AAPL 154.28 -0.6 (-0.39%)FB 130.65 -2.52 (-1.89%)ZNGA 3.95 +0.07 (+1.68%)NVDA 133.37 -0.29 (-0.22%)WBA 68.22 +0.16 (+0.24%)GOOG 1029.8 -7.78 (-0.75%)PIH 4.14 +0.25 (+6.43%)
AAPL 154.28 -0.6 (-0.39%)FB 130.65 -2.52 (-1.89%)ZNGA 3.95 +0.07 (+1.68%)NVDA 133.37 -0.29 (-0.22%)WBA 68.22 +0.16 (+0.24%)GOOG 1029.8 -7.78 (-0.75%)PIH 4.14 +0.25 (+6.43%)
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 | 77,849 | 86,833 | 93,580 | 85,320 | 89,950 | 93,548 | 97,290 | 101,182 | 105,229 | 109,438 |
| EBITDA | 31,236 | 33,629 | 25,245 | 27,616 | 34,149 | 32,929 | 34,246 | 35,616 | 37,041 | 38,522 |
| EBIT | 27,481 | 28,417 | 19,288 | 20,994 | 25,371 | 26,381 | 27,436 | 28,533 | 29,675 | 30,861 |
| TaxesRate | 19.2 | 20.7 | 34.1 | 15.0 | 8.4 | 19.5 | 19.5 | 19.5 | 19.5 | 19.5 |
| EBIAT | 22209.7 | 22547.7 | 12707.5 | 17855.2 | 23239.3 | 21246.6 | 22096.4 | 22980.3 | 23899.5 | 24855.5 |
| Depreciation | 3,755 | 5,212 | 5,957 | 6,622 | 8,778 | 6,548 | 6,810 | 7,083 | 7,366 | 7,661 |
| AccountReceivable | - | -2,058 | 1,636 | -369 | -1,515 | -321 | -805 | -837 | -870 | -905 |
| Inventories | - | -722 | -242 | 651 | 70 | -345 | -101 | -105 | -109 | -114 |
| AccountsPayable | - | 2,604 | -841 | 307 | 492 | -280 | 284 | 296 | 308 | 320 |
| AccruedLiabilities | - | 680 | 299 | 168 | 555 | -393 | 217 | 226 | 235 | 244 |
| CapitalExpenditure | -4,257 | -5,485 | -5,944 | -8,343 | -8,129 | -6,923 | -7,199 | -7,487 | -7,787 | -8,098 |
| UFCF | 25,965 | 29,492 | 19,976 | 27,633 | 31,405 | 25,249 | 28,780 | 29,931 | 31,128 | 32,373 |
| WACC | ||||||||||
| PV UFCF | 22,829 | 23,527 | 22,123 | 20,803 | 19,562 | |||||
| SUM PV UFCF | 108,845 |
| Year A / P | 2012 Actual | 2013 Actual | 2014 Actual | 2015 Actual | 2016 Actual |
|---|---|---|---|---|---|
| Revenue | 77,849 | 86,833 | 93,580 | 85,320 | 89,950 |
| EBITDA | 31,236 | 33,629 | 25,245 | 27,616 | 34,149 |
| EBIT | 27,481 | 28,417 | 19,288 | 20,994 | 25,371 |
| TaxesRate | 19.2 | 20.7 | 34.1 | 15.0 | 8.4 |
| EBIAT | 22209.7 | 22547.7 | 12707.5 | 17855.2 | 23239.3 |
| Depreciation | 3,755 | 5,212 | 5,957 | 6,622 | 8,778 |
| AccountReceivable | - | -2,058 | 1,636 | -369 | -1,515 |
| Inventories | - | -722 | -242 | 651 | 70 |
| AccountsPayable | - | 2,604 | -841 | 307 | 492 |
| AccruedLiabilities | - | 680 | 299 | 168 | 555 |
| CapitalExpenditure | -4,257 | -5,485 | -5,944 | -8,343 | -8,129 |
| UFCF | 25,965 | 29,492 | 19,976 | 27,633 | 31,405 |
| WACC | |||||
| PV UFCF | |||||
| SUM PV UFCF |
| Year A / P | 2017 Projected | 2018 Projected | 2019 Projected | 2020 Projected | 2021 Projected |
|---|---|---|---|---|---|
| Revenue | 93,548 | 97,290 | 101,182 | 105,229 | 109,438 |
| EBITDA | 32,929 | 34,246 | 35,616 | 37,041 | 38,522 |
| EBIT | 26,381 | 27,436 | 28,533 | 29,675 | 30,861 |
| TaxesRate | 19.5 | 19.5 | 19.5 | 19.5 | 19.5 |
| EBIAT | 21246.6 | 22096.4 | 22980.3 | 23899.5 | 24855.5 |
| Depreciation | 6,548 | 6,810 | 7,083 | 7,366 | 7,661 |
| AccountReceivable | -321 | -805 | -837 | -870 | -905 |
| Inventories | -345 | -101 | -105 | -109 | -114 |
| AccountsPayable | -280 | 284 | 296 | 308 | 320 |
| AccruedLiabilities | -393 | 217 | 226 | 235 | 244 |
| CapitalExpenditure | -6,923 | -7,199 | -7,487 | -7,787 | -8,098 |
| UFCF | 25,249 | 28,780 | 29,931 | 31,128 | 32,373 |
| WACC | |||||
| PV UFCF | 22,829 | 23,527 | 22,123 | 20,803 | 19,562 |
| SUM PV UFCF | 108,845 |
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