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Free Cash Flow Build Up

Microsoft Corporation

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 77,849.0086,832.7793,579.6891,155.9796,570.63110,360.92125,844.55136,528.76148,120.05160,695.44174,338.48
EBITDA 30,804.8533,031.1924,461.7332,260.1038,676.5446,737.8555,371.6051,799.0156,196.7560,967.8566,144.02
EBIT 27,052.5327,821.2218,500.7025,642.1729,898.2736,474.2843,693.2341,627.6245,161.8048,996.0453,155.80
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 21,863.4322,074.9712,188.8520,541.5425,486.6716,571.1339,244.7031,318.9333,977.9036,862.6339,992.27
Depreciation 3,752.325,209.975,961.036,617.928,778.2710,263.5711,678.3710,171.3911,034.9411,971.8112,988.22
Accounts Receivable --2,061.171,634.91-365.62-4,156.59-4,042.23-3,047.55-677.03-2,563.99-2,781.68-3,017.84
Inventories --718.64-243.89649.4269.06-477.20595.85-1,335.72-288.62-313.13-339.71
Accounts Payable -2,515.83-1,307.03510.62195.451,231.53768.821,179.32897.17973.341,055.97
Capital Expenditure -1,229.49454.482,398.46-209.523,500.792,298.95-2,749.29949.331,029.921,117.37
UFCF 25,615.7528,250.4418,688.3530,352.3430,163.3327,047.5951,539.1437,907.6144,006.7247,742.9051,796.27
WACC
PV UFCF 37,907.6144,006.7247,742.9051,796.27
SUM PV UFCF 393,110.44