Discounted Cash Flow (DCF) Analysis Levered

Facebook Inc. (FB)

Technology

Free Cash Flow

Year A/P	2013 Actual	2014 Actual	2015 Actual	2016 Actual	2017 Actual	2018 Actual	2019 Projected	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	82,730.25	122,573.14	181,604.37	269,065.03	398,646.75
Revenue (%)
Operating Cash Flow	4,221.75	5,456.41	8,598.63	16,107.98	24,217.67	29,276.10	43,524.39	64,485.73	95,542.06	141,555.11	209,728.05
Operating Cash Flow (%)
Capital Expenditure	1,361.86	1,831.27	2,522.57	4,491.33	6,732.32	13,914.94	14,312.33	21,205.15	31,417.56	46,548.25	68,965.89
Capital Expenditure (%)
Free Cash Flow	5,583.61	7,287.68	11,121.20	20,599.31	30,949.99	43,191.04	57,836.72	85,690.88	126,959.61	188,103.36	278,693.94

Weighted Average Cost Of Capital

Share price	$ 221.44
Diluted Shares Outstanding	2,890.00
Cost of Debt
Tax Rate	12.81
After-tax Cost of Debt	-0.59
Risk-Free Rate
Market Risk Premium
Cost of Equity	10.92
Total Debt	-
Total Equity	639,961.60
Total Capital	639,961.60
Debt Weighting	0.00
Equity Weighting	100.00
Wacc

Build Up Free Cash Flow

Year A/P	2013 Actual	2014 Actual	2015 Actual	2016 Actual	2017 Actual	2018 Actual	2019 Projected	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	82,730.25	122,573.14	181,604.37	269,065.03	398,646.75
Operating Cash Flow	4,221.75	5,456.41	8,598.63	16,107.98	24,217.67	29,276.10	43,524.39	64,485.73	95,542.06	141,555.11	209,728.05
Capital Expenditure	1,361.86	1,831.27	2,522.57	4,491.33	6,732.32	13,914.94	14,312.33	21,205.15	31,417.56	46,548.25	68,965.89
Free Cash Flow	5,583.61	7,287.68	11,121.20	20,599.31	30,949.99	43,191.04	57,836.72	85,690.88	126,959.61	188,103.36	278,693.94
WACC
PV LFCF							57,836.72	77,254.67	103,191.96	137,837.37	184,114.54
SUM PV LFCF											345,547.99

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	10.92
Free cash flow (t + 1)	119,739.04
Terminal Value	1,730,332.96
Present Value of Terminal Value	1,030,576.84

Intrinsic Value

Enterprise Value	1,176,656.29
Net Debt	-41,113.85
Equity Value	1,217,770.14
Shares Outstanding	2,890.00
Equity Value Per Share	996.99

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