Operating Data Microsoft C

Year A / P	2012 Actual	2013 Actual	2014 Actual	2015 Actual	2016 Actual	2017 Projected	2018 Projected	2019 Projected	2020 Projected	2021 Projected
Revenue	-	-	86,833	93,580	85,320	-	-	-	-	-
Revenue (%)
EBITDA	-	-	33,629	25,245	27,616	-	-	-	-	-
EBITDA (%)
EBIT	-	-	28,417	19,288	20,994	-	-	-	-	-
EBIT (%)
Depreciation	-	-	5,212	5,957	6,622	-	-	-	-	-
Depreciation (%)

Year A / P	2012 Actual	2013 Actual	2014 Actual	2015 Actual	2016 Actual
Revenue	-	-	86,833	93,580	85,320
Revenue (%)
EBITDA	-	-	33,629	25,245	27,616
EBITDA (%)
EBIT	-	-	28,417	19,288	20,994
EBIT (%)
Depreciation	-	-	5,212	5,957	6,622
Depreciation (%)

Year A / P	2017 Projected	2018 Projected	2019 Projected	2020 Projected	2021 Projected
Revenue	-	-	-	-	-
Revenue (%)
EBITDA	-	-	-	-	-
EBITDA (%)
EBIT	-	-	-	-	-
EBIT (%)
Depreciation	-	-	-	-	-
Depreciation (%)

Balance Sheet Data Microsoft C

Year A / P	2012 Actual	2013 Actual	2014 Actual	2015 Actual	2016 Actual	2017 Projected	2018 Projected	2019 Projected	2020 Projected	2021 Projected
Cash	-	-	85,709	96,526	113,240	-	-	-	-	-
Cash (%)
AccountReceivable	-	-	19,544	17,908	18,277	-	-	-	-	-
AccountReceivable (%)
Inventories	-	-	2,660	2,902	2,251	-	-	-	-	-
Inventories (%)
PrepaidExpenses	-	-	-	-	-	-	-	-	-	-
PrepaidExpenses (%)
AccountsPayable	-	-	7,432	6,591	6,898	-	-	-	-	-
AccountsPayable (%)
AccruedLiabilities	-	-	-	-	-	-	-	-	-	-
AccruedLiabilities (%)
CapitalExpenditure	-	-	-5,485	-5,944	-8,343	-	-	-	-	-
CapitalExpenditure (%)

Year A / P	2012 Actual	2013 Actual	2014 Actual	2015 Actual	2016 Actual
Cash	-	-	85,709	96,526	113,240
Cash (%)
AccountReceivable	-	-	19,544	17,908	18,277
AccountReceivable (%)
Inventories	-	-	2,660	2,902	2,251
Inventories (%)
PrepaidExpenses	-	-	-	-	-
PrepaidExpenses (%)
AccountsPayable	-	-	7,432	6,591	6,898
AccountsPayable (%)
AccruedLiabilities	-	-	-	-	-
AccruedLiabilities (%)
CapitalExpenditure	-	-	-5,485	-5,944	-8,343
CapitalExpenditure (%)

Year A / P	2017 Projected	2018 Projected	2019 Projected	2020 Projected	2021 Projected
Cash	-	-	-	-	-
Cash (%)
AccountReceivable	-	-	-	-	-
AccountReceivable (%)
Inventories	-	-	-	-	-
Inventories (%)
PrepaidExpenses	-	-	-	-	-
PrepaidExpenses (%)
AccountsPayable	-	-	-	-	-
AccountsPayable (%)
AccruedLiabilities	-	-	-	-	-
AccruedLiabilities (%)
CapitalExpenditure	-	-	-	-	-
CapitalExpenditure (%)

Weighted Average Cost Of Capital Microsoft C

Share Price	$ 126.11
Diluted Shares Outstanding	8399
Cost of Debt
Tax Rate	15.0
After-tax Cost of Debt	-
Risk Free Rate
Market Risk Premium
Cost of Equity	12.14
Total Debt	40,783.00
Total Equity	1,010,519.43
Total Capital	1,051,302.43
Debt Weighting	3.88
Equity Weighting	96.12
Wacc

