Discounted Cash Flow (DCF) Analysis Unlevered

Meta Platforms, Inc. (META)

$299.32

+0.24 (+0.08%)
All numbers are in Millions, Currency in USD
Stock DCF: 164.74 | 299.32 | overvalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 55,83870,69785,965117,929116,609141,175.76170,918.16206,926.58250,521.13303,300.02
Revenue (%)
EBITDA 29,22829,72739,53354,72037,63061,849.4174,879.6290,654.99109,753.86132,876.40
EBITDA (%)
EBIT 24,91323,98632,67146,75328,94451,110.1261,877.8174,914.0190,696.62109,804.26
EBIT (%)
Depreciation 4,3155,7416,8627,9678,68610,739.2913,001.8115,740.9819,057.2323,072.14
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 41,11454,85561,95447,99840,73884,402.70102,184.36123,712.19149,775.43181,329.57
Total Cash (%)
Account Receivables 7,5879,51811,33514,03913,46617,982.6421,771.1526,357.8231,910.7938,633.64
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 8201,3631,3314,0834,9903,581.994,336.645,250.266,356.377,695.51
Accounts Payable (%)
Capital Expenditure -13,915-15,102-15,115-18,567-31,431-30,088.23-36,427.11-44,101.45-53,392.58-64,641.13
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 299.32
Beta 1.234
Diluted Shares Outstanding 2,702
Cost of Debt
Tax Rate 19.50
After-tax Cost of Debt -0.38%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.342
Total Debt 26,591
Total Equity 808,762.64
Total Capital 835,353.64
Debt Weighting 3.18
Equity Weighting 96.82
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 55,83870,69785,965117,929116,609141,175.76170,918.16206,926.58250,521.13303,300.02
EBITDA 29,22829,72739,53354,72037,63061,849.4174,879.6290,654.99109,753.86132,876.40
EBIT 24,91323,98632,67146,75328,94451,110.1261,877.8174,914.0190,696.62109,804.26
Tax Rate 12.81%25.50%12.16%16.74%19.50%17.34%17.34%17.34%17.34%17.34%
EBIAT 21,721.3917,869.6328,698.8838,927.8723,300.6342,247.2851,147.7861,923.4174,969.2190,763.45
Depreciation 4,3155,7416,8627,9678,68610,739.2913,001.8115,740.9819,057.2323,072.14
Accounts Receivable --1,931-1,817-2,704573-4,516.64-3,788.52-4,586.67-5,552.97-6,722.85
Inventories ----------
Accounts Payable -543-322,752907-1,408.01754.64913.631,106.111,339.14
Capital Expenditure -13,915-15,102-15,115-18,567-31,431-30,088.23-36,427.11-44,101.45-53,392.58-64,641.13
UFCF 12,121.397,120.6318,596.8828,375.872,035.6316,973.6924,688.6029,889.9036,18743,810.75
WACC
PV UFCF 15,430.6320,403.8022,456.7324,716.2127,203.03
SUM PV UFCF 110,210.40

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.00
Free cash flow (t + 1) 44,686.96
Terminal Value 558,587.05
Present Value of Terminal Value 346,838.61

Intrinsic Value

Enterprise Value 457,049.01
Net Debt 11,910
Equity Value 445,139.01
Shares Outstanding 2,702
Equity Value Per Share 164.74