Discounted Cash Flow (DCF) Analysis Unlevered

Facebook Inc

Facebook Inc (FB)

$267.56
6.16 (+2.36%)

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 3,821.006,176.008,162.0014,870.0023,625.0029,685.0030,573.0051,383.7374,282.86107,386.96155,243.89224,428.22
EBITDA (%)
EBIT 2,810.004,933.006,217.0012,528.0020,600.0025,370.0024,832.0041,831.2260,473.2787,423.15126,383.21182,705.80
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 1,109.001,678.002,559.003,993.005,832.007,587.009,518.0014,259.6920,614.5229,801.3643,082.3262,281.92
Account Receivables (%)
Inventories ------------
Inventories (%)
Accounts Payable 268.00378.00413.00582.00770.001,361.002,249.002,680.473,875.025,601.928,098.4211,707.47
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 $ 267.56
Beta 1.277
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 12.627
Total Debt 473.00
Total Equity 769,502.56
Total Capital 769,975.56
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
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 3,821.006,176.008,162.0014,870.0023,625.0029,685.0030,573.0051,383.7374,282.86107,386.96155,243.89224,428.22
EBIT 2,810.004,933.006,217.0012,528.0020,600.0025,370.0024,832.0041,831.2260,473.2787,423.15126,383.21182,705.80
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 1,530.502,953.773,701.6910,225.1615,938.6422,119.8518,499.9029,554.6742,725.6961,766.3689,292.50129,085.64
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 --569.00-881.00-1,434.00-1,839.00-1,755.00-1,931.00-4,741.69-6,354.82-9,186.84-13,280.96-19,199.61
Inventories ------------
Accounts Payable -110.0035.00169.00188.00591.00888.00431.471,194.551,726.902,496.493,609.05
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 1,179.501,906.772,277.696,811.1610,579.6411,355.858,095.9016,523.6224,958.1536,080.7452,160.0975,405.20
WACC
PV UFCF 14,672.0119,678.0225,259.7432,424.7241,622.07
SUM PV UFCF 133,656.56

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 12.62
Free cash flow (t + 1) 78,421.41
Terminal Value 909,761.17
Present Value of Terminal Value 502,168.86

Intrinsic Value

Enterprise Value 635,825.43
Net Debt -18,606.00
Equity Value 654,431.43
Shares Outstanding 2,876.00
Equity Value Per Share 227.55