Discounted Cash Flow (DCF) Analysis Levered

Amazon.com, Inc. (AMZN)

$124.205

-1.77 (-1.41%)
All numbers are in Millions, Currency in USD
Stock DCF: 39.75 | 124.205 | overvalue

Free Cash Flow

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 232,887280,522386,064469,822513,983628,565.80768,692.66940,058.171,149,626.371,405,913.84
Revenue (%)
Operating Cash Flow 30,72338,51466,06446,32746,75279,187.2196,840.50118,429.26144,830.83177,118.12
Operating Cash Flow (%)
Capital Expenditure -13,427-16,861-40,140-61,053-63,645-59,777.75-73,104.06-89,401.23-109,331.55-133,704.95
Capital Expenditure (%)
Free Cash Flow 17,29621,65325,924-14,726-16,89319,409.4623,736.4429,028.0335,499.2843,413.17

Weighted Average Cost Of Capital

Share price $ 124.205
Beta 1.236
Diluted Shares Outstanding 10,189
Cost of Debt
Tax Rate 54.14
After-tax Cost of Debt 0.77%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.395
Total Debt 140,118
Total Equity 1,265,524.75
Total Capital 1,405,642.75
Debt Weighting 9.97
Equity Weighting 90.03
Wacc

Build Up Free Cash Flow

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 232,887280,522386,064469,822513,983628,565.80768,692.66940,058.171,149,626.371,405,913.84
Operating Cash Flow 30,72338,51466,06446,32746,75279,187.2196,840.50118,429.26144,830.83177,118.12
Capital Expenditure -13,427-16,861-40,140-61,053-63,645-59,777.75-73,104.06-89,401.23-109,331.55-133,704.95
Free Cash Flow 17,29621,65325,924-14,726-16,89319,409.4623,736.4429,028.0335,499.2843,413.17
WACC
PV LFCF 11,296.8412,623.5914,106.1615,762.8517,614.11
SUM PV LFCF 112,098.62

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.44
Free cash flow (t + 1) 44,281.43
Terminal Value 595,180.57
Present Value of Terminal Value 379,112.69

Intrinsic Value

Enterprise Value 491,211.31
Net Debt 86,230
Equity Value 404,981.31
Shares Outstanding 10,189
Equity Value Per Share 39.75