AAPL 195.34 -0.22 (-0.11%)MSFT 120.03 +1.13 (+0.95%)FB 166.05 +1.09 (+0.66%)ZNGA 5.42 -0.04 (-0.64%)NVDA 183.89 +1.36 (+0.75%)WBA 63.57 -0.19 (-0.30%)PIH 5.45 -0.16 (-2.85%)
AAPL 195.34 -0.22 (-0.11%)MSFT 120.03 +1.13 (+0.95%)FB 166.05 +1.09 (+0.66%)ZNGA 5.42 -0.04 (-0.64%)NVDA 183.89 +1.36 (+0.75%)WBA 63.57 -0.19 (-0.30%)PIH 5.45 -0.16 (-2.85%)
Free Cash Flow Build Up 
Alphabet In
BalanceTerminal
| Year A / P | 2012 Actual | 2013 Actual | 2014 Actual | 2015 Actual | 2016 Actual | 2017 Projected | 2018 Projected | 2019 Projected | 2020 Projected | 2021 Projected |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 66,001 | 74,989 | 90,272 | 110,855 | 136,819 | 164,183 | 197,019 | 236,423 | 283,708 | 340,449 |
| EBITDA | 22,339 | 24,818 | 30,418 | 34,217 | 44,062 | 53,688 | 64,425 | 77,310 | 92,772 | 111,327 |
| EBIT | 17,360 | 19,755 | 24,274 | 27,302 | 35,027 | 42,523 | 51,028 | 61,234 | 73,480 | 88,176 |
| TaxesRate | 16.3 | 16.8 | 19.3 | 53.4 | 12.0 | 23.6 | 23.6 | 23.6 | 23.6 | 23.6 |
| EBIAT | 14528.5 | 16434.5 | 19578.0 | 12712.8 | 30836.4 | 32499.3 | 38999.2 | 46799.0 | 56158.8 | 67390.6 |
| Depreciation | 4,979 | 5,063 | 6,144 | 6,915 | 9,035 | 11,164 | 13,397 | 16,077 | 19,292 | 23,151 |
| AccountReceivable | - | -2,173 | -2,581 | -4,199 | -2,502 | -4,446 | -5,057 | -6,068 | -7,282 | -8,738 |
| Inventories | - | - | -268 | -481 | -358 | 450 | -131 | -158 | -189 | -227 |
| PrepaidExpenses | - | 273 | -1,436 | 4,575 | - | -4,761 | -952 | -1,143 | -1,371 | -1,646 |
| AccountsPayable | - | 216 | 110 | 1,096 | 1,241 | 55 | 887 | 1,064 | 1,277 | 1,532 |
| AccruedLiabilities | - | 711 | -2,899 | 1,266 | 938 | 4,598 | 2,200 | 2,640 | 3,168 | 3,802 |
| CapitalExpenditure | -15,847 | -10,151 | -11,198 | -13,471 | -26,630 | -26,762 | -32,114 | -38,537 | -46,244 | -55,493 |
| UFCF | 19,508 | 14,556 | 21,131 | 19,583 | 52,349 | 44,453 | 55,647 | 66,777 | 80,132 | 96,159 |
| WACC | ||||||||||
| PV UFCF | 40,012 | 45,083 | 48,695 | 52,596 | 56,809 | |||||
| SUM PV UFCF | 243,195 |
| Year A / P | 2012 Actual | 2013 Actual | 2014 Actual | 2015 Actual | 2016 Actual |
|---|---|---|---|---|---|
| Revenue | 66,001 | 74,989 | 90,272 | 110,855 | 136,819 |
| EBITDA | 22,339 | 24,818 | 30,418 | 34,217 | 44,062 |
| EBIT | 17,360 | 19,755 | 24,274 | 27,302 | 35,027 |
| TaxesRate | 16.3 | 16.8 | 19.3 | 53.4 | 12.0 |
| EBIAT | 14528.5 | 16434.5 | 19578.0 | 12712.8 | 30836.4 |
| Depreciation | 4,979 | 5,063 | 6,144 | 6,915 | 9,035 |
| AccountReceivable | - | -2,173 | -2,581 | -4,199 | -2,502 |
| Inventories | - | - | -268 | -481 | -358 |
| PrepaidExpenses | - | 273 | -1,436 | 4,575 | - |
| AccountsPayable | - | 216 | 110 | 1,096 | 1,241 |
| AccruedLiabilities | - | 711 | -2,899 | 1,266 | 938 |
| CapitalExpenditure | -15,847 | -10,151 | -11,198 | -13,471 | -26,630 |
| UFCF | 19,508 | 14,556 | 21,131 | 19,583 | 52,349 |
| WACC | |||||
| PV UFCF | |||||
| SUM PV UFCF |
| Year A / P | 2017 Projected | 2018 Projected | 2019 Projected | 2020 Projected | 2021 Projected |
|---|---|---|---|---|---|
| Revenue | 164,183 | 197,019 | 236,423 | 283,708 | 340,449 |
| EBITDA | 53,688 | 64,425 | 77,310 | 92,772 | 111,327 |
| EBIT | 42,523 | 51,028 | 61,234 | 73,480 | 88,176 |
| TaxesRate | 23.6 | 23.6 | 23.6 | 23.6 | 23.6 |
| EBIAT | 32499.3 | 38999.2 | 46799.0 | 56158.8 | 67390.6 |
| Depreciation | 11,164 | 13,397 | 16,077 | 19,292 | 23,151 |
| AccountReceivable | -4,446 | -5,057 | -6,068 | -7,282 | -8,738 |
| Inventories | 450 | -131 | -158 | -189 | -227 |
| PrepaidExpenses | -4,761 | -952 | -1,143 | -1,371 | -1,646 |
| AccountsPayable | 55 | 887 | 1,064 | 1,277 | 1,532 |
| AccruedLiabilities | 4,598 | 2,200 | 2,640 | 3,168 | 3,802 |
| CapitalExpenditure | -26,762 | -32,114 | -38,537 | -46,244 | -55,493 |
| UFCF | 44,453 | 55,647 | 66,777 | 80,132 | 96,159 |
| WACC | |||||
| PV UFCF | 40,012 | 45,083 | 48,695 | 52,596 | 56,809 |
| SUM PV UFCF | 243,195 |
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