Discounted Cash Flow (DCF) Analysis Levered

Free Cash Flow Microsoft C

Year A / P	2012 Actual	2013 Actual	2014 Actual	2015 Actual	2016 Actual	2017 Projected	2018 Projected	2019 Projected	2020 Projected	2021 Projected
Revenue	-	-	86,833	93,580	85,320	-	-	-	-	-
Revenue (%)
OperatingCashFlow	-	-	32,231	29,080	33,325	-	-	-	-	-
OperatingCashFlow (%)
CapitalExpenditure	-	-	-5,485	-5,944	-8,343	-	-	-	-	-
CapitalExpenditure (%)
FreeCashFlow	-	-	26,746	23,136	24,982	-	-	-	-	-

Year A / P	2012 Actual	2013 Actual	2014 Actual	2015 Actual	2016 Actual
Revenue	-	-	86,833	93,580	85,320
Revenue (%)
OperatingCashFlow	-	-	32,231	29,080	33,325
OperatingCashFlow (%)
CapitalExpenditure	-	-	-5,485	-5,944	-8,343
CapitalExpenditure (%)
FreeCashFlow	-	-	26,746	23,136	24,982

Year A / P	2017 Projected	2018 Projected	2019 Projected	2020 Projected	2021 Projected
Revenue	-	-	-	-	-
Revenue (%)
OperatingCashFlow	-	-	-	-	-
OperatingCashFlow (%)
CapitalExpenditure	-	-	-	-	-
CapitalExpenditure (%)
FreeCashFlow	-	-	-	-	-

Weighted Average Cost Of Capital Microsoft C

Share Price	$ 126.11
Diluted Shares Outstanding	8399
Cost of Debt
Tax Rate	15.0
After-tax Cost of Debt	-
Risk Free Rate
Market Risk Premium
Cost of Equity	12.14
Total Debt	40,783.00
Total Equity	1,010,519.43
Total Capital	1,051,302.43
Debt Weighting	3.88
Equity Weighting	96.12
Wacc

Build Up Free Cash Flow Microsoft C

Year A / P	2012 Actual	2013 Actual	2014 Actual	2015 Actual	2016 Actual	2017 Projected	2018 Projected	2019 Projected	2020 Projected	2021 Projected
Revenue	-	-	86,833	93,580	85,320	-	-	-	-	-
OperatingCashFlow	-	-	32,231	29,080	33,325	-	-	-	-	-
CapitalExpenditure	-	-	-5,485	-5,944	-8,343	-	-	-	-	-
FreeCashFlowFreeCashFlow	-	-	26,746	23,136	24,982	-	-	-	-	-
WACC
PV LFCF						-	-	-	-	-
SUM PV LFCF										-

Year A / P	2012 Actual	2013 Actual	2014 Actual	2015 Actual	2016 Actual
Revenue	-	-	86,833	93,580	85,320
OperatingCashFlow	-	-	32,231	29,080	33,325
CapitalExpenditure	-	-	-5,485	-5,944	-8,343
FreeCashFlowFreeCashFlow	-	-	26,746	23,136	24,982
WACC
PV LFCF
SUM PV LFCF

Year A / P	2017 Projected	2018 Projected	2019 Projected	2020 Projected	2021 Projected
Revenue	-	-	-	-	-
OperatingCashFlow	-	-	-	-	-
CapitalExpenditure	-	-	-	-	-
FreeCashFlowFreeCashFlow	-	-	-	-	-
WACC
PV LFCF	-	-	-	-	-
SUM PV LFCF					-

Terminal Value Microsoft C

Growth in perpetuity method:
Long term growth rate
WACC (%)	11.9
Free cash flow (t+1)	0.00
Terminal Value	0.00
Present Value of Terminal Value	0.00

Intrinsic Value Microsoft C

Enterprise Value	-
Net Debt	-72,457
Equity Value	-
Shares Outstanding	8,013
Equity Value Per Share	-

Results Levered DCF Microsoft C

${Wacc}/{Long \space Term \space Growth}$	-4 (%)	-3 (%)	-2 (%)	-1 (%)	0 (%)	1 (%)	2 (%)	3 (%)	4 (%)
9.9 (%)	-	-	-	-	-	-	-	-	-
10.4 (%)	-	-	-	-	-	-	-	-	-
10.9 (%)	-	-	-	-	-	-	-	-	-
11.4 (%)	-	-	-	-	-	-	-	-	-
11.9 (%)	-	-	-	-	-	-	-	-	-
12.4 (%)	-	-	-	-	-	-	-	-	-
12.9 (%)	-	-	-	-	-	-	-	-	-
13.4 (%)	-	-	-	-	-	-	-	-	-
13.9 (%)	-	-	-	-	-	-	-	-	-

${Wacc}/{Long \space Term \space Growth}$	-4 (%)	-3 (%)	-2 (%)	-1 (%)	0 (%)
9.9 (%)	-	-	-	-	-
10.4 (%)	-	-	-	-	-
10.9 (%)	-	-	-	-	-
11.4 (%)	-	-	-	-	-
11.9 (%)	-	-	-	-	-

${Wacc}/{Long \space Term \space Growth}$	1 (%)	2 (%)	3 (%)	4 (%)
12.4 (%)	-	-	-	-
12.9 (%)	-	-	-	-
13.4 (%)	-	-	-	-
13.9 (%)	-	-	-	-

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