Discounted Cash Flow (DCF) Analysis Unlevered


Facebook Inc.

Facebook Inc. (FB)

$261.3
1.41 (+0.54%)

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 7,872.0012,466.1017,928.7427,638.9540,654.1355,838.4570,697.07102,199.68147,739.85213,572.73308,740.74
Revenue (%)
EBITDA 3,821.076,175.718,161.1614,869.7623,624.1229,683.7230,576.4851,386.0074,283.60107,384.37155,234.84
EBITDA (%)
EBIT 2,810.304,932.846,215.9012,528.7420,599.4525,367.4124,835.8841,830.3360,469.9287,415.32126,367.59
EBIT (%)
Depreciation 1,010.761,242.871,945.272,341.023,024.674,316.315,740.609,555.6713,813.6819,969.0528,867.26
Depreciation (%)

Balance Sheet Data

Year
A/P
2013
Projected
2014
Projected
2015
Projected
2016
Projected
2017
Projected
2018
Projected
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Total Cash 11,449.0411,199.5418,434.3329,449.3041,711.1441,113.8554,853.85101,974.84147,414.83213,102.87308,061.51
Total Cash (%)
Account Receivables 1,109.161,677.942,558.433,993.835,833.877,588.459,515.8214,256.8520,609.7129,793.4043,069.33
Account Receivables (%)
Inventories -----------
Inventories (%)
Accounts Payable 267.65377.72412.36583.18768.361,362.462,248.172,677.633,870.785,595.618,089.01
Accounts Payable (%)
Capital Expenditure -1,361.86-1,831.27-2,522.57-4,491.33-6,732.32-13,914.94-15,100.89-18,273.30-26,415.89-38,186.80-55,202.84
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 261.3
Diluted Shares Outstanding 2,876.00
Cost of Debt
Tax Rate 25.50
After-tax Cost of Debt 3.73%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.92
Total Debt 473.00
Total Equity 751,498.80
Total Capital 751,916.80
Debt Weighting 0.06
Equity Weighting 99.94
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 7,872.0012,466.1017,928.7427,638.9540,654.1355,838.4570,697.07102,199.68147,739.85213,572.73308,740.74
EBITDA 3,821.076,175.718,161.1614,869.7623,624.1229,683.7230,576.4851,386.0074,283.60107,384.37155,234.84
EBIT 2,810.304,932.846,215.9012,528.7420,599.4525,367.4124,835.8841,830.3360,469.9287,415.32126,367.59
Tax Rate 45.53%40.12%40.46%18.38%22.63%12.81%25.50%29.35%29.35%29.35%29.35%
EBIAT 1,530.672,953.673,701.0410,225.7615,938.2222,117.5918,502.7929,554.0442,723.3261,760.8389,281.46
Depreciation 1,010.761,242.871,945.272,341.023,024.674,316.315,740.609,555.6713,813.6819,969.0528,867.26
Accounts Receivable --568.77-880.49-1,435.40-1,840.04-1,754.58-1,927.38-4,741.03-6,352.85-9,183.69-13,275.94
Inventories -----------
Accounts Payable -110.0734.64170.82185.18594.10885.71429.461,193.151,724.822,493.40
Capital Expenditure -469.41691.301,968.762,240.997,182.621,185.953,172.418,142.5811,770.9217,016.04
UFCF 2,541.434,207.265,491.7513,270.9619,549.0232,456.0424,387.6737,970.5559,519.8886,041.93124,382.22
WACC
PV UFCF 34,235.4648,386.1063,066.4082,200.69
SUM PV UFCF 169,795.83

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.91
Free cash flow (t + 1) 129,357.51
Terminal Value 1,872,033.42
Present Value of Terminal Value 1,115,475.59

Intrinsic Value

Enterprise Value 1,285,271.42
Net Debt -18,606.00
Equity Value 1,303,877.42
Shares Outstanding 2,876.00
Equity Value Per Share 453.36