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	7,872	12,466	17,928	27,638	40,653	61,345	92,570	139,688	210,790	318,082
Revenue (%)
OperatingCashFlow	4,222	5,457	8,599	16,108	24,216	32,329	48,784	73,616	111,086	167,629
OperatingCashFlow (%)
CapitalExpenditure	-1,362	-1,831	-2,523	-4,491	-6,733	-9,693	-14,626	-22,071	-33,305	-50,257
CapitalExpenditure (%)
FreeCashFlow	2,860	3,626	6,076	11,617	17,483	22,636	34,158	51,545	77,781	117,372

Year A / P	2012 Actual	2013 Actual	2014 Actual	2015 Actual	2016 Actual
Revenue	7,872	12,466	17,928	27,638	40,653
Revenue (%)
OperatingCashFlow	4,222	5,457	8,599	16,108	24,216
OperatingCashFlow (%)
CapitalExpenditure	-1,362	-1,831	-2,523	-4,491	-6,733
CapitalExpenditure (%)
FreeCashFlow	2,860	3,626	6,076	11,617	17,483

Year A / P	2017 Projected	2018 Projected	2019 Projected	2020 Projected	2021 Projected
Revenue	61,345	92,570	139,688	210,790	318,082
Revenue (%)
OperatingCashFlow	32,329	48,784	73,616	111,086	167,629
OperatingCashFlow (%)
CapitalExpenditure	-9,693	-14,626	-22,071	-33,305	-50,257
CapitalExpenditure (%)
FreeCashFlow	22,636	34,158	51,545	77,781	117,372

Weighted Average Cost Of Capital Facebook In

Share Price	$ 130.65
Diluted Shares Outstanding	2853
Cost of Debt
Tax Rate	22.6
After-tax Cost of Debt	3.3
Risk Free Rate
Market Risk Premium
Cost of Equity	8.75
Total Debt	0.00
Total Equity	386,201.40
Total Capital	386,201.40
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	7,872	12,466	17,928	27,638	40,653	61,345	92,570	139,688	210,790	318,082
OperatingCashFlow	4,222	5,457	8,599	16,108	24,216	32,329	48,784	73,616	111,086	167,629
CapitalExpenditure	-1,362	-1,831	-2,523	-4,491	-6,733	-9,693	-14,626	-22,071	-33,305	-50,257
FreeCashFlowFreeCashFlow	2,860	3,626	6,076	11,617	17,483	22,636	34,158	51,545	77,781	117,372
WACC
PV LFCF						20,806	28,856	40,022	55,509	76,988
SUM PV LFCF										222,180

Year A / P	2012 Actual	2013 Actual	2014 Actual	2015 Actual	2016 Actual
Revenue	7,872	12,466	17,928	27,638	40,653
OperatingCashFlow	4,222	5,457	8,599	16,108	24,216
CapitalExpenditure	-1,362	-1,831	-2,523	-4,491	-6,733
FreeCashFlowFreeCashFlow	2,860	3,626	6,076	11,617	17,483
WACC
PV LFCF
SUM PV LFCF

Year A / P	2017 Projected	2018 Projected	2019 Projected	2020 Projected	2021 Projected
Revenue	61,345	92,570	139,688	210,790	318,082
OperatingCashFlow	32,329	48,784	73,616	111,086	167,629
CapitalExpenditure	-9,693	-14,626	-22,071	-33,305	-50,257
FreeCashFlowFreeCashFlow	22,636	34,158	51,545	77,781	117,372
WACC
PV LFCF	20,806	28,856	40,022	55,509	76,988
SUM PV LFCF					222,180

Terminal Value Facebook In

Growth in perpetuity method:
Long term growth rate
WACC (%)	8.8
Free cash flow (t+1)	122,067.07
Terminal Value	2,543,063.87
Present Value of Terminal Value	1,668,064.31

Intrinsic Value Facebook In

Enterprise Value	1,890,244
Net Debt	-41,711
Equity Value	1,931,955
Shares Outstanding	2,956
Equity Value Per Share	654

Results Levered DCF Facebook In

${Wacc}/{Long \space Term \space Growth}$	-4 (%)	-3 (%)	-2 (%)	-1 (%)	0 (%)	1 (%)	2 (%)	3 (%)	4 (%)
6.8 (%)	343 Buy	372 Buy	408 Buy	452 Buy	510 Buy	587 Buy	697 Buy	864 Buy	1,151 Buy
7.3 (%)	326 Buy	352 Buy	383 Buy	422 Buy	472 Buy	537 Buy	627 Buy	758 Buy	969 Buy
7.8 (%)	311 Buy	334 Buy	362 Buy	396 Buy	439 Buy	494 Buy	569 Buy	675 Buy	836 Buy
8.3 (%)	297 Buy	318 Buy	343 Buy	373 Buy	410 Buy	458 Buy	521 Buy	607 Buy	734 Buy
8.8 (%)	285 Buy	303 Buy	326 Buy	352 Buy	385 Buy	427 Buy	480 Buy	552 Buy	654 Buy
9.3 (%)	273 Buy	290 Buy	310 Buy	334 Buy	363 Buy	399 Buy	445 Buy	505 Buy	589 Buy
9.8 (%)	262 Buy	278 Buy	296 Buy	317 Buy	343 Buy	375 Buy	415 Buy	466 Buy	535 Buy
10.3 (%)	253 Buy	267 Buy	283 Buy	302 Buy	325 Buy	353 Buy	388 Buy	432 Buy	491 Buy
10.8 (%)	244 Buy	256 Buy	271 Buy	289 Buy	309 Buy	334 Buy	365 Buy	403 Buy	453 Buy

${Wacc}/{Long \space Term \space Growth}$	-4 (%)	-3 (%)	-2 (%)	-1 (%)	0 (%)
6.8 (%)	343 Buy	372 Buy	408 Buy	452 Buy	510 Buy
7.3 (%)	326 Buy	352 Buy	383 Buy	422 Buy	472 Buy
7.8 (%)	311 Buy	334 Buy	362 Buy	396 Buy	439 Buy
8.3 (%)	297 Buy	318 Buy	343 Buy	373 Buy	410 Buy
8.8 (%)	285 Buy	303 Buy	326 Buy	352 Buy	385 Buy

${Wacc}/{Long \space Term \space Growth}$	1 (%)	2 (%)	3 (%)	4 (%)
9.3 (%)	399 Buy	445 Buy	505 Buy	589 Buy
9.8 (%)	375 Buy	415 Buy	466 Buy	535 Buy
10.3 (%)	353 Buy	388 Buy	432 Buy	491 Buy
10.8 (%)	334 Buy	365 Buy	403 Buy	453 Buy

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