Build Up Free Cash Microsoft C

Year A / P	2012 Actual	2013 Actual	2014 Actual	2015 Actual	2016 Actual	2017 Projected	2018 Projected	2019 Projected	2020 Projected	2021 Projected
Revenue	-	-	86,833	93,580	85,320	-	-	-	-	-
EBITDA	-	-	33,629	25,245	27,616	-	-	-	-	-
EBIT	-	-	28,417	19,288	20,994	-	-	-	-	-
TaxesRate	-	-	20.7	34.1	15.0	-	-	-	-	-
EBIAT	-	-	22547.7	12707.5	17855.2	-	-	-	-	-
Depreciation	-	-	5,212	5,957	6,622	-	-	-	-	-
AccountReceivable	-	-	-19,544	1,636	-369	-	-	-	-	-
Inventories	-	-	-2,660	-242	651	-	-	-	-	-
PrepaidExpenses	-	-	-	-	-	-	-	-	-	-
AccountsPayable	-	-	7,432	-841	307	-	-	-	-	-
AccruedLiabilities	-	-	-	-	-	-	-	-	-	-
CapitalExpenditure	-	-	-5,485	-5,944	-8,343	-	-	-	-	-
UFCF	-	-	18,473	19,677	27,465	-	-	-	-	-
WACC
PV UFCF						-	-	-	-	-
SUM PV UFCF										-

Year A / P	2012 Actual	2013 Actual	2014 Actual	2015 Actual	2016 Actual
Revenue	-	-	86,833	93,580	85,320
EBITDA	-	-	33,629	25,245	27,616
EBIT	-	-	28,417	19,288	20,994
TaxesRate	-	-	20.7	34.1	15.0
EBIAT	-	-	22547.7	12707.5	17855.2
Depreciation	-	-	5,212	5,957	6,622
AccountReceivable	-	-	-19,544	1,636	-369
Inventories	-	-	-2,660	-242	651
PrepaidExpenses	-	-	-	-	-
AccountsPayable	-	-	7,432	-841	307
AccruedLiabilities	-	-	-	-	-
CapitalExpenditure	-	-	-5,485	-5,944	-8,343
UFCF	-	-	18,473	19,677	27,465
WACC
PV UFCF
SUM PV UFCF

Year A / P	2017 Projected	2018 Projected	2019 Projected	2020 Projected	2021 Projected
Revenue	-	-	-	-	-
EBITDA	-	-	-	-	-
EBIT	-	-	-	-	-
TaxesRate	-	-	-	-	-
EBIAT	-	-	-	-	-
Depreciation	-	-	-	-	-
AccountReceivable	-	-	-	-	-
Inventories	-	-	-	-	-
PrepaidExpenses	-	-	-	-	-
AccountsPayable	-	-	-	-	-
AccruedLiabilities	-	-	-	-	-
CapitalExpenditure	-	-	-	-	-
UFCF	-	-	-	-	-
WACC
PV UFCF	-	-	-	-	-
SUM PV UFCF					-

Terminal Value Microsoft C

Growth in perpetuity method:
Long term growth rate
WACC (%)	11.9
Free cash flow (t+1)	0.00
Terminal Value	0.00
Present Value of Terminal Value	0.00

Intrinsic Value Microsoft C

Enterprise Value	-
Net Debt	-72,457
Equity Value	-
Shares Outstanding	8,013
Equity Value Per Share	-

Results Unlevered DCF Microsoft C

${Wacc}/{Long \space Term \space Growth}$	-4 (%)	-3 (%)	-2 (%)	-1 (%)	0 (%)	1 (%)	2 (%)	3 (%)	4 (%)
9.9 (%)	-	-	-	-	-	-	-	-	-
10.4 (%)	-	-	-	-	-	-	-	-	-
10.9 (%)	-	-	-	-	-	-	-	-	-
11.4 (%)	-	-	-	-	-	-	-	-	-
11.9 (%)	-	-	-	-	-	-	-	-	-
12.4 (%)	-	-	-	-	-	-	-	-	-
12.9 (%)	-	-	-	-	-	-	-	-	-
13.4 (%)	-	-	-	-	-	-	-	-	-
13.9 (%)	-	-	-	-	-	-	-	-	-

${Wacc}/{Long \space Term \space Growth}$	-4 (%)	-3 (%)	-2 (%)	-1 (%)	0 (%)
9.9 (%)	-	-	-	-	-
10.4 (%)	-	-	-	-	-
10.9 (%)	-	-	-	-	-
11.4 (%)	-	-	-	-	-
11.9 (%)	-	-	-	-	-

${Wacc}/{Long \space Term \space Growth}$	1 (%)	2 (%)	3 (%)	4 (%)
12.4 (%)	-	-	-	-
12.9 (%)	-	-	-	-
13.4 (%)	-	-	-	-
13.9 (%)	-	-	-	-

Financial Modeling Prep is a new concept that informs you about stock markets information (news, currencies and stock prices). We always strive to give you the best and most updated information. We also gives you free financial modeling methodology through our academy. Most investment banking firms follow our guidelines to get discounted cash flow statement of companies to see if they are undervalued, overvalued or simply at par value. You can find all financial models and valuation techniques that is used in corporate finance to get companies intrinsic valuation. Most private equity firm use financial modeling for decision making when it comes to hold, buy or sell a particular stock.

Discounted Cash Flow (DCF) Analysis Unlevered

Microsoft Corpo (MSFT)