Discounted Cash Flow (DCF) Analysis Levered

Free Cash Flow Alphabet 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	66,001	74,989	90,272	110,855	136,819	164,183	197,019	236,423	283,708	340,449
Revenue (%)
OperatingCashFlow	22,376	26,024	36,036	37,091	47,971	58,121	69,745	83,694	100,433	120,519
OperatingCashFlow (%)
CapitalExpenditure	-15,847	-10,151	-11,198	-13,471	-26,630	-26,762	-32,114	-38,537	-46,244	-55,493
CapitalExpenditure (%)
FreeCashFlow	6,529	15,873	24,838	23,620	21,341	31,359	37,631	45,157	54,188	65,026

Year A / P	2012 Actual	2013 Actual	2014 Actual	2015 Actual	2016 Actual
Revenue	66,001	74,989	90,272	110,855	136,819
Revenue (%)
OperatingCashFlow	22,376	26,024	36,036	37,091	47,971
OperatingCashFlow (%)
CapitalExpenditure	-15,847	-10,151	-11,198	-13,471	-26,630
CapitalExpenditure (%)
FreeCashFlow	6,529	15,873	24,838	23,620	21,341

Year A / P	2017 Projected	2018 Projected	2019 Projected	2020 Projected	2021 Projected
Revenue	164,183	197,019	236,423	283,708	340,449
Revenue (%)
OperatingCashFlow	58,121	69,745	83,694	100,433	120,519
OperatingCashFlow (%)
CapitalExpenditure	-26,762	-32,114	-38,537	-46,244	-55,493
CapitalExpenditure (%)
FreeCashFlow	31,359	37,631	45,157	54,188	65,026

Weighted Average Cost Of Capital Alphabet In

Share Price	$ 1231.1
Diluted Shares Outstanding	699
Cost of Debt
Tax Rate	12.0
After-tax Cost of Debt	3.8
Risk Free Rate
Market Risk Premium
Cost of Equity	11.08
Total Debt	3,950.00
Total Equity	923,325.00
Total Capital	927,275.00
Debt Weighting	0.43
Equity Weighting	99.57
Wacc

Build Up Free Cash Flow Alphabet 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	66,001	74,989	90,272	110,855	136,819	164,183	197,019	236,423	283,708	340,449
OperatingCashFlow	22,376	26,024	36,036	37,091	47,971	58,121	69,745	83,694	100,433	120,519
CapitalExpenditure	-15,847	-10,151	-11,198	-13,471	-26,630	-26,762	-32,114	-38,537	-46,244	-55,493
FreeCashFlowFreeCashFlow	6,529	15,873	24,838	23,620	21,341	31,359	37,631	45,157	54,188	65,026
WACC
PV LFCF						28,226	30,487	32,929	35,567	38,416
SUM PV LFCF										165,625

Year A / P	2012 Actual	2013 Actual	2014 Actual	2015 Actual	2016 Actual
Revenue	66,001	74,989	90,272	110,855	136,819
OperatingCashFlow	22,376	26,024	36,036	37,091	47,971
CapitalExpenditure	-15,847	-10,151	-11,198	-13,471	-26,630
FreeCashFlowFreeCashFlow	6,529	15,873	24,838	23,620	21,341
WACC
PV LFCF
SUM PV LFCF

Year A / P	2017 Projected	2018 Projected	2019 Projected	2020 Projected	2021 Projected
Revenue	164,183	197,019	236,423	283,708	340,449
OperatingCashFlow	58,121	69,745	83,694	100,433	120,519
CapitalExpenditure	-26,762	-32,114	-38,537	-46,244	-55,493
FreeCashFlowFreeCashFlow	31,359	37,631	45,157	54,188	65,026
WACC
PV LFCF	28,226	30,487	32,929	35,567	38,416
SUM PV LFCF					165,625

Terminal Value Alphabet In

Growth in perpetuity method:
Long term growth rate
WACC (%)	11.1
Free cash flow (t+1)	67,626.88
Terminal Value	952,491.26
Present Value of Terminal Value	562,717.87

Intrinsic Value Alphabet In

Enterprise Value	728,343
Net Debt	-105,190
Equity Value	833,533
Shares Outstanding	750
Equity Value Per Share	1,111

Results Levered DCF Alphabet In

${Wacc}/{Long \space Term \space Growth}$	-4 (%)	-3 (%)	-2 (%)	-1 (%)	0 (%)	1 (%)	2 (%)	3 (%)	4 (%)
9.1 (%)	772 Sell	811 Sell	856 Sell	911 Sell	977 Sell	1,061 Sell	1,167 Sell	1,308 Buy	1,505 Buy
9.6 (%)	748 Sell	783 Sell	824 Sell	873 Sell	932 Sell	1,005 Sell	1,097 Sell	1,217 Sell	1,379 Buy
10.1 (%)	726 Sell	758 Sell	795 Sell	839 Sell	892 Sell	956 Sell	1,036 Sell	1,139 Sell	1,275 Buy
10.6 (%)	706 Sell	735 Sell	769 Sell	808 Sell	855 Sell	912 Sell	982 Sell	1,071 Sell	1,187 Sell
11.1 (%)	687 Sell	713 Sell	744 Sell	780 Sell	823 Sell	873 Sell	935 Sell	1,012 Sell	1,111 Sell
11.6 (%)	669 Sell	694 Sell	722 Sell	755 Sell	793 Sell	838 Sell	893 Sell	961 Sell	1,046 Sell
12.1 (%)	653 Sell	676 Sell	701 Sell	731 Sell	766 Sell	807 Sell	856 Sell	915 Sell	990 Sell
12.6 (%)	638 Sell	659 Sell	683 Sell	710 Sell	741 Sell	778 Sell	822 Sell	875 Sell	940 Sell
13.1 (%)	624 Sell	643 Sell	665 Sell	690 Sell	719 Sell	752 Sell	792 Sell	839 Sell	897 Sell

${Wacc}/{Long \space Term \space Growth}$	-4 (%)	-3 (%)	-2 (%)	-1 (%)	0 (%)
9.1 (%)	772 Sell	811 Sell	856 Sell	911 Sell	977 Sell
9.6 (%)	748 Sell	783 Sell	824 Sell	873 Sell	932 Sell
10.1 (%)	726 Sell	758 Sell	795 Sell	839 Sell	892 Sell
10.6 (%)	706 Sell	735 Sell	769 Sell	808 Sell	855 Sell
11.1 (%)	687 Sell	713 Sell	744 Sell	780 Sell	823 Sell

${Wacc}/{Long \space Term \space Growth}$	1 (%)	2 (%)	3 (%)	4 (%)
11.6 (%)	838 Sell	893 Sell	961 Sell	1,046 Sell
12.1 (%)	807 Sell	856 Sell	915 Sell	990 Sell
12.6 (%)	778 Sell	822 Sell	875 Sell	940 Sell
13.1 (%)	752 Sell	792 Sell	839 Sell	897 Sell

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