Free Cash Flow Build Up

Microsoft Corporation (MSFT)

$ 299.56
0.98 0.33%
Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 89,950110,360125,843143,015168,088196,619.77229,994.61269,034.60314,701.36368,119.73
EBITDA 34,14949,46858,05668,42385,13489,428.18104,608122,364.48143,135167,431.17
EBIT 25,37139,20746,37455,62773,44872,031.6184,258.4898,560.77115,290.77134,860.58
Tax Rate 8.40%54.57%10.18%16.51%13.83%20.70%20.70%20.70%20.70%20.70%
EBIAT 23,239.3117,812.6741,652.5346,444.2963,292.6357,123.1966,819.4578,161.5991,428.98106,948.41
Depreciation 8,77810,26111,68212,79611,68617,396.5720,349.5223,803.7127,844.2332,570.59
Accounts Receivable --6,689-3,043-2,487-6,032-6,973.16-7,641.18-8,938.22-10,455.42-12,230.15
Inventories --481599168-741-1,048.41-625.40-731.56-855.74-1,001
Accounts Payable -1,2277653,1482,6331,062.562,754.183,221.683,768.544,408.22
Capital Expenditure -8,129-11,632-13,925-15,441-20,622-21,120.11-24,705.11-28,898.63-33,803.97-39,541.96
UFCF 23,888.3110,498.6737,730.5344,628.2950,216.6346,440.6356,951.4666,618.5777,926.6191,154.11
WACC
PV UFCF 50,402.0256,951.4661,382.6366,158.5871,306.13
SUM PV UFCF 259,960.13