Free Cash Flow Build Up
Microsoft Corporation (MSFT)
Technology
Year A/P | 2013 Actual | 2014 Actual | 2015 Actual | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Projected | 2021 Projected | 2022 Projected | 2023 Projected |
| Revenue | 77,849.00 | 86,832.77 | 93,579.68 | 91,155.97 | 96,570.63 | 110,360.92 | 125,844.55 | 136,528.76 | 148,120.05 | 160,695.44 | 174,338.48 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 30,804.85 | 33,031.19 | 24,461.73 | 32,260.10 | 38,676.54 | 46,737.85 | 55,371.60 | 51,799.01 | 56,196.75 | 60,967.85 | 66,144.02 |
| EBIT | 27,052.53 | 27,821.22 | 18,500.70 | 25,642.17 | 29,898.27 | 36,474.28 | 43,693.23 | 41,627.62 | 45,161.80 | 48,996.04 | 53,155.80 |
| Tax Rate | 19.18% | 20.65% | 34.12% | 19.89% | 14.76% | 54.57% | 10.18% | 24.76% | 24.76% | 24.76% | 24.76% |
| EBIAT | 21,863.43 | 22,074.97 | 12,188.85 | 20,541.54 | 25,486.67 | 16,571.13 | 39,244.70 | 31,318.93 | 33,977.90 | 36,862.63 | 39,992.27 |
| Depreciation | 3,752.32 | 5,209.97 | 5,961.03 | 6,617.92 | 8,778.27 | 10,263.57 | 11,678.37 | 10,171.39 | 11,034.94 | 11,971.81 | 12,988.22 |
| Accounts Receivable | - | -2,061.17 | 1,634.91 | -365.62 | -4,156.59 | -4,042.23 | -3,047.55 | -677.03 | -2,563.99 | -2,781.68 | -3,017.84 |
| Inventories | - | -718.64 | -243.89 | 649.42 | 69.06 | -477.20 | 595.85 | -1,335.72 | -288.62 | -313.13 | -339.71 |
| Accounts Payable | - | 2,515.83 | -1,307.03 | 510.62 | 195.45 | 1,231.53 | 768.82 | 1,179.32 | 897.17 | 973.34 | 1,055.97 |
| Capital Expenditure | - | 1,229.49 | 454.48 | 2,398.46 | -209.52 | 3,500.79 | 2,298.95 | -2,749.29 | 949.33 | 1,029.92 | 1,117.37 |
| UFCF | 25,615.75 | 28,250.44 | 18,688.35 | 30,352.34 | 30,163.33 | 27,047.59 | 51,539.14 | 37,907.61 | 44,006.72 | 47,742.90 | 51,796.27 |
| WACC | |||||||||||
| PV UFCF | 37,907.61 | 44,006.72 | 47,742.90 | 51,796.27 | |||||||
| SUM PV UFCF | 393,110.44 |