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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 $ 183.89
Diluted Shares Outstanding 2,921.00
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 537,142.69
Total Capital 537,142.69
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 27,142.4936,691.8949,601.0167,051.8790,642.39
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 2,921.00
Equity Value Per Share 718.45

Results Levered DCF

Wacc / Long-term Growth -4 (%)-3 (%)-2 (%)-1 (%)0 (%)1 (%)2 (%)3 (%)4 (%)
11.60 (%) 395.45 Buy 428.08 Buy 467.51 Buy 516.11 Buy 577.50 Buy 657.49 Buy 766.06 Buy 921.82 Buy 1,164.12 Buy
11.10 (%) 375.91 Buy 405.24 Buy 440.37 Buy 483.23 Buy 536.66 Buy 605.15 Buy 696.09 Buy 822.70 Buy 1,011.07 Buy
10.60 (%) 358.11 Buy 384.57 Buy 416.01 Buy 454.01 Buy 500.85 Buy 560.01 Buy 637.09 Buy 741.71 Buy 891.82 Buy
10.10 (%) 341.83 Buy 365.78 Buy 394.05 Buy 427.91 Buy 469.21 Buy 520.72 Buy 586.73 Buy 674.38 Buy 796.41 Buy
9.60 (%) 326.90 Buy 348.66 Buy 374.16 Buy 404.47 Buy 441.11 Buy 486.25 Buy 543.29 Buy 617.60 Buy 718.45 Buy
9.10 (%) 313.18 Buy 333.00 Buy 356.09 Buy 383.34 Buy 415.99 Buy 455.81 Buy 505.47 Buy 569.12 Buy 653.63 Buy
8.60 (%) 300.53 Buy 318.64 Buy 339.61 Buy 364.20 Buy 393.44 Buy 428.76 Buy 472.30 Buy 527.30 Buy 598.96 Buy
8.10 (%) 288.85 Buy 305.43 Buy 324.54 Buy 346.81 Buy 373.10 Buy 404.59 Buy 443.00 Buy 490.89 Buy 552.28 Buy
7.60 (%) 278.03 Buy 293.26 Buy 310.72 Buy 330.95 Buy 354.68 Buy 382.88 Buy 416.95 Buy 458.95 Buy 512.00 Buy