Discounted Cash Flow (DCF) Analysis Levered
Amazon.com, Inc. (AMZN)
$124.205
-1.77 (-1.41%)
All numbers are in Millions, Currency in USD
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 | 232,887 | 280,522 | 386,064 | 469,822 | 513,983 | 628,565.80 | 768,692.66 | 940,058.17 | 1,149,626.37 | 1,405,913.84 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 30,723 | 38,514 | 66,064 | 46,327 | 46,752 | 79,187.21 | 96,840.50 | 118,429.26 | 144,830.83 | 177,118.12 |
| 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 | 17,296 | 21,653 | 25,924 | -14,726 | -16,893 | 19,409.46 | 23,736.44 | 29,028.03 | 35,499.28 | 43,413.17 |
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 | 232,887 | 280,522 | 386,064 | 469,822 | 513,983 | 628,565.80 | 768,692.66 | 940,058.17 | 1,149,626.37 | 1,405,913.84 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 30,723 | 38,514 | 66,064 | 46,327 | 46,752 | 79,187.21 | 96,840.50 | 118,429.26 | 144,830.83 | 177,118.12 |
| 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 | 17,296 | 21,653 | 25,924 | -14,726 | -16,893 | 19,409.46 | 23,736.44 | 29,028.03 | 35,499.28 | 43,413.17 |
| WACC | ||||||||||
| PV LFCF | 11,296.84 | 12,623.59 | 14,106.16 | 15,762.85 | 17,614.11 | |||||
| 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 |