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 | 7,872 | 12,466 | 17,928 | 27,638 | 40,653 | 55,838 | 70,697 | 85,965 | 121,454.54 | 171,595.49 | 242,436.47 | 342,523.25 | 483,929.56 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | |||||||||||||
| Operating Cash Flow | 4,222 | 5,457 | 8,599 | 16,108 | 24,216 | 29,274 | 36,314 | 38,747 | 62,562.34 | 88,390.39 | 124,881.23 | 176,436.83 | 249,276.51 |
| 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 | 2,860 | 3,626 | 6,076 | 11,617 | 17,483 | 15,359 | 21,212 | 23,632 | 40,891.98 | 57,773.71 | 81,624.85 | 115,322.61 | 162,932.07 |
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 | 7,872 | 12,466 | 17,928 | 27,638 | 40,653 | 55,838 | 70,697 | 85,965 | 121,454.54 | 171,595.49 | 242,436.47 | 342,523.25 | 483,929.56 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 4,222 | 5,457 | 8,599 | 16,108 | 24,216 | 29,274 | 36,314 | 38,747 | 62,562.34 | 88,390.39 | 124,881.23 | 176,436.83 | 249,276.51 |
| 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 | 2,860 | 3,626 | 6,076 | 11,617 | 17,483 | 15,359 | 21,212 | 23,632 | 40,891.98 | 57,773.71 | 81,624.85 | 115,322.61 | 162,932.07 |
| WACC | |||||||||||||
| PV LFCF | 32,315.46 | 40,587.15 | 50,976.11 | 64,024.31 | 80,412.41 | ||||||||
| 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 |