Major Indexes

Discounted Cash Flow (DCF) Analysis Levered

Facebook Inc. (FB)

$232.72

0.81 (+0.35%)

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	5,456.41	8,598.63	16,107.98	24,217.67	29,276.10	36,317.08	53,583.29	77,460.01	111,976.18	161,872.77
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	5,583.61	7,287.68	11,121.20	20,599.31	30,949.99	43,191.04	51,417.98	71,856.59	103,875.89	150,162.99	217,075.62

Weighted Average Cost Of Capital

Share price	$ 232.72
Diluted Shares Outstanding	2,876.00
Cost of Debt
Tax Rate	25.50
After-tax Cost of Debt	-1.22
Risk-Free Rate
Market Risk Premium
Cost of Equity	10.92
Total Debt	9,524.00
Total Equity	669,302.72
Total Capital	678,826.72
Debt Weighting	1.40
Equity Weighting	98.60
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	5,456.41	8,598.63	16,107.98	24,217.67	29,276.10	36,317.08	53,583.29	77,460.01	111,976.18	161,872.77
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	5,583.61	7,287.68	11,121.20	20,599.31	30,949.99	43,191.04	51,417.98	71,856.59	103,875.89	150,162.99	217,075.62
WACC
PV LFCF								64,840.82	84,582.10	110,333.77	143,925.74
SUM PV LFCF											296,343.74

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	10.82
Free cash flow (t + 1)	91,694.98
Terminal Value	1,344,501.19
Present Value of Terminal Value	804,397.04

Intrinsic Value

Enterprise Value	927,557.33
Net Debt	-45,329.85
Equity Value	972,887.18
Shares Outstanding	2,876.00
Equity Value Per Share	807.42

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