Discounted Cash Flow (DCF) Analysis Levered

Alphabet Inc. (GOOG)

Technology

Free Cash Flow

Year A/P	2014 Actual	2015 Actual	2016 Actual	2017 Actual	2018 Actual	2019 Projected	2020 Projected	2021 Projected	2022 Projected	2023 Projected
Revenue	66,001.00	74,990.34	90,273.37	110,855.69	136,818.10	164,263.81	197,215.13	236,776.48	284,273.85	341,299.18
Revenue (%)
Operating Cash Flow	22,374.34	26,021.65	36,037.13	37,092.32	47,968.43	58,165.81	69,833.88	83,842.55	100,661.37	120,854.04
Operating Cash Flow (%)
Capital Expenditure	-15,846.84	-10,153.69	-11,193.90	-13,468.97	-26,624.80	-26,791.43	-32,165.79	-38,618.24	-46,365.06	-55,665.90
Capital Expenditure (%)
Free Cash Flow	6,527.50	15,867.96	24,843.23	23,623.35	21,343.62	31,374.39	37,668.09	45,224.31	54,296.30	65,188.14

Weighted Average Cost Of Capital

Share price	$ 1,169.3
Diluted Shares Outstanding	750.00
Cost of Debt
Tax Rate	11.96
After-tax Cost of Debt	-0.55
Risk-Free Rate
Market Risk Premium
Cost of Equity	10.86
Total Debt	3,950.00
Total Equity	876,975.00
Total Capital	880,925.00
Debt Weighting	0.45
Equity Weighting	99.55
Wacc

Build Up Free Cash Flow

Year A/P	2014 Actual	2015 Actual	2016 Actual	2017 Actual	2018 Actual	2019 Projected	2020 Projected	2021 Projected	2022 Projected	2023 Projected
Revenue	66,001.00	74,990.34	90,273.37	110,855.69	136,818.10	164,263.81	197,215.13	236,776.48	284,273.85	341,299.18
Operating Cash Flow	22,374.34	26,021.65	36,037.13	37,092.32	47,968.43	58,165.81	69,833.88	83,842.55	100,661.37	120,854.04
Capital Expenditure	-15,846.84	-10,153.69	-11,193.90	-13,468.97	-26,624.80	-26,791.43	-32,165.79	-38,618.24	-46,365.06	-55,665.90
Free Cash Flow	6,527.50	15,867.96	24,843.23	23,623.35	21,343.62	31,374.39	37,668.09	45,224.31	54,296.30	65,188.14
WACC
PV LFCF						31,374.39	33,984.20	36,811.11	39,873.17	43,189.93
SUM PV LFCF										-

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	10.84
Free cash flow (t + 1)	96,277.15
Terminal Value	1,407,560.73
Present Value of Terminal Value	841,365.22

Intrinsic Value

Enterprise Value	-
Net Debt	-88,484.31
Equity Value	-
Shares Outstanding	750.00
Equity Value Per Share	-

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