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	89,950	110,360	117,864	125,879	134,439	143,581	153,344
Revenue (%)
EBITDA	33,629	25,245	27,616	34,149	49,468	42,667	45,568	48,667	51,976	55,511
EBITDA (%)
EBIT	28,417	19,288	20,994	25,371	39,207	33,356	35,624	38,046	40,633	43,396
EBIT (%)
Depreciation	5,212	5,957	6,622	8,778	10,261	9,311	9,944	10,621	11,343	12,114
Depreciation (%)

Year A / P	2012 Actual	2013 Actual	2014 Actual	2015 Actual	2016 Actual
Revenue	86,833	93,580	85,320	89,950	110,360
Revenue (%)
EBITDA	33,629	25,245	27,616	34,149	49,468
EBITDA (%)
EBIT	28,417	19,288	20,994	25,371	39,207
EBIT (%)
Depreciation	5,212	5,957	6,622	8,778	10,261
Depreciation (%)

Year A / P	2017 Projected	2018 Projected	2019 Projected	2020 Projected	2021 Projected
Revenue	117,864	125,879	134,439	143,581	153,344
Revenue (%)
EBITDA	42,667	45,568	48,667	51,976	55,511
EBITDA (%)
EBIT	33,356	35,624	38,046	40,633	43,396
EBIT (%)
Depreciation	9,311	9,944	10,621	11,343	12,114
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	132,981	133,768	142,262	151,936	162,268	173,302	185,087
Cash (%)
AccountReceivable	19,544	17,908	18,277	19,792	26,481	25,694	27,442	29,308	31,301	33,429
AccountReceivable (%)
Inventories	2,660	2,902	2,251	2,181	2,662	3,182	3,399	3,630	3,877	4,140
Inventories (%)
AccountsPayable	7,432	6,591	6,898	7,390	8,617	9,311	9,944	10,621	11,343	12,114
AccountsPayable (%)
CapitalExpenditure	-5,485	-5,944	-8,343	-8,129	-11,632	-9,901	-10,574	-11,293	-12,061	-12,881
CapitalExpenditure (%)

Year A / P	2012 Actual	2013 Actual	2014 Actual	2015 Actual	2016 Actual
Cash	85,709	96,526	113,240	132,981	133,768
Cash (%)
AccountReceivable	19,544	17,908	18,277	19,792	26,481
AccountReceivable (%)
Inventories	2,660	2,902	2,251	2,181	2,662
Inventories (%)
AccountsPayable	7,432	6,591	6,898	7,390	8,617
AccountsPayable (%)
CapitalExpenditure	-5,485	-5,944	-8,343	-8,129	-11,632
CapitalExpenditure (%)

Year A / P	2017 Projected	2018 Projected	2019 Projected	2020 Projected	2021 Projected
Cash	142,262	151,936	162,268	173,302	185,087
Cash (%)
AccountReceivable	25,694	27,442	29,308	31,301	33,429
AccountReceivable (%)
Inventories	3,182	3,399	3,630	3,877	4,140
Inventories (%)
AccountsPayable	9,311	9,944	10,621	11,343	12,114
AccountsPayable (%)
CapitalExpenditure	-9,901	-10,574	-11,293	-12,061	-12,881
CapitalExpenditure (%)

Weighted Average Cost Of Capital Microsoft C

Share Price	$ 117.13
Diluted Shares Outstanding	8013
Cost of Debt
Tax Rate	54.6
After-tax Cost of Debt	3.7
Risk Free Rate
Market Risk Premium
Cost of Equity	11.11
Total Debt	72,242.00
Total Equity	912,911.22
Total Capital	985,153.22
Debt Weighting	7.33
Equity Weighting	92.67
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	89,950	110,360	117,864	125,879	134,439	143,581	153,344
EBITDA	33,629	25,245	27,616	34,149	49,468	42,667	45,568	48,667	51,976	55,511
EBIT	28,417	19,288	20,994	25,371	39,207	33,356	35,624	38,046	40,633	43,396
TaxesRate	20.7	34.1	15.0	8.4	54.6	26.5	26.5	26.5	26.5	26.5
EBIAT	22547.7	12707.5	17855.2	23239.3	17812.7	24503.6	26169.8	27949.4	29850.0	31879.7
Depreciation	5,212	5,957	6,622	8,778	10,261	9,311	9,944	10,621	11,343	12,114
AccountReceivable	-	1,636	-369	-1,515	-6,689	787	-1,747	-1,866	-1,993	-2,128
Inventories	-	-242	651	70	-481	-520	-216	-231	-247	-264
AccountsPayable	-	-841	307	492	1,227	694	633	676	722	771
CapitalExpenditure	-5,485	-5,944	-8,343	-8,129	-11,632	-9,901	-10,574	-11,293	-12,061	-12,881
UFCF	27,760	19,677	27,465	30,850	25,634	33,044	35,457	37,868	40,443	43,193
WACC
PV UFCF						29,850	28,934	27,915	26,931	25,982
SUM PV UFCF										139,612

