Diluted Shares Outstanding	2925
Cost of Debt
Tax Rate	12.8
After-tax Cost of Debt	3.7
Risk Free Rate
Market Risk Premium
Cost of Equity	8.75
Total Debt	0.00
Total Equity	480,153.98
Total Capital	480,153.98
Debt Weighting	0.00
Equity Weighting	100.00
Wacc

Build Up Free Cash Flow Facebook In

Year A / P	2012 Actual	2013 Actual	2014 Actual	2015 Actual	2016 Actual	2017 Projected	2018 Projected	2019 Projected	2020 Projected	2021 Projected
Revenue	12,466	17,928	27,638	40,653	55,838	81,300	118,373	172,351	250,943	365,373
OperatingCashFlow	5,457	8,599	16,108	24,216	29,274	42,601	62,027	90,312	131,494	191,456
CapitalExpenditure	-1,831	-2,523	-4,491	-6,733	-13,915	-14,065	-20,479	-29,817	-43,413	-63,210
FreeCashFlowFreeCashFlow	3,626	6,076	11,617	17,483	15,359	28,536	41,549	60,495	88,081	128,246
WACC
PV LFCF						26,228	35,100	46,971	62,859	84,120
SUM PV LFCF										255,278

Year A / P	2012 Actual	2013 Actual	2014 Actual	2015 Actual	2016 Actual
Revenue	12,466	17,928	27,638	40,653	55,838
OperatingCashFlow	5,457	8,599	16,108	24,216	29,274
CapitalExpenditure	-1,831	-2,523	-4,491	-6,733	-13,915
FreeCashFlowFreeCashFlow	3,626	6,076	11,617	17,483	15,359
WACC
PV LFCF
SUM PV LFCF

Year A / P	2017 Projected	2018 Projected	2019 Projected	2020 Projected	2021 Projected
Revenue	81,300	118,373	172,351	250,943	365,373
OperatingCashFlow	42,601	62,027	90,312	131,494	191,456
CapitalExpenditure	-14,065	-20,479	-29,817	-43,413	-63,210
FreeCashFlowFreeCashFlow	28,536	41,549	60,495	88,081	128,246
WACC
PV LFCF	26,228	35,100	46,971	62,859	84,120
SUM PV LFCF					255,278

Terminal Value Facebook In

Growth in perpetuity method:
Long term growth rate
WACC (%)	8.8
Free cash flow (t+1)	133,375.85
Terminal Value	2,778,663.44
Present Value of Terminal Value	1,822,600.44

Intrinsic Value Facebook In

Enterprise Value	2,077,879
Net Debt	-41,114
Equity Value	2,118,993
Shares Outstanding	2,921
Equity Value Per Share	725

Results Levered DCF Facebook In

${Wacc}/{Long \space Term \space Growth}$	-4 (%)	-3 (%)	-2 (%)	-1 (%)	0 (%)	1 (%)	2 (%)	3 (%)	4 (%)
6.8 (%)	382 Buy	414 Buy	453 Buy	503 Buy	566 Buy	652 Buy	773 Buy	958 Buy	1,275 Buy
7.3 (%)	364 Buy	392 Buy	427 Buy	470 Buy	524 Buy	596 Buy	696 Buy	841 Buy	1,074 Buy
7.8 (%)	347 Buy	372 Buy	403 Buy	441 Buy	488 Buy	549 Buy	632 Buy	749 Buy	927 Buy
8.3 (%)	331 Buy	354 Buy	382 Buy	415 Buy	457 Buy	509 Buy	579 Buy	674 Buy	814 Buy
8.8 (%)	317 Buy	338 Buy	363 Buy	392 Buy	429 Buy	474 Buy	533 Buy	613 Buy	725 Buy
9.3 (%)	305 Buy	323 Buy	346 Buy	372 Buy	404 Buy	444 Buy	495 Buy	562 Buy	654 Buy
9.8 (%)	293 Buy	310 Buy	330 Buy	354 Buy	382 Buy	417 Buy	461 Buy	518 Buy	595 Buy
10.3 (%)	282 Buy	298 Buy	316 Buy	337 Buy	363 Buy	394 Buy	432 Buy	481 Buy	545 Buy
10.8 (%)	272 Buy	286 Buy	303 Buy	322 Buy	345 Buy	372 Buy	406 Buy	449 Buy	504 Buy

${Wacc}/{Long \space Term \space Growth}$	-4 (%)	-3 (%)	-2 (%)	-1 (%)	0 (%)
6.8 (%)	382 Buy	414 Buy	453 Buy	503 Buy	566 Buy
7.3 (%)	364 Buy	392 Buy	427 Buy	470 Buy	524 Buy
7.8 (%)	347 Buy	372 Buy	403 Buy	441 Buy	488 Buy
8.3 (%)	331 Buy	354 Buy	382 Buy	415 Buy	457 Buy
8.8 (%)	317 Buy	338 Buy	363 Buy	392 Buy	429 Buy

${Wacc}/{Long \space Term \space Growth}$	1 (%)	2 (%)	3 (%)	4 (%)
9.3 (%)	444 Buy	495 Buy	562 Buy	654 Buy
9.8 (%)	417 Buy	461 Buy	518 Buy	595 Buy
10.3 (%)	394 Buy	432 Buy	481 Buy	545 Buy
10.8 (%)	372 Buy	406 Buy	449 Buy	504 Buy

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