AAPL 190.97 -1.17 (-0.61%)MSFT 117.13 -0.45 (-0.38%)FB 164.38 -0.35 (-0.21%)NVDA 177.47 +0.21 (+0.12%)WBA 62.43 -0.13 (-0.21%)GOOG 1205.9 -0.04 (-0.00%)PIH 5.45 -0.16 (-2.85%)
AAPL 190.97 -1.17 (-0.61%)MSFT 117.13 -0.45 (-0.38%)FB 164.38 -0.35 (-0.21%)NVDA 177.47 +0.21 (+0.12%)WBA 62.43 -0.13 (-0.21%)GOOG 1205.9 -0.04 (-0.00%)PIH 5.45 -0.16 (-2.85%)
Free Cash Flow Build Up 
Zynga Inc.
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 | 690 | 765 | 741 | 861 | 907 | 973 | 1,044 | 1,120 | 1,202 | 1,290 |
| EBITDA | -162 | -92 | -52 | 56 | 49 | -59 | -64 | -68 | -73 | -79 |
| EBIT | -245 | -146 | -94 | 26 | 7 | -124 | -133 | -142 | -153 | -164 |
| TaxesRate | 3.0 | 6.2 | -2.9 | 28.9 | 42.3 | 15.5 | 15.5 | 15.5 | 15.5 | 15.5 |
| EBIAT | -237.6 | -137.0 | -96.7 | 18.5 | 4.0 | -104.4 | -112.0 | -120.2 | -129.0 | -138.4 |
| Depreciation | 83 | 54 | 42 | 30 | 42 | 64 | 69 | 74 | 79 | 85 |
| AccountReceivable | - | 10 | 3 | -27 | 12 | -17 | -8 | -9 | -9 | -10 |
| PrepaidExpenses | - | - | - | -24 | -3 | 15 | -1 | -1 | -1 | -1 |
| AccountsPayable | - | 46 | -13 | 9 | -8 | 6 | 4 | 4 | 5 | 5 |
| AccruedLiabilities | - | - | - | 11 | -3 | -4 | 0 | 0 | 0 | 0 |
| CapitalExpenditure | -9 | -8 | -10 | -10 | -11 | -12 | -13 | -13 | -14 | -15 |
| UFCF | -155 | -28 | -63 | 41 | 48 | -54 | -46 | -49 | -53 | -57 |
| WACC | ||||||||||
| PV UFCF | -51 | -41 | -41 | -42 | -42 | |||||
| SUM PV UFCF | -218 |
| Year A / P | 2012 Actual | 2013 Actual | 2014 Actual | 2015 Actual | 2016 Actual |
|---|---|---|---|---|---|
| Revenue | 690 | 765 | 741 | 861 | 907 |
| EBITDA | -162 | -92 | -52 | 56 | 49 |
| EBIT | -245 | -146 | -94 | 26 | 7 |
| TaxesRate | 3.0 | 6.2 | -2.9 | 28.9 | 42.3 |
| EBIAT | -237.6 | -137.0 | -96.7 | 18.5 | 4.0 |
| Depreciation | 83 | 54 | 42 | 30 | 42 |
| AccountReceivable | - | 10 | 3 | -27 | 12 |
| PrepaidExpenses | - | - | - | -24 | -3 |
| AccountsPayable | - | 46 | -13 | 9 | -8 |
| AccruedLiabilities | - | - | - | 11 | -3 |
| CapitalExpenditure | -9 | -8 | -10 | -10 | -11 |
| UFCF | -155 | -28 | -63 | 41 | 48 |
| WACC | |||||
| PV UFCF | |||||
| SUM PV UFCF |
| Year A / P | 2017 Projected | 2018 Projected | 2019 Projected | 2020 Projected | 2021 Projected |
|---|---|---|---|---|---|
| Revenue | 973 | 1,044 | 1,120 | 1,202 | 1,290 |
| EBITDA | -59 | -64 | -68 | -73 | -79 |
| EBIT | -124 | -133 | -142 | -153 | -164 |
| TaxesRate | 15.5 | 15.5 | 15.5 | 15.5 | 15.5 |
| EBIAT | -104.4 | -112.0 | -120.2 | -129.0 | -138.4 |
| Depreciation | 64 | 69 | 74 | 79 | 85 |
| AccountReceivable | -17 | -8 | -9 | -9 | -10 |
| PrepaidExpenses | 15 | -1 | -1 | -1 | -1 |
| AccountsPayable | 6 | 4 | 4 | 5 | 5 |
| AccruedLiabilities | -4 | 0 | 0 | 0 | 0 |
| CapitalExpenditure | -12 | -13 | -13 | -14 | -15 |
| UFCF | -54 | -46 | -49 | -53 | -57 |
| WACC | |||||
| PV UFCF | -51 | -41 | -41 | -42 | -42 |
| SUM PV UFCF | -218 |
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