AAPL 189.07 +0.3 (+0.16%)FB 167.35 +1.05 (+0.63%)ZNGA 5.3 -0.01 (-0.19%)NVDA 175.17 +1.31 (+0.75%)WBA 61.7 +0.14 (+0.23%)GOOG 1184.77 -8.35 (-0.70%)PIH 5.45 -0.16 (-2.85%)
AAPL 189.07 +0.3 (+0.16%)FB 167.35 +1.05 (+0.63%)ZNGA 5.3 -0.01 (-0.19%)NVDA 175.17 +1.31 (+0.75%)WBA 61.7 +0.14 (+0.23%)GOOG 1184.77 -8.35 (-0.70%)PIH 5.45 -0.16 (-2.85%)
Free Cash Flow Build Up 
Microsoft C
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 | 86,833 | 93,580 | 85,320 | 89,950 | 110,360 | 117,864 | 125,879 | 134,439 | 143,581 | 153,344 |
| EBITDA | 33,629 | 25,245 | 27,616 | 34,149 | 49,468 | 42,667 | 45,568 | 48,667 | 51,976 | 55,511 |
| EBIT | 28,417 | 19,288 | 20,994 | 25,371 | 39,207 | 33,356 | 35,624 | 38,046 | 40,633 | 43,396 |
| TaxesRate | 20.7 | 34.1 | 15.0 | 8.4 | 54.6 | 26.5 | 26.5 | 26.5 | 26.5 | 26.5 |
| EBIAT | 22547.7 | 12707.5 | 17855.2 | 23239.3 | 17812.7 | 24503.6 | 26169.8 | 27949.4 | 29850.0 | 31879.7 |
| Depreciation | 5,212 | 5,957 | 6,622 | 8,778 | 10,261 | 9,311 | 9,944 | 10,621 | 11,343 | 12,114 |
| AccountReceivable | - | 1,636 | -369 | -1,515 | -6,689 | 787 | -1,747 | -1,866 | -1,993 | -2,128 |
| Inventories | - | -242 | 651 | 70 | -481 | -520 | -216 | -231 | -247 | -264 |
| AccountsPayable | - | -841 | 307 | 492 | 1,227 | 694 | 633 | 676 | 722 | 771 |
| CapitalExpenditure | -5,485 | -5,944 | -8,343 | -8,129 | -11,632 | -9,901 | -10,574 | -11,293 | -12,061 | -12,881 |
| UFCF | 27,760 | 19,677 | 27,465 | 30,850 | 25,634 | 33,044 | 35,457 | 37,868 | 40,443 | 43,193 |
| WACC | ||||||||||
| PV UFCF | 29,850 | 28,934 | 27,915 | 26,931 | 25,982 | |||||
| SUM PV UFCF | 139,612 |
| Year A / P | 2012 Actual | 2013 Actual | 2014 Actual | 2015 Actual | 2016 Actual |
|---|---|---|---|---|---|
| Revenue | 86,833 | 93,580 | 85,320 | 89,950 | 110,360 |
| EBITDA | 33,629 | 25,245 | 27,616 | 34,149 | 49,468 |
| EBIT | 28,417 | 19,288 | 20,994 | 25,371 | 39,207 |
| TaxesRate | 20.7 | 34.1 | 15.0 | 8.4 | 54.6 |
| EBIAT | 22547.7 | 12707.5 | 17855.2 | 23239.3 | 17812.7 |
| Depreciation | 5,212 | 5,957 | 6,622 | 8,778 | 10,261 |
| AccountReceivable | - | 1,636 | -369 | -1,515 | -6,689 |
| Inventories | - | -242 | 651 | 70 | -481 |
| AccountsPayable | - | -841 | 307 | 492 | 1,227 |
| CapitalExpenditure | -5,485 | -5,944 | -8,343 | -8,129 | -11,632 |
| UFCF | 27,760 | 19,677 | 27,465 | 30,850 | 25,634 |
| WACC | |||||
| PV UFCF | |||||
| SUM PV UFCF |
| Year A / P | 2017 Projected | 2018 Projected | 2019 Projected | 2020 Projected | 2021 Projected |
|---|---|---|---|---|---|
| Revenue | 117,864 | 125,879 | 134,439 | 143,581 | 153,344 |
| EBITDA | 42,667 | 45,568 | 48,667 | 51,976 | 55,511 |
| EBIT | 33,356 | 35,624 | 38,046 | 40,633 | 43,396 |
| TaxesRate | 26.5 | 26.5 | 26.5 | 26.5 | 26.5 |
| EBIAT | 24503.6 | 26169.8 | 27949.4 | 29850.0 | 31879.7 |
| Depreciation | 9,311 | 9,944 | 10,621 | 11,343 | 12,114 |
| AccountReceivable | 787 | -1,747 | -1,866 | -1,993 | -2,128 |
| Inventories | -520 | -216 | -231 | -247 | -264 |
| AccountsPayable | 694 | 633 | 676 | 722 | 771 |
| CapitalExpenditure | -9,901 | -10,574 | -11,293 | -12,061 | -12,881 |
| UFCF | 33,044 | 35,457 | 37,868 | 40,443 | 43,193 |
| WACC | |||||
| PV UFCF | 29,850 | 28,934 | 27,915 | 26,931 | 25,982 |
| SUM PV UFCF | 139,612 |
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