Free Cash Flow Build Up
Microsoft Corporation (MSFT)
$ 257.89
0.65 (+0.25%)
Year A/P | 2013 Actual | 2014 Actual | 2015 Actual | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
| Revenue | 77,849 | 86,833 | 93,580 | 85,320 | 89,950 | 110,360 | 125,843 | 143,015 | 156,555.63 | 171,378.28 | 187,604.33 | 205,366.66 | 224,810.73 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 30,519 | 33,098 | 34,129 | 27,914 | 31,410 | 45,319 | 54,641 | 65,755 | 61,034.91 | 66,813.68 | 73,139.58 | 80,064.42 | 87,644.90 |
| EBIT | 26,764 | 27,886 | 28,172 | 21,292 | 22,632 | 35,058 | 42,959 | 52,959 | 48,854.95 | 53,480.52 | 58,544.05 | 64,086.98 | 70,154.72 |
| Tax Rate | 19.18% | 20.65% | 34.12% | 14.95% | 8.40% | 54.57% | 10.18% | 16.51% | 22.32% | 22.32% | 22.32% | 22.32% | 22.32% |
| EBIAT | 21,630.24 | 22,126.37 | 18,560.61 | 18,108.60 | 20,730.44 | 15,927.68 | 38,585.22 | 44,216.71 | 37,950.38 | 41,543.51 | 45,476.84 | 49,782.58 | 54,495.98 |
| Depreciation | 3,755 | 5,212 | 5,957 | 6,622 | 8,778 | 10,261 | 11,682 | 12,796 | 12,179.96 | 13,333.15 | 14,595.53 | 15,977.43 | 17,490.17 |
| Accounts Receivable | - | -2,058 | 1,636 | -369 | -1,515 | -6,689 | -3,043 | -2,487 | -2,699.27 | -3,286.36 | -3,597.51 | -3,938.12 | -4,310.98 |
| Inventories | - | -722 | -242 | 651 | 70 | -481 | 599 | 168 | -1,841.46 | -353.77 | -387.26 | -423.93 | -464.07 |
| Accounts Payable | - | 2,604 | -841 | 307 | 492 | 1,227 | 765 | 3,148 | -371.67 | 1,151.15 | 1,260.14 | 1,379.45 | 1,510.05 |
| Capital Expenditure | -4,257 | -5,485 | -5,944 | -8,343 | -8,129 | -11,632 | -13,925 | -15,441 | -13,572.34 | -14,857.36 | -16,264.05 | -17,803.93 | -19,489.60 |
| UFCF | 21,128.24 | 21,677.37 | 19,126.61 | 16,976.60 | 20,426.44 | 8,613.68 | 34,663.22 | 42,400.71 | 31,645.59 | 37,530.32 | 41,083.68 | 44,973.47 | 49,231.55 |
| WACC | |||||||||||||
| PV UFCF | 26,812.28 | 29,269.34 | 29,492.41 | 29,717.18 | 29,943.67 | ||||||||
| SUM PV UFCF | 157,783.18 |