Year A / P	2012 Actual	2013 Actual	2014 Actual	2015 Actual	2016 Actual
Revenue	86,833	93,580	85,320	89,950	110,360
EBITDA	33,629	25,245	27,616	34,149	49,468
EBIT	28,417	19,288	20,994	25,371	39,207
TaxesRate	20.7	34.1	15.0	8.4	54.6
EBIAT	22547.7	12707.5	17855.2	23239.3	17812.7
Depreciation	5,212	5,957	6,622	8,778	10,261
AccountReceivable	-	1,636	-369	-1,515	-6,689
Inventories	-	-242	651	70	-481
AccountsPayable	-	-841	307	492	1,227
CapitalExpenditure	-5,485	-5,944	-8,343	-8,129	-11,632
UFCF	27,760	19,677	27,465	30,850	25,634
WACC
PV UFCF
SUM PV UFCF

Year A / P	2017 Projected	2018 Projected	2019 Projected	2020 Projected	2021 Projected
Revenue	117,864	125,879	134,439	143,581	153,344
EBITDA	42,667	45,568	48,667	51,976	55,511
EBIT	33,356	35,624	38,046	40,633	43,396
TaxesRate	26.5	26.5	26.5	26.5	26.5
EBIAT	24503.6	26169.8	27949.4	29850.0	31879.7
Depreciation	9,311	9,944	10,621	11,343	12,114
AccountReceivable	787	-1,747	-1,866	-1,993	-2,128
Inventories	-520	-216	-231	-247	-264
AccountsPayable	694	633	676	722	771
CapitalExpenditure	-9,901	-10,574	-11,293	-12,061	-12,881
UFCF	33,044	35,457	37,868	40,443	43,193
WACC
PV UFCF	29,850	28,934	27,915	26,931	25,982
SUM PV UFCF					139,612

Terminal Value Microsoft C

Growth in perpetuity method:
Long term growth rate
WACC (%)	10.7
Free cash flow (t+1)	44,921.08
Terminal Value	670,463.95
Present Value of Terminal Value	403,308.46

Intrinsic Value Microsoft C

Enterprise Value	542,921
Net Debt	-61,526
Equity Value	604,447
Shares Outstanding	7,794
Equity Value Per Share	78

Results Unlevered DCF Microsoft C

${Wacc}/{Long \space Term \space Growth}$	-4 (%)	-3 (%)	-2 (%)	-1 (%)	0 (%)	1 (%)	2 (%)	3 (%)	4 (%)
8.7 (%)	53 Sell	56 Sell	59 Sell	63 Sell	68 Sell	74 Sell	81 Sell	92 Sell	107 Sell
9.2 (%)	52 Sell	54 Sell	57 Sell	60 Sell	65 Sell	70 Sell	76 Sell	85 Sell	97 Sell
9.7 (%)	50 Sell	52 Sell	55 Sell	58 Sell	62 Sell	66 Sell	72 Sell	79 Sell	89 Sell
10.2 (%)	49 Sell	51 Sell	53 Sell	56 Sell	59 Sell	63 Sell	68 Sell	75 Sell	83 Sell
10.7 (%)	48 Sell	49 Sell	52 Sell	54 Sell	57 Sell	61 Sell	65 Sell	70 Sell	78 Sell
11.2 (%)	46 Sell	48 Sell	50 Sell	52 Sell	55 Sell	58 Sell	62 Sell	67 Sell	73 Sell
11.7 (%)	45 Sell	47 Sell	49 Sell	51 Sell	53 Sell	56 Sell	59 Sell	64 Sell	69 Sell
12.2 (%)	44 Sell	46 Sell	47 Sell	49 Sell	51 Sell	54 Sell	57 Sell	61 Sell	65 Sell
12.7 (%)	43 Sell	45 Sell	46 Sell	48 Sell	50 Sell	52 Sell	55 Sell	58 Sell	62 Sell

${Wacc}/{Long \space Term \space Growth}$	-4 (%)	-3 (%)	-2 (%)	-1 (%)	0 (%)
8.7 (%)	53 Sell	56 Sell	59 Sell	63 Sell	68 Sell
9.2 (%)	52 Sell	54 Sell	57 Sell	60 Sell	65 Sell
9.7 (%)	50 Sell	52 Sell	55 Sell	58 Sell	62 Sell
10.2 (%)	49 Sell	51 Sell	53 Sell	56 Sell	59 Sell
10.7 (%)	48 Sell	49 Sell	52 Sell	54 Sell	57 Sell

${Wacc}/{Long \space Term \space Growth}$	1 (%)	2 (%)	3 (%)	4 (%)
11.2 (%)	58 Sell	62 Sell	67 Sell	73 Sell
11.7 (%)	56 Sell	59 Sell	64 Sell	69 Sell
12.2 (%)	54 Sell	57 Sell	61 Sell	65 Sell
12.7 (%)	52 Sell	55 Sell	58 Sell	62 Sell

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)