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Discounted Cash Flow (DCF) Analysis Levered


Alphabet Inc.

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 66,001.0074,990.3490,273.37110,855.69136,818.10164,263.81197,215.13236,776.48284,273.85341,299.18
Revenue (%)
Operating Cash Flow 22,374.3426,021.6536,037.1337,092.3247,968.4358,165.8169,833.8883,842.55100,661.37120,854.04
Operating Cash Flow (%)
Capital Expenditure -15,846.849,913.7210,209.9213,180.7425,133.4810,118.6512,148.4514,585.4317,511.2721,024.03
Capital Expenditure (%)
Free Cash Flow 6,527.5035,935.3746,247.0550,273.0673,101.9168,284.4781,982.3398,427.98118,172.64141,878.07

Weighted Average Cost Of Capital

Share price $ 1,486.65
Diluted Shares Outstanding -
Cost of Debt
Tax Rate 11.96
After-tax Cost of Debt -0.55
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.60
Total Debt 4,012.00
Total Equity -
Total Capital 4,012.00
Debt Weighting 100.00
Equity Weighting 0.00
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 66,001.0074,990.3490,273.37110,855.69136,818.10164,263.81197,215.13236,776.48284,273.85341,299.18
Operating Cash Flow 22,374.3426,021.6536,037.1337,092.3247,968.4358,165.8169,833.8883,842.55100,661.37120,854.04
Capital Expenditure -15,846.849,913.7210,209.9213,180.7425,133.4810,118.6512,148.4514,585.4317,511.2721,024.03
Free Cash Flow 6,527.5035,935.3746,247.0550,273.0673,101.9168,284.4781,982.3398,427.98118,172.64141,878.07
WACC
PV LFCF 71,288.9881,982.3394,279.68108,421.63124,684.87
SUM PV LFCF -

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.40
Free cash flow (t + 1) 78,312.15
Terminal Value 19,578,038.75
Present Value of Terminal Value 15,785,803.43

Intrinsic Value

Enterprise Value -
Net Debt -105,127.80
Equity Value -
Shares Outstanding -
Equity Value Per Share -