Discounted Cash Flow (DCF) Analysis Unlevered

Facebook, Inc. (FB)

$ 345.96
2.75 0.80%

Operating Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 27,63840,65355,83870,69785,965114,473.35152,435.86202,987.78270,304.09359,944.35
Revenue (%)
EBITDA 14,87023,62529,68530,57340,04258,359.3877,712.96103,484.70137,803.07183,502.36
EBITDA (%)
EBIT 12,52820,60025,37024,83233,18049,259.7965,595.6987,349.02116,316.35154,890.04
EBIT (%)
Depreciation 2,3423,0254,3155,7416,8629,099.5912,117.2716,135.6921,486.7228,612.31
Depreciation (%)

Balance Sheet Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Total Cash 29,44941,71141,11454,85561,95499,007.20131,840.71175,562.71233,784.12311,313.35
Total Cash (%)
Account Receivables 3,9935,8327,5879,51811,33515,804.0821,045.1528,024.3037,317.9249,693.57
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 3023808201,3631,3311,596.272,125.632,830.553,769.245,019.23
Accounts Payable (%)
Capital Expenditure -4,491-6,733-13,915-15,102-15,115-22,133.68-29,473.82-39,248.14-52,263.90-69,596.05
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 345.96
Beta 1.295
Diluted Shares Outstanding 2,882
Cost of Debt
Tax Rate 12.16
After-tax Cost of Debt 4.39%
Risk-Free Rate
Market Risk Premium
Cost of Equity 12.771
Total Debt 10,654
Total Equity 997,056.72
Total Capital 1,007,710.72
Debt Weighting 1.06
Equity Weighting 98.94
Wacc

Build Up Free Cash

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 27,63840,65355,83870,69785,965114,473.35152,435.86202,987.78270,304.09359,944.35
EBITDA 14,87023,62529,68530,57340,04258,359.3877,712.96103,484.70137,803.07183,502.36
EBIT 12,52820,60025,37024,83233,18049,259.7965,595.6987,349.02116,316.35154,890.04
Tax Rate 18.38%22.63%12.81%25.50%12.16%18.30%18.30%18.30%18.30%18.30%
EBIAT 10,225.1615,938.6422,119.8518,499.9029,14640,247.4053,594.5471,367.9695,035.53126,551.93
Depreciation 2,3423,0254,3155,7416,8629,099.5912,117.2716,135.6921,486.7228,612.31
Accounts Receivable --1,839-1,755-1,931-1,817-4,469.08-5,241.07-6,979.15-9,293.63-12,375.65
Inventories ----------
Accounts Payable -78440543-32265.27529.37704.92938.691,249.98
Capital Expenditure -4,491-6,733-13,915-15,102-15,115-22,133.68-29,473.82-39,248.14-52,263.90-69,596.05
UFCF 8,076.1610,469.6411,204.857,750.9019,04423,009.5031,526.2941,981.2855,903.4274,442.53
WACC
PV UFCF 25,927.1031,526.2937,257.0844,029.6052,033.21
SUM PV UFCF 150,253.25

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 12.68
Free cash flow (t + 1) 77,420.23
Terminal Value 891,938.13
Present Value of Terminal Value 491,021.54

Intrinsic Value

Enterprise Value 641,274.78
Net Debt -6,922
Equity Value 648,196.78
Shares Outstanding 2,882
Equity Value Per Share 224.91