Loading...

Major Indexes

Discounted Cash Flow (DCF) Analysis Unlevered


Facebook Inc.

Facebook Inc. (FB)

$166.8
0.85 (+0.51%)

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 3,814.776,236.798,170.1314,770.2623,229.7729,225.8529,728.1250,956.7673,663.09106,487.36153,938.13
EBITDA (%)
EBIT 2,804.014,993.926,224.8612,429.2420,205.1024,909.5323,987.5141,401.0959,849.4186,518.31125,070.87
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
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
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 87.38175.77195.42301.26378.08820.831,364.451,318.381,905.842,755.093,982.76
Accounts Payable (%)
Capital Expenditure 1,361.861,831.272,522.574,491.336,732.3213,914.9415,100.8918,273.3026,415.8938,186.8055,202.84
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 166.8
Diluted Shares Outstanding 2,876.00
Cost of Debt
Tax Rate 25.50
After-tax Cost of Debt -1.22
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.92
Total Debt 9,524.00
Total Equity 479,716.80
Total Capital 489,240.80
Debt Weighting 1.95
Equity Weighting 98.05
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 3,814.776,236.798,170.1314,770.2623,229.7729,225.8529,728.1250,956.7673,663.09106,487.36153,938.13
EBIT 2,804.014,993.926,224.8612,429.2420,205.1024,909.5323,987.5141,401.0959,849.4186,518.31125,070.87
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 1,527.242,990.253,706.3710,144.5515,633.1021,718.3717,870.7629,250.7742,284.9261,127.0888,365.30
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 -88.3919.65105.8476.82442.74543.63-46.08587.47849.241,227.67
Capital Expenditure --469.41-691.30-1,968.76-2,240.99-7,182.62-1,185.95-3,172.41-8,142.58-11,770.92-17,016.04
UFCF 2,538.003,283.334,099.509,187.2614,653.5617,540.2321,041.6630,846.9342,190.6260,990.7788,168.25
WACC
PV UFCF 27,845.2134,379.0044,862.1458,541.90
SUM PV UFCF 123,523.38

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.78
Free cash flow (t + 1) 91,694.98
Terminal Value 1,352,433.35
Present Value of Terminal Value 810,604.61

Intrinsic Value

Enterprise Value 934,127.99
Net Debt -45,329.85
Equity Value 979,457.85
Shares Outstanding 2,876.00
Equity Value Per Share 340.56