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Major Indexes

Discounted Cash Flow (DCF) Analysis Unlevered


Alphabet Inc.

Alphabet Inc. (GOOG)

$1541.74
30.75 (+2.04%)

Operating Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 90,272.00110,854.02136,816.03161,853.36196,668.02238,971.31290,374.04352,833.49
Revenue (%)
EBITDA 29,861.9833,056.6735,353.2646,014.9157,604.0669,994.7085,050.56103,344.93
EBITDA (%)
EBIT 23,714.4526,139.3826,323.4034,231.9944,368.3053,911.9365,508.3879,599.24
EBIT (%)
Depreciation 6,147.526,917.299,029.8611,782.9213,235.7616,082.7719,542.1723,745.69
Depreciation (%)

Balance Sheet Data

Year
A/P
2016
Projected
2017
Projected
2018
Projected
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Total Cash 86,336.14101,874.84109,138.14119,674.37167,777.49203,866.42247,718.09301,002.25
Total Cash (%)
Account Receivables 14,136.6018,335.2520,837.0825,330.0531,014.5537,685.7845,791.9955,641.84
Account Receivables (%)
Inventories 270.82753.811,108.211,003.491,180.011,433.831,742.242,117.00
Inventories (%)
Accounts Payable 2,040.153,137.174,378.115,567.765,762.377,001.868,507.9610,338.02
Accounts Payable (%)
Capital Expenditure 10,209.7613,180.5425,133.1023,549.6627,592.5233,527.6740,739.4849,502.54
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1,541.74
Diluted Shares Outstanding 352.21
Cost of Debt
Tax Rate 13.33
After-tax Cost of Debt -0.62
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.60
Total Debt 4,554.00
Total Equity 543,022.41
Total Capital 547,576.41
Debt Weighting 0.83
Equity Weighting 99.17
Wacc

Build Up Free Cash

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 90,272.00110,854.02136,816.03161,853.36196,668.02238,971.31290,374.04352,833.49
EBITDA 29,861.9833,056.6735,353.2646,014.9157,604.0669,994.7085,050.56103,344.93
EBIT 23,714.4526,139.3826,323.4034,231.9944,368.3053,911.9365,508.3879,599.24
Tax Rate 19.35%53.44%11.96%13.33%24.52%24.52%24.52%24.52%
EBIAT 19,126.7112,171.4023,174.0629,668.8733,489.6140,693.2249,446.3360,082.24
Depreciation 6,147.526,917.299,029.8611,782.9213,235.7616,082.7719,542.1723,745.69
Accounts Receivable --4,198.66-2,501.83-4,492.97-5,684.50-6,671.23-8,106.21-9,849.86
Inventories --482.99-354.40104.72-176.52-253.82-308.42-374.76
Accounts Payable -1,097.021,240.941,189.64194.621,239.491,506.101,830.06
Capital Expenditure --2,970.78-11,952.561,583.44-4,042.86-5,935.15-7,211.80-8,763.06
UFCF 25,274.2412,533.2818,636.0839,836.6337,016.1145,155.2854,868.1866,670.32
WACC
PV UFCF 40,921.3145,155.2849,632.0054,552.55
SUM PV UFCF -

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.55
Free cash flow (t + 1) 70,613.78
Terminal Value 1,078,072.96
Present Value of Terminal Value 652,911.65

Intrinsic Value

Enterprise Value -
Net Debt -115,120.37
Equity Value -
Shares Outstanding 352.21
Equity Value Per Share -