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Major Indexes

Discounted Cash Flow (DCF) Analysis Unlevered


Amazon.com Inc.

Amazon.com Inc. (AMZN)

$1900.1
-55.39 (-2.83%)

Operating Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 74,452.0088,985.03107,004.50135,981.32177,863.56232,876.76280,500.06350,176.28437,160.06545,750.62681,315.08
Revenue (%)
EBITDA 3,998.074,920.878,517.5612,306.3115,580.8527,758.9136,324.7630,780.4938,426.3747,971.4859,887.60
EBITDA (%)
EBIT 744.52177.972,236.394,188.224,108.6512,412.3314,529.909,594.8311,978.1914,953.5718,668.03
EBIT (%)
Depreciation 3,253.554,742.906,281.168,118.0811,472.2015,346.5821,794.8521,185.6626,448.1833,017.9141,219.56
Depreciation (%)

Balance Sheet Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Total Cash 12,448.3717,414.3719,806.5325,986.0330,983.8341,242.4755,034.1164,362.4080,350.02100,308.96125,225.71
Total Cash (%)
Account Receivables 4,764.935,614.966,420.278,335.6513,161.9016,673.9820,813.1023,426.7929,246.0136,510.7245,579.98
Account Receivables (%)
Inventories 7,407.978,302.3010,240.3311,463.2316,043.2917,163.0220,504.5530,500.3538,076.6447,534.8859,342.54
Inventories (%)
Accounts Payable 15,136.0916,462.2320,395.0625,306.1234,612.2538,191.7947,180.1164,607.5280,656.03100,690.99125,702.63
Accounts Payable (%)
Capital Expenditure 3,447.134,894.184,590.496,731.08-13,436.9916,858.0518,174.1522,688.6128,324.4635,360.25
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1,900.1
Diluted Shares Outstanding 504.00
Cost of Debt
Tax Rate 17.09
After-tax Cost of Debt -0.80
Risk-Free Rate
Market Risk Premium
Cost of Equity 14.53
Total Debt 23,414.00
Total Equity 957,650.40
Total Capital 981,064.40
Debt Weighting 2.39
Equity Weighting 97.61
Wacc

Build Up Free Cash

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 74,452.0088,985.03107,004.50135,981.32177,863.56232,876.76280,500.06350,176.28437,160.06545,750.62681,315.08
EBITDA 3,998.074,920.878,517.5612,306.3115,580.8527,758.9136,324.7630,780.4938,426.3747,971.4859,887.60
EBIT 744.52177.972,236.394,188.224,108.6512,412.3314,529.909,594.8311,978.1914,953.5718,668.03
Tax Rate 45.85%-117.12%61.99%39.08%20.31%10.55%17.09%11.11%11.11%11.11%11.11%
EBIAT 403.16386.40850.062,551.463,274.1811,102.8712,047.268,529.1310,647.7713,292.6816,594.58
Depreciation 3,253.554,742.906,281.168,118.0811,472.2015,346.5821,794.8521,185.6626,448.1833,017.9141,219.56
Accounts Receivable --850.03-805.31-1,915.38-4,826.25-3,512.07-4,139.13-2,613.69-5,819.22-7,264.71-9,069.26
Inventories --894.33-1,938.03-1,222.89-4,580.07-1,119.72-3,341.54-9,995.80-7,576.29-9,458.24-11,807.66
Accounts Payable -1,326.143,932.834,911.079,306.133,579.548,988.3217,427.4116,048.5120,034.9625,011.64
Capital Expenditure --1,447.05303.68-2,140.586,731.08--3,421.06-1,316.10-4,514.46-5,635.85-7,035.80
UFCF 3,656.713,264.048,624.3910,301.7521,377.2625,397.1931,928.7133,216.6335,234.5043,986.7554,913.06
WACC
PV UFCF 29,063.4626,974.3929,464.3732,184.20
SUM PV UFCF 98,609.09

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 14.29
Free cash flow (t + 1) 57,109.59
Terminal Value 555,000.83
Present Value of Terminal Value 284,611.52

Intrinsic Value

Enterprise Value 383,220.61
Net Debt -31,620.11
Equity Value 414,840.72
Shares Outstanding 504.00
Equity Value Per Share 823.10