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Discounted Cash Flow (DCF) Analysis Levered


Facebook Inc.

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 7,872.0012,466.1017,928.7427,638.9540,654.1355,838.4582,730.25122,573.14181,604.37269,065.03398,646.75
Revenue (%)
Operating Cash Flow 4,221.757,326.3310,319.7816,107.9824,217.6729,276.1046,916.3369,511.23102,987.84152,586.78226,072.57
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 2,859.905,495.067,797.2111,616.6517,485.3415,361.1632,603.9948,306.0771,570.28106,038.53157,106.68

Weighted Average Cost Of Capital

Share price $ 200.54
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 9.60
Total Debt -
Total Equity 579,560.60
Total Capital 579,560.60
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 7,872.0012,466.1017,928.7427,638.9540,654.1355,838.4582,730.25122,573.14181,604.37269,065.03398,646.75
Operating Cash Flow 4,221.757,326.3310,319.7816,107.9824,217.6729,276.1046,916.3369,511.23102,987.84152,586.78226,072.57
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 2,859.905,495.067,797.2111,616.6517,485.3415,361.1632,603.9948,306.0771,570.28106,038.53157,106.68
WACC
PV LFCF 29,748.1740,214.3154,362.7073,488.8599,344.06
SUM PV LFCF 212,521.26

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.60
Free cash flow (t + 1) 168,506.34
Terminal Value 3,009,041.77
Present Value of Terminal Value 1,902,722.47

Intrinsic Value

Enterprise Value 2,127,409.30
Net Debt -41,113.85
Equity Value 2,168,523.15
Shares Outstanding 2,890.00
Equity Value Per Share 726.16