Discounted Cash Flow (DCF) Analysis Levered
Amazon.com, Inc. (AMZN)
$124.25
+1.48 (+1.21%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
| Revenue | 280,522 | 386,064 | 469,822 | 513,983 | 631,716.49 | 776,418.13 | 954,265.28 | 1,172,850.29 | 1,441,504.61 | 1,771,697.17 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 38,514 | 66,064 | 46,327 | 46,752 | 39,324 | 86,994.70 | 106,921.80 | 131,413.42 | 161,515.11 | 198,511.94 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -16,861 | -40,140 | -61,053 | -63,645 | -63,922 | -80,598.76 | -99,060.80 | -121,751.77 | -149,640.36 | -183,917.14 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 21,653 | 25,924 | -14,726 | -16,893 | -24,598 | 6,395.94 | 7,861 | 9,661.65 | 11,874.75 | 14,594.80 |
Weighted Average Cost Of Capital
| Share price | $ 124.25 |
|---|---|
| Beta | 1.263 |
| 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 | 9.653 |
| Total Debt | 140,118 |
| Total Equity | 1,265,983.25 |
| Total Capital | 1,406,101.25 |
| Debt Weighting | 9.97 |
| Equity Weighting | 90.03 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
| Revenue | 280,522 | 386,064 | 469,822 | 513,983 | 631,716.49 | 776,418.13 | 954,265.28 | 1,172,850.29 | 1,441,504.61 | 1,771,697.17 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 38,514 | 66,064 | 46,327 | 46,752 | 39,324 | 86,994.70 | 106,921.80 | 131,413.42 | 161,515.11 | 198,511.94 |
| Capital Expenditure | -16,861 | -40,140 | -61,053 | -63,645 | -63,922 | -80,598.76 | -99,060.80 | -121,751.77 | -149,640.36 | -183,917.14 |
| Free Cash Flow | 21,653 | 25,924 | -14,726 | -16,893 | -24,598 | 6,395.94 | 7,861 | 9,661.65 | 11,874.75 | 14,594.80 |
| WACC | ||||||||||
| PV LFCF | -24,598 | 5,880.24 | 6,644.46 | 7,507.99 | 8,483.76 | 9,586.33 | ||||
| SUM PV LFCF | 38,102.78 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 8.77 |
| Free cash flow (t + 1) | 14,886.69 |
| Terminal Value | 219,892.09 |
| Present Value of Terminal Value | 144,432.18 |
Intrinsic Value
| Enterprise Value | 182,534.95 |
|---|---|
| Net Debt | 86,230 |
| Equity Value | 96,304.95 |
| Shares Outstanding | 10,189 |
| Equity Value Per Share | 9.45 |