Discounted Cash Flow (DCF) Analysis Levered
Facebook, Inc. (FB)
$ 345.96
2.75 0.80%
Free Cash Flow
Year A/P | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
| Revenue | 27,638 | 40,653 | 55,838 | 70,697 | 85,965 | 114,473.35 | 152,435.86 | 202,987.78 | 270,304.09 | 359,944.35 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 16,108 | 24,216 | 29,274 | 36,314 | 38,747 | 61,063.52 | 81,313.85 | 108,279.76 | 144,188.30 | 192,005.10 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -4,491 | -6,733 | -13,915 | -15,102 | -15,115 | -22,133.68 | -29,473.82 | -39,248.14 | -52,263.90 | -69,596.05 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 11,617 | 17,483 | 15,359 | 21,212 | 23,632 | 38,929.84 | 51,840.04 | 69,031.62 | 91,924.40 | 122,409.05 |
Weighted Average Cost Of Capital
| Share price | $ 345.96 |
|---|---|
| Beta | 1.295 |
| Diluted Shares Outstanding | 2,882 |
| Cost of Debt | |
| Tax Rate | 12.16 |
| After-tax Cost of Debt | 4.39% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 12.771 |
| Total Debt | 10,654 |
| Total Equity | 997,056.72 |
| Total Capital | 1,007,710.72 |
| Debt Weighting | 1.06 |
| Equity Weighting | 98.94 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
| Revenue | 27,638 | 40,653 | 55,838 | 70,697 | 85,965 | 114,473.35 | 152,435.86 | 202,987.78 | 270,304.09 | 359,944.35 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 16,108 | 24,216 | 29,274 | 36,314 | 38,747 | 61,063.52 | 81,313.85 | 108,279.76 | 144,188.30 | 192,005.10 |
| Capital Expenditure | -4,491 | -6,733 | -13,915 | -15,102 | -15,115 | -22,133.68 | -29,473.82 | -39,248.14 | -52,263.90 | -69,596.05 |
| Free Cash Flow | 11,617 | 17,483 | 15,359 | 21,212 | 23,632 | 38,929.84 | 51,840.04 | 69,031.62 | 91,924.40 | 122,409.05 |
| WACC | ||||||||||
| PV LFCF | 19,019.61 | 22,476.95 | 26,562.77 | 31,391.30 | 37,097.54 | |||||
| SUM PV LFCF | 248,039.06 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 12.68 |
| Free cash flow (t + 1) | 127,305.42 |
| Terminal Value | 1,466,652.26 |
| Present Value of Terminal Value | 807,407.85 |
Intrinsic Value
| Enterprise Value | 1,055,446.91 |
|---|---|
| Net Debt | -6,922 |
| Equity Value | 1,062,368.91 |
| Shares Outstanding | 2,882 |
| Equity Value Per Share | 368.62 |