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Discounted Cash Flow (DCF) Analysis Unlevered


Facebook Inc.

Facebook Inc. (FB)

Technology

Operating Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 7,872.0012,466.1017,928.7427,638.9540,654.1355,838.4582,730.25122,573.14181,604.37269,065.03398,646.75
Revenue (%)
EBITDA 3,814.776,236.798,170.1314,770.2623,229.7729,225.8542,324.8062,708.4292,908.79137,653.67203,947.68
EBITDA (%)
EBIT 2,804.014,993.926,224.8612,429.2420,205.1024,909.5334,424.0651,002.6875,565.58111,957.96165,876.91
EBIT (%)
Depreciation 1,010.761,242.871,945.272,341.023,024.674,316.317,900.7411,705.7317,343.2225,695.7138,070.76
Depreciation (%)

Balance Sheet Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Total Cash 11,449.0411,199.5418,434.3329,449.3041,711.1441,113.8585,609.26126,838.69187,924.20278,428.49412,519.65
Total Cash (%)
Account Receivables 1,109.161,677.942,558.433,993.835,833.877,588.4511,607.0517,197.0125,479.0937,749.8255,930.14
Account Receivables (%)
Inventories -----------
Inventories (%)
Accounts Payable 87.38175.77195.42301.26378.08820.83976.221,446.362,142.933,174.974,704.03
Accounts Payable (%)
Capital Expenditure 1,361.861,831.272,522.574,491.336,732.3213,914.9414,312.3321,205.1531,417.5646,548.2568,965.89
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 217.94
Diluted Shares Outstanding 2,890.00
Cost of Debt
Tax Rate 12.81
After-tax Cost of Debt -0.59
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.92
Total Debt -
Total Equity 629,846.60
Total Capital 629,846.60
Debt Weighting 0.00
Equity Weighting 100.00
Wacc

Build Up Free Cash

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 7,872.0012,466.1017,928.7427,638.9540,654.1355,838.4582,730.25122,573.14181,604.37269,065.03398,646.75
EBITDA 3,814.776,236.798,170.1314,770.2623,229.7729,225.8542,324.8062,708.4292,908.79137,653.67203,947.68
EBIT 2,804.014,993.926,224.8612,429.2420,205.1024,909.5334,424.0651,002.6875,565.58111,957.96165,876.91
Tax Rate 45.53%40.12%40.46%18.38%22.63%12.81%29.99%29.99%29.99%29.99%29.99%
EBIAT 1,527.242,990.253,706.3710,144.5515,633.1021,718.3724,100.5735,707.4152,904.0978,382.71116,131.82
Depreciation 1,010.761,242.871,945.272,341.023,024.674,316.317,900.7411,705.7317,343.2225,695.7138,070.76
Accounts Receivable --568.77-880.49-1,435.40-1,840.04-1,754.58-4,018.61-5,589.96-8,282.08-12,270.73-18,180.31
Inventories -----------
Accounts Payable -88.3919.65105.8476.82442.74155.39470.15696.571,032.041,529.06
Capital Expenditure --469.41-691.30-1,968.76-2,240.99-7,182.62-397.39-6,892.82-10,212.40-15,130.69-22,417.64
UFCF 2,538.003,283.334,099.509,187.2614,653.5617,540.2327,740.7035,400.5152,449.4077,709.03115,133.69
WACC
PV UFCF 27,740.7031,915.3542,630.5356,943.2076,061.17
SUM PV UFCF 146,079.45

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.92
Free cash flow (t + 1) 119,739.04
Terminal Value 1,730,332.96
Present Value of Terminal Value 1,030,576.84

Intrinsic Value

Enterprise Value 1,176,656.29
Net Debt -41,113.85
Equity Value 1,217,770.14
Shares Outstanding 2,890.00
Equity Value Per Share 421.37