Discounted Cash Flow (DCF) Analysis Levered

Facebook Inc (FB)

$ 311.54
-0.92 (-0.29%)

Free Cash Flow

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 7,87212,46617,92827,63840,65355,83870,69785,965121,454.54171,595.49242,436.47342,523.25483,929.56
Revenue (%)
Operating Cash Flow 4,2225,4578,59916,10824,21629,27436,31438,74762,562.3488,390.39124,881.23176,436.83249,276.51
Operating Cash Flow (%)
Capital Expenditure -1,362-1,831-2,523-4,491-6,733-13,915-15,102-15,115-21,670.35-30,616.68-43,256.38-61,114.22-86,344.44
Capital Expenditure (%)
Free Cash Flow 2,8603,6266,07611,61717,48315,35921,21223,63240,891.9857,773.7181,624.85115,322.61162,932.07

Weighted Average Cost Of Capital

Share price $ 311.54
Beta 1.272
Diluted Shares Outstanding 2,888
Cost of Debt
Tax Rate 12.16
After-tax Cost of Debt 4.39%
Risk-Free Rate
Market Risk Premium
Cost of Equity 12.588
Total Debt 10,654
Total Equity 899,727.52
Total Capital 910,381.52
Debt Weighting 1.17
Equity Weighting 98.83
Wacc

Build Up Free Cash Flow

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 7,87212,46617,92827,63840,65355,83870,69785,965121,454.54171,595.49242,436.47342,523.25483,929.56
Operating Cash Flow 4,2225,4578,59916,10824,21629,27436,31438,74762,562.3488,390.39124,881.23176,436.83249,276.51
Capital Expenditure -1,362-1,831-2,523-4,491-6,733-13,915-15,102-15,115-21,670.35-30,616.68-43,256.38-61,114.22-86,344.44
Free Cash Flow 2,8603,6266,07611,61717,48315,35921,21223,63240,891.9857,773.7181,624.85115,322.61162,932.07
WACC
PV LFCF 32,315.4640,587.1550,976.1164,024.3180,412.41
SUM PV LFCF 301,828.03

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 12.49
Free cash flow (t + 1) 169,449.35
Terminal Value 1,995,869.83
Present Value of Terminal Value 1,108,058.35

Intrinsic Value

Enterprise Value 1,409,886.38
Net Debt -6,922
Equity Value 1,416,808.38
Shares Outstanding 2,888
Equity Value Per Share 490.58