Discounted Cash Flow (DCF) Analysis Unlevered

Facebook Inc

Facebook Inc (FB)

$251.36
5.72 (+2.33%)

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
2024
Projected
Revenue 7,872.0012,466.0017,928.0027,638.0040,653.0055,838.0070,697.00102,203.07147,749.80213,594.40308,782.59446,391.35
Revenue (%)
EBITDA 3,835.006,263.008,228.0014,946.0023,631.0029,898.0030,678.0051,685.0374,718.43108,016.64156,154.18225,744.19
EBITDA (%)
EBIT 2,824.005,020.006,283.0012,604.0020,606.0025,583.0024,937.0042,132.5160,908.8488,052.82127,293.51184,021.77
EBIT (%)
Depreciation 1,011.001,243.001,945.002,342.003,025.004,315.005,741.009,552.5113,809.5819,963.8228,860.6841,722.42
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
2024
Projected
Total Cash 11,449.0011,199.0018,434.0029,449.0041,711.0041,114.0054,855.00101,980.55147,428.11213,129.35308,110.30445,419.45
Total Cash (%)
Account Receivables 1,160.001,678.002,559.003,993.005,832.007,587.009,518.0014,354.2820,751.2629,999.0543,368.1062,695.07
Account Receivables (%)
Inventories ------------
Inventories (%)
Accounts Payable 87.00176.00196.00302.00380.00820.001,363.001,319.031,906.862,756.653,985.155,761.13
Accounts Payable (%)
Capital Expenditure -1,362.00-1,831.00-2,523.00-4,491.00-6,733.00-13,915.00-15,102.00-18,273.34-26,416.85-38,189.49-55,208.62-79,812.30
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 251.36
Beta 1.272
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 12.588
Total Debt 10,601.00
Total Equity 722,911.36
Total Capital 733,512.36
Debt Weighting 1.45
Equity Weighting 98.55
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
2024
Projected
Revenue 7,872.0012,466.0017,928.0027,638.0040,653.0055,838.0070,697.00102,203.07147,749.80213,594.40308,782.59446,391.35
EBITDA 3,835.006,263.008,228.0014,946.0023,631.0029,898.0030,678.0051,685.0374,718.43108,016.64156,154.18225,744.19
EBIT 2,824.005,020.006,283.0012,604.0020,606.0025,583.0024,937.0042,132.5160,908.8488,052.82127,293.51184,021.77
Tax Rate 45.53%40.12%40.46%18.38%22.63%12.81%25.50%29.35%29.35%29.35%29.35%29.35%
EBIAT 1,538.133,005.873,740.9910,287.1915,943.2822,305.5618,578.1329,767.5443,033.4362,211.2489,935.64130,015.40
Depreciation 1,011.001,243.001,945.002,342.003,025.004,315.005,741.009,552.5113,809.5819,963.8228,860.6841,722.42
Accounts Receivable --518.00-881.00-1,434.00-1,839.00-1,755.00-1,931.00-4,836.28-6,396.98-9,247.79-13,369.05-19,326.96
Inventories ------------
Accounts Payable -89.0020.00106.0078.00440.00543.00-43.97587.83849.791,228.501,775.98
Capital Expenditure -1,362.00-1,831.00-2,523.00-4,491.00-6,733.00-13,915.00-15,102.00-18,273.34-26,416.85-38,189.49-55,208.62-79,812.30
UFCF 1,187.131,988.872,301.996,810.1910,474.2811,390.567,829.1316,166.4624,617.0135,587.5751,447.1474,374.53
WACC
PV UFCF 14,375.3019,464.3225,020.9732,163.9241,346.03
SUM PV UFCF 132,370.54

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 12.46
Free cash flow (t + 1) 77,349.51
Terminal Value 914,296.82
Present Value of Terminal Value 508,272.73

Intrinsic Value

Enterprise Value 640,643.27
Net Debt -18,606.00
Equity Value 659,249.27
Shares Outstanding 2,876.00
Equity Value Per Share 229.22