Discounted Cash Flow (DCF) Analysis Unlevered
Meta Platforms, Inc. (META)
$160.68
-8.81 (-5.20%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
Revenue | 40,653 | 55,838 | 70,697 | 85,965 | 117,929 | 154,116.28 | 201,407.86 | 263,211.16 | 343,979.21 | 449,531.46 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 23,625 | 29,685 | 30,573 | 40,714 | 55,712 | 76,788.36 | 100,351.36 | 131,144.83 | 171,387.47 | 223,978.83 |
EBITDA (%) | ||||||||||
EBIT | 20,600 | 25,370 | 24,832 | 33,852 | 47,745 | 65,067.08 | 85,033.34 | 111,126.37 | 145,226.21 | 189,789.81 |
EBIT (%) | ||||||||||
Depreciation | 3,025 | 4,315 | 5,741 | 6,862 | 7,967 | 11,721.28 | 15,318.03 | 20,018.46 | 26,161.26 | 34,189.01 |
Depreciation (%) |
Balance Sheet Data
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
Total Cash | 41,711 | 41,114 | 54,855 | 61,954 | 47,998 | 112,996.42 | 147,670.10 | 192,983.63 | 252,201.91 | 329,591.70 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 5,832 | 7,587 | 9,518 | 11,335 | 14,039 | 20,493.35 | 26,781.86 | 35,000.05 | 45,740.04 | 59,775.67 |
Account Receivables (%) | ||||||||||
Inventories | - | - | - | - | - | - | - | - | - | - |
Inventories (%) | ||||||||||
Accounts Payable | 380 | 820 | 1,363 | 1,331 | 4,083 | 2,879.44 | 3,763.02 | 4,917.72 | 6,426.76 | 8,398.85 |
Accounts Payable (%) | ||||||||||
Capital Expenditure | -6,733 | -13,915 | -15,102 | -15,115 | -18,567 | -29,643.02 | -38,739.18 | -50,626.55 | -66,161.63 | -86,463.75 |
Capital Expenditure (%) |
Weighted Average Cost Of Capital
Share price | $ 160.68 |
---|---|
Beta | 1.376 |
Diluted Shares Outstanding | 2,859 |
Cost of Debt | |
Tax Rate | 16.74 |
After-tax Cost of Debt | 2.76% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 9.701 |
Total Debt | 13,873 |
Total Equity | 459,384.12 |
Total Capital | 473,257.12 |
Debt Weighting | 2.93 |
Equity Weighting | 97.07 |
Wacc |
Build Up Free Cash
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
Revenue | 40,653 | 55,838 | 70,697 | 85,965 | 117,929 | 154,116.28 | 201,407.86 | 263,211.16 | 343,979.21 | 449,531.46 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 23,625 | 29,685 | 30,573 | 40,714 | 55,712 | 76,788.36 | 100,351.36 | 131,144.83 | 171,387.47 | 223,978.83 |
EBIT | 20,600 | 25,370 | 24,832 | 33,852 | 47,745 | 65,067.08 | 85,033.34 | 111,126.37 | 145,226.21 | 189,789.81 |
Tax Rate | 22.63% | 12.81% | 25.50% | 12.16% | 16.74% | 17.97% | 17.97% | 17.97% | 17.97% | 17.97% |
EBIAT | 15,938.64 | 22,119.85 | 18,499.90 | 29,736.30 | 39,753.84 | 53,376.63 | 69,755.60 | 91,160.56 | 119,133.76 | 155,690.73 |
Depreciation | 3,025 | 4,315 | 5,741 | 6,862 | 7,967 | 11,721.28 | 15,318.03 | 20,018.46 | 26,161.26 | 34,189.01 |
Accounts Receivable | - | -1,755 | -1,931 | -1,817 | -2,704 | -6,454.34 | -6,288.52 | -8,218.19 | -10,739.99 | -14,035.63 |
Inventories | - | - | - | - | - | - | - | - | - | - |
Accounts Payable | - | 440 | 543 | -32 | 2,752 | -1,203.56 | 883.58 | 1,154.71 | 1,509.03 | 1,972.09 |
Capital Expenditure | -6,733 | -13,915 | -15,102 | -15,115 | -18,567 | -29,643.02 | -38,739.18 | -50,626.55 | -66,161.63 | -86,463.75 |
UFCF | 12,230.64 | 11,204.85 | 7,750.90 | 19,634.30 | 29,201.84 | 27,796.98 | 40,929.51 | 53,488.99 | 69,902.44 | 91,352.45 |
WACC | ||||||||||
PV UFCF | 25,385.37 | 34,135.66 | 40,740.10 | 48,622.34 | 58,029.61 | |||||
SUM PV UFCF | 206,913.07 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 9.50 |
Free cash flow (t + 1) | 93,179.50 |
Terminal Value | 1,242,393.37 |
Present Value of Terminal Value | 789,202.64 |
Intrinsic Value
Enterprise Value | 996,115.71 |
---|---|
Net Debt | -2,728 |
Equity Value | 998,843.71 |
Shares Outstanding | 2,859 |
Equity Value Per Share | 349.37 |