Discounted Cash Flow (DCF) Analysis Levered
Amazon.com, Inc. (AMZN)
$142.69
+4.86 (+3.53%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 177,866 | 232,887 | 280,522 | 386,064 | 469,822.01 | 599,853.33 | 765,873.06 | 977,841.62 | 1,248,476.11 | 1,594,013.36 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 18,434 | 30,723 | 38,514 | 66,064 | 46,327 | 77,091.17 | 98,427.48 | 125,668.98 | 160,450.03 | 204,857.34 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -11,955 | -13,427 | -16,861 | -40,140 | -61,053 | -50,255.17 | -64,164.16 | -81,922.69 | -104,596.20 | -133,545 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 6,479 | 17,296 | 21,653 | 25,924 | -14,726 | 26,836 | 34,263.32 | 43,746.29 | 55,853.82 | 71,312.33 |
Weighted Average Cost Of Capital
| Share price | $ 142.69 |
|---|---|
| Beta | 1.330 |
| Diluted Shares Outstanding | 10,300 |
| Cost of Debt | |
| Tax Rate | 12.55 |
| After-tax Cost of Debt | 1.36% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.063 |
| Total Debt | 116,395 |
| Total Equity | 1,469,707 |
| Total Capital | 1,586,102 |
| Debt Weighting | 7.34 |
| Equity Weighting | 92.66 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 177,866 | 232,887 | 280,522 | 386,064 | 469,822.01 | 599,853.33 | 765,873.06 | 977,841.62 | 1,248,476.11 | 1,594,013.36 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 18,434 | 30,723 | 38,514 | 66,064 | 46,327 | 77,091.17 | 98,427.48 | 125,668.98 | 160,450.03 | 204,857.34 |
| Capital Expenditure | -11,955 | -13,427 | -16,861 | -40,140 | -61,053 | -50,255.17 | -64,164.16 | -81,922.69 | -104,596.20 | -133,545 |
| Free Cash Flow | 6,479 | 17,296 | 21,653 | 25,924 | -14,726 | 26,836 | 34,263.32 | 43,746.29 | 55,853.82 | 71,312.33 |
| WACC | ||||||||||
| PV LFCF | 16,448.99 | 19,356.25 | 22,777.36 | 26,803.12 | 31,540.40 | |||||
| SUM PV LFCF | 175,816.75 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 8.50 |
| Free cash flow (t + 1) | 72,738.58 |
| Terminal Value | 1,119,055.06 |
| Present Value of Terminal Value | 744,222.44 |
Intrinsic Value
| Enterprise Value | 920,039.19 |
|---|---|
| Net Debt | 80,175 |
| Equity Value | 839,864.19 |
| Shares Outstanding | 10,300 |
| Equity Value Per Share | 81.54 |