Discounted Cash Flow (DCF) Analysis Unlevered
Meta Platforms, Inc. (META)
$299.32
+0.24 (+0.08%)
All numbers are in Millions, Currency in USD
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 | 55,838 | 70,697 | 85,965 | 117,929 | 116,609 | 141,175.76 | 170,918.16 | 206,926.58 | 250,521.13 | 303,300.02 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 29,228 | 29,727 | 39,533 | 54,720 | 37,630 | 61,849.41 | 74,879.62 | 90,654.99 | 109,753.86 | 132,876.40 |
EBITDA (%) | ||||||||||
EBIT | 24,913 | 23,986 | 32,671 | 46,753 | 28,944 | 51,110.12 | 61,877.81 | 74,914.01 | 90,696.62 | 109,804.26 |
EBIT (%) | ||||||||||
Depreciation | 4,315 | 5,741 | 6,862 | 7,967 | 8,686 | 10,739.29 | 13,001.81 | 15,740.98 | 19,057.23 | 23,072.14 |
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 | 41,114 | 54,855 | 61,954 | 47,998 | 40,738 | 84,402.70 | 102,184.36 | 123,712.19 | 149,775.43 | 181,329.57 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 7,587 | 9,518 | 11,335 | 14,039 | 13,466 | 17,982.64 | 21,771.15 | 26,357.82 | 31,910.79 | 38,633.64 |
Account Receivables (%) | ||||||||||
Inventories | - | - | - | - | - | - | - | - | - | - |
Inventories (%) | ||||||||||
Accounts Payable | 820 | 1,363 | 1,331 | 4,083 | 4,990 | 3,581.99 | 4,336.64 | 5,250.26 | 6,356.37 | 7,695.51 |
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 | 55,838 | 70,697 | 85,965 | 117,929 | 116,609 | 141,175.76 | 170,918.16 | 206,926.58 | 250,521.13 | 303,300.02 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 29,228 | 29,727 | 39,533 | 54,720 | 37,630 | 61,849.41 | 74,879.62 | 90,654.99 | 109,753.86 | 132,876.40 |
EBIT | 24,913 | 23,986 | 32,671 | 46,753 | 28,944 | 51,110.12 | 61,877.81 | 74,914.01 | 90,696.62 | 109,804.26 |
Tax Rate | 12.81% | 25.50% | 12.16% | 16.74% | 19.50% | 17.34% | 17.34% | 17.34% | 17.34% | 17.34% |
EBIAT | 21,721.39 | 17,869.63 | 28,698.88 | 38,927.87 | 23,300.63 | 42,247.28 | 51,147.78 | 61,923.41 | 74,969.21 | 90,763.45 |
Depreciation | 4,315 | 5,741 | 6,862 | 7,967 | 8,686 | 10,739.29 | 13,001.81 | 15,740.98 | 19,057.23 | 23,072.14 |
Accounts Receivable | - | -1,931 | -1,817 | -2,704 | 573 | -4,516.64 | -3,788.52 | -4,586.67 | -5,552.97 | -6,722.85 |
Inventories | - | - | - | - | - | - | - | - | - | - |
Accounts Payable | - | 543 | -32 | 2,752 | 907 | -1,408.01 | 754.64 | 913.63 | 1,106.11 | 1,339.14 |
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 | 12,121.39 | 7,120.63 | 18,596.88 | 28,375.87 | 2,035.63 | 16,973.69 | 24,688.60 | 29,889.90 | 36,187 | 43,810.75 |
WACC | ||||||||||
PV UFCF | 15,430.63 | 20,403.80 | 22,456.73 | 24,716.21 | 27,203.03 | |||||
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 |