AAPL 153.04 +0.34 (+0.22%)MSFT 105 +0.23 (+0.22%)FB 130.65 -2.52 (-1.89%)ZNGA 3.95 +0.07 (+1.68%)NVDA 133.37 -0.29 (-0.22%)WBA 68.22 +0.16 (+0.24%)PIH 4.14 +0.25 (+6.43%)
AAPL 153.04 +0.34 (+0.22%)MSFT 105 +0.23 (+0.22%)FB 130.65 -2.52 (-1.89%)ZNGA 3.95 +0.07 (+1.68%)NVDA 133.37 -0.29 (-0.22%)WBA 68.22 +0.16 (+0.24%)PIH 4.14 +0.25 (+6.43%)
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 | 59,825 | 66,001 | 74,989 | 90,272 | 110,855 | 129,479 | 151,231 | 176,638 | 206,313 | 240,974 |
| EBITDA | 18,518 | 22,339 | 24,818 | 30,418 | 34,217 | 42,081 | 49,150 | 57,407 | 67,052 | 78,316 |
| EBIT | 14,579 | 17,360 | 19,755 | 24,274 | 27,302 | 33,276 | 38,866 | 45,396 | 53,022 | 61,930 |
| TaxesRate | 10.9 | 16.3 | 16.8 | 19.3 | 53.4 | 23.4 | 23.4 | 23.4 | 23.4 | 23.4 |
| EBIAT | 12994.0 | 14528.5 | 16434.5 | 19578.0 | 12712.8 | 25504.5 | 29789.3 | 34793.9 | 40639.3 | 47466.7 |
| Depreciation | 3,939 | 4,979 | 5,063 | 6,144 | 6,915 | 8,805 | 10,284 | 12,011 | 14,029 | 16,386 |
| AccountReceivable | - | -501 | -2,173 | -2,581 | -4,199 | -1,474 | -3,328 | -3,887 | -4,540 | -5,303 |
| Inventories | - | 426 | - | -268 | -481 | 361 | -65 | -76 | -89 | -104 |
| PrepaidExpenses | - | -585 | 273 | -1,436 | 4,575 | -4,920 | -827 | -965 | -1,128 | -1,317 |
| AccountsPayable | - | -738 | 216 | 110 | 1,096 | 618 | 631 | 737 | 861 | 1,005 |
| AccruedLiabilities | - | 1,469 | 1,181 | 2,426 | 5,671 | 171 | 3,176 | 3,709 | 4,333 | 5,060 |
| CapitalExpenditure | -7,358 | -10,959 | -9,915 | -10,212 | -13,184 | -16,962 | -19,811 | -23,140 | -27,027 | -31,568 |
| UFCF | 16,933 | 23,765 | 19,678 | 25,706 | 24,687 | 37,762 | 43,336 | 50,616 | 59,120 | 69,052 |
| WACC | ||||||||||
| PV UFCF | 33,989 | 35,109 | 36,910 | 38,804 | 40,795 | |||||
| SUM PV UFCF | 185,607 |
| Year A / P | 2012 Actual | 2013 Actual | 2014 Actual | 2015 Actual | 2016 Actual |
|---|---|---|---|---|---|
| Revenue | 59,825 | 66,001 | 74,989 | 90,272 | 110,855 |
| EBITDA | 18,518 | 22,339 | 24,818 | 30,418 | 34,217 |
| EBIT | 14,579 | 17,360 | 19,755 | 24,274 | 27,302 |
| TaxesRate | 10.9 | 16.3 | 16.8 | 19.3 | 53.4 |
| EBIAT | 12994.0 | 14528.5 | 16434.5 | 19578.0 | 12712.8 |
| Depreciation | 3,939 | 4,979 | 5,063 | 6,144 | 6,915 |
| AccountReceivable | - | -501 | -2,173 | -2,581 | -4,199 |
| Inventories | - | 426 | - | -268 | -481 |
| PrepaidExpenses | - | -585 | 273 | -1,436 | 4,575 |
| AccountsPayable | - | -738 | 216 | 110 | 1,096 |
| AccruedLiabilities | - | 1,469 | 1,181 | 2,426 | 5,671 |
| CapitalExpenditure | -7,358 | -10,959 | -9,915 | -10,212 | -13,184 |
| UFCF | 16,933 | 23,765 | 19,678 | 25,706 | 24,687 |
| WACC | |||||
| PV UFCF | |||||
| SUM PV UFCF |
| Year A / P | 2017 Projected | 2018 Projected | 2019 Projected | 2020 Projected | 2021 Projected |
|---|---|---|---|---|---|
| Revenue | 129,479 | 151,231 | 176,638 | 206,313 | 240,974 |
| EBITDA | 42,081 | 49,150 | 57,407 | 67,052 | 78,316 |
| EBIT | 33,276 | 38,866 | 45,396 | 53,022 | 61,930 |
| TaxesRate | 23.4 | 23.4 | 23.4 | 23.4 | 23.4 |
| EBIAT | 25504.5 | 29789.3 | 34793.9 | 40639.3 | 47466.7 |
| Depreciation | 8,805 | 10,284 | 12,011 | 14,029 | 16,386 |
| AccountReceivable | -1,474 | -3,328 | -3,887 | -4,540 | -5,303 |
| Inventories | 361 | -65 | -76 | -89 | -104 |
| PrepaidExpenses | -4,920 | -827 | -965 | -1,128 | -1,317 |
| AccountsPayable | 618 | 631 | 737 | 861 | 1,005 |
| AccruedLiabilities | 171 | 3,176 | 3,709 | 4,333 | 5,060 |
| CapitalExpenditure | -16,962 | -19,811 | -23,140 | -27,027 | -31,568 |
| UFCF | 37,762 | 43,336 | 50,616 | 59,120 | 69,052 |
| WACC | |||||
| PV UFCF | 33,989 | 35,109 | 36,910 | 38,804 | 40,795 |
| SUM PV UFCF | 185,607 |
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