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Free Cash Flow Build Up

Facebook Inc.

Facebook Inc. (FB)

Technology

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 7,872.0012,466.1017,928.7427,638.9540,654.1355,838.4582,730.25122,573.14181,604.37269,065.03398,646.75
EBITDA 3,765.186,153.278,139.6514,858.7023,620.0529,678.1442,415.8062,843.2593,108.56137,949.64204,386.19
EBIT 2,754.414,910.406,194.3812,517.6820,595.3825,361.8334,515.0651,137.5175,765.34112,253.93166,315.42
Tax Rate 45.53%40.12%40.46%18.38%22.63%12.81%29.99%29.99%29.99%29.99%29.99%
EBIAT 1,500.222,940.243,688.2310,216.7415,935.0722,112.7224,164.2835,801.8053,043.9578,589.92116,438.82
Depreciation 1,010.761,242.871,945.272,341.023,024.674,316.317,900.7411,705.7317,343.2225,695.7138,070.76
Accounts Receivable --568.77-880.49-1,435.40-1,840.04-1,754.58-4,018.61-5,589.96-8,282.08-12,270.73-18,180.31
Inventories -----------
Accounts Payable -110.0734.64170.82185.18594.10730.621,008.031,493.492,212.753,278.42
Capital Expenditure -469.41691.301,968.762,240.997,182.62397.396,892.8210,212.4015,130.6922,417.64
UFCF 2,510.994,193.825,478.9413,261.9419,545.8832,451.1729,174.4249,818.4373,810.98109,358.35162,025.33
WACC
PV UFCF 29,174.4249,818.4373,810.98109,358.35162,025.33
SUM PV UFCF 501,630.24