Discounted Cash Flow (DCF) Analysis Unlevered

Facebook Inc (FB)

$ 311.54
-0.92 (-0.29%)

Operating Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 7,87212,46617,92827,63840,65355,83870,69785,965121,454.54171,595.49242,436.47342,523.25483,929.56
Revenue (%)
EBITDA 3,8156,2378,17014,76923,22829,22829,72739,53359,971.3384,729.72119,709.30169,129.74238,952.78
EBITDA (%)
EBIT 2,8044,9946,22512,42720,20324,91323,98632,67148,826.5868,984.0197,463.17137,699.58194,547.08
EBIT (%)
Depreciation 1,0111,2431,9452,3423,0254,3155,7416,86211,144.7515,745.7222,246.1331,430.1644,405.70
Depreciation (%)

Balance Sheet Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Total Cash 11,44911,19918,43429,44941,71141,11454,85561,954116,982.71165,277.51233,510.20329,911.88466,111.75
Total Cash (%)
Account Receivables 1,1601,6782,5593,9935,8327,5879,51811,33516,927.6823,916.0533,789.4847,739.0367,447.48
Account Receivables (%)
Inventories -------------
Inventories (%)
Accounts Payable 871761963023808201,3631,3311,606.622,269.893,206.984,530.956,401.49
Accounts Payable (%)
Capital Expenditure -1,362-1,831-2,523-4,491-6,733-13,915-15,102-15,115-21,670.35-30,616.68-43,256.38-61,114.22-86,344.44
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 311.54
Beta 1.272
Diluted Shares Outstanding 2,888
Cost of Debt
Tax Rate 12.16
After-tax Cost of Debt 4.39%
Risk-Free Rate
Market Risk Premium
Cost of Equity 12.588
Total Debt 10,654
Total Equity 899,727.52
Total Capital 910,381.52
Debt Weighting 1.17
Equity Weighting 98.83
Wacc

Build Up Free Cash

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 7,87212,46617,92827,63840,65355,83870,69785,965121,454.54171,595.49242,436.47342,523.25483,929.56
EBITDA 3,8156,2378,17014,76923,22829,22829,72739,53359,971.3384,729.72119,709.30169,129.74238,952.78
EBIT 2,8044,9946,22512,42720,20324,91323,98632,67148,826.5868,984.0197,463.17137,699.58194,547.08
Tax Rate 45.53%40.12%40.46%18.38%22.63%12.81%25.50%12.16%27.20%27.20%27.20%27.20%27.20%
EBIAT 1,527.232,990.303,706.4610,142.7315,631.4821,721.3917,869.6328,698.8835,546.2050,220.9970,954.08100,246.56141,632.06
Depreciation 1,0111,2431,9452,3423,0254,3155,7416,86211,144.7515,745.7222,246.1331,430.1644,405.70
Accounts Receivable --518-881-1,434-1,839-1,755-1,931-1,817-5,592.68-6,988.37-9,873.43-13,949.55-19,708.45
Inventories -------------
Accounts Payable -892010678440543-32275.62663.27937.091,323.961,870.54
Capital Expenditure -1,362-1,831-2,523-4,491-6,733-13,915-15,102-15,115-21,670.35-30,616.68-43,256.38-61,114.22-86,344.44
UFCF 1,176.231,973.302,267.466,665.7310,162.4810,806.397,120.6318,596.8819,703.5429,024.9341,007.4957,936.9181,855.42
WACC
PV UFCF 15,57120,390.5725,609.8832,165.1640,398.38
SUM PV UFCF 150,888.45

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 12.49
Free cash flow (t + 1) 85,129.63
Terminal Value 1,002,704.75
Present Value of Terminal Value 556,677.27

Intrinsic Value

Enterprise Value 707,565.72
Net Debt -6,922
Equity Value 714,487.72
Shares Outstanding 2,888
Equity Value Per Share 247.40