Discounted Cash Flow (DCF) Analysis Levered
Alphabet Inc. (GOOG)
$ 2836.53
17.76 0.63%
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 | 90,272 | 110,855 | 136,819 | 161,857 | 182,527 | 217,797.29 | 259,882.96 | 310,100.99 | 370,022.82 | 441,523.53 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 36,036 | 37,091 | 47,971 | 54,520 | 65,124 | 77,450.10 | 92,416.04 | 110,273.89 | 131,582.47 | 157,008.58 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -10,212 | -13,184 | -25,139 | -23,548 | -22,281 | -29,766.36 | -35,518.21 | -42,381.51 | -50,571.02 | -60,343.02 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 25,824 | 23,907 | 22,832 | 30,972 | 42,843 | 47,683.75 | 56,897.83 | 67,892.39 | 81,011.45 | 96,665.56 |
Weighted Average Cost Of Capital
| Share price | $ 2,836.53 |
|---|---|
| Beta | 1.004 |
| Diluted Shares Outstanding | 680.79 |
| Cost of Debt | |
| Tax Rate | 16.25 |
| After-tax Cost of Debt | 4.19% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.455 |
| Total Debt | 15,626 |
| Total Equity | 1,931,094.28 |
| Total Capital | 1,946,720.28 |
| Debt Weighting | 0.80 |
| Equity Weighting | 99.20 |
| 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 | 90,272 | 110,855 | 136,819 | 161,857 | 182,527 | 217,797.29 | 259,882.96 | 310,100.99 | 370,022.82 | 441,523.53 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 36,036 | 37,091 | 47,971 | 54,520 | 65,124 | 77,450.10 | 92,416.04 | 110,273.89 | 131,582.47 | 157,008.58 |
| Capital Expenditure | -10,212 | -13,184 | -25,139 | -23,548 | -22,281 | -29,766.36 | -35,518.21 | -42,381.51 | -50,571.02 | -60,343.02 |
| Free Cash Flow | 25,824 | 23,907 | 22,832 | 30,972 | 42,843 | 47,683.75 | 56,897.83 | 67,892.39 | 81,011.45 | 96,665.56 |
| WACC | ||||||||||
| PV LFCF | 43,191.80 | 46,682.87 | 50,456.12 | 54,534.35 | 58,942.21 | |||||
| SUM PV LFCF | 253,807.35 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 10.40 |
| Free cash flow (t + 1) | 100,532.18 |
| Terminal Value | 1,570,815.32 |
| Present Value of Terminal Value | 957,810.87 |
Intrinsic Value
| Enterprise Value | 1,211,618.22 |
|---|---|
| Net Debt | -10,839 |
| Equity Value | 1,222,457.22 |
| Shares Outstanding | 680.79 |
| Equity Value Per Share | 1,795.63 |