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Major Indexes

Discounted Cash Flow (DCF) Analysis Unlevered


Alphabet Inc.

Alphabet Inc. (GOOG)

$1110.71
-51.04 (-4.39%)

Operating Data

Year
A/P
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 66,001.0074,990.3490,273.37110,855.69136,818.10164,263.81197,215.13236,776.48284,273.85341,299.18
Revenue (%)
EBITDA 22,341.3424,424.3529,862.4333,057.1735,353.8050,971.0661,195.8573,471.7488,210.17105,905.14
EBITDA (%)
EBIT 17,364.8619,362.5023,714.8126,139.7726,323.8039,817.5547,804.9557,394.6268,907.9882,730.92
EBIT (%)
Depreciation 4,976.485,061.856,147.626,917.409,029.9911,153.5113,390.9116,077.1219,302.1923,174.21
Depreciation (%)

Balance Sheet Data

Year
A/P
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Total Cash 46,048.9073,063.0886,337.45101,876.38109,139.80142,745.25171,379.95205,758.76247,033.97296,588.99
Total Cash (%)
Account Receivables 9,385.3411,556.0114,136.8118,335.5320,837.4025,313.0530,390.8536,487.2643,806.6052,594.20
Account Receivables (%)
Inventories --270.82753.821,108.23969.161,163.571,396.981,677.222,013.67
Inventories (%)
Accounts Payable 1,716.031,927.252,040.183,137.224,378.184,418.705,305.096,369.297,646.979,180.95
Accounts Payable (%)
Capital Expenditure -15,846.849,913.7210,209.9213,180.7425,133.4810,118.6512,148.4514,585.4317,511.2721,024.03
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1,110.71
Diluted Shares Outstanding 357.18
Cost of Debt
Tax Rate 11.96
After-tax Cost of Debt -0.55
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.60
Total Debt 4,012.00
Total Equity 396,727.84
Total Capital 400,739.84
Debt Weighting 1.00
Equity Weighting 99.00
Wacc

Build Up Free Cash

Year
A/P
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 66,001.0074,990.3490,273.37110,855.69136,818.10164,263.81197,215.13236,776.48284,273.85341,299.18
EBITDA 22,341.3424,424.3529,862.4333,057.1735,353.8050,971.0661,195.8573,471.7488,210.17105,905.14
EBIT 17,364.8619,362.5023,714.8126,139.7726,323.8039,817.5547,804.9557,394.6268,907.9882,730.92
Tax Rate 16.31%16.81%19.35%53.44%11.96%23.57%23.57%23.57%23.57%23.57%
EBIAT 14,532.6016,108.0019,127.0012,171.5823,174.4230,431.3636,535.8943,864.9952,664.3163,228.77
Depreciation 4,976.485,061.856,147.626,917.409,029.9911,153.5113,390.9116,077.1219,302.1923,174.21
Accounts Receivable --2,170.67-2,580.80-4,198.72-2,501.86-4,475.66-5,077.80-6,096.40-7,319.34-8,787.60
Inventories ----483.00-354.41139.07-194.41-233.41-280.23-336.45
Accounts Payable -211.23112.931,097.041,240.9640.52886.391,064.201,277.681,533.98
Capital Expenditure --25,760.56-296.20-2,970.82-11,952.7415,014.83-2,029.80-2,436.98-2,925.84-3,512.76
UFCF 19,509.07-6,550.1622,510.5512,533.4718,636.3652,303.6443,511.1852,239.5262,718.7675,300.15
WACC
PV UFCF 57,816.4443,511.1847,258.4751,328.5055,749.05
SUM PV UFCF -

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.54
Free cash flow (t + 1) 78,312.15
Terminal Value 1,197,433.56
Present Value of Terminal Value 725,527.91

Intrinsic Value

Enterprise Value -
Net Debt -105,127.80
Equity Value -
Shares Outstanding 357.18
Equity Value Per Share -