Discounted Cash Flow (DCF) Analysis Unlevered
Oracle Corporation (ORC.DE)
82.56 €
+0.88 (+1.08%)
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 | 39,831 | 39,506 | 39,068 | 40,479 | 42,440 | 43,132.99 | 43,837.30 | 44,553.11 | 45,280.60 | 46,019.98 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 17,701 | 17,269 | 17,026 | 18,411 | 13,526 | 18,037.07 | 18,331.60 | 18,630.93 | 18,935.15 | 19,244.34 |
EBITDA (%) | ||||||||||
EBIT | 14,916 | 14,350 | 14,058 | 15,495 | 10,404 | 14,885.10 | 15,128.16 | 15,375.18 | 15,626.24 | 15,881.40 |
EBIT (%) | ||||||||||
Depreciation | 2,785 | 2,919 | 2,968 | 2,916 | 3,122 | 3,151.97 | 3,203.44 | 3,255.75 | 3,308.91 | 3,362.94 |
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 | 67,261 | 37,827 | 43,057 | 46,554 | 21,902 | 46,707.95 | 47,470.63 | 48,245.77 | 49,033.56 | 49,834.22 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 5,279 | 5,134 | 5,551 | 5,409 | 5,953 | 5,852.88 | 5,948.45 | 6,045.58 | 6,144.30 | 6,244.63 |
Account Receivables (%) | ||||||||||
Inventories | - | - | - | - | - | - | - | - | - | - |
Inventories (%) | ||||||||||
Accounts Payable | 529 | 580 | 637 | 745 | 1,317 | 808.35 | 821.55 | 834.96 | 848.59 | 862.45 |
Accounts Payable (%) | ||||||||||
Capital Expenditure | -1,736 | -1,660 | -1,564 | -2,135 | -4,511 | -2,455.74 | -2,495.84 | -2,536.59 | -2,578.01 | -2,620.11 |
Capital Expenditure (%) |
Weighted Average Cost Of Capital
Share price | $ 82.56 |
---|---|
Beta | 1.000 |
Diluted Shares Outstanding | 2,786 |
Cost of Debt | |
Tax Rate | 12.18 |
After-tax Cost of Debt | 3.19% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 8.105 |
Total Debt | 75,859 |
Total Equity | 230,012.16 |
Total Capital | 305,871.16 |
Debt Weighting | 24.80 |
Equity Weighting | 75.20 |
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 | 39,831 | 39,506 | 39,068 | 40,479 | 42,440 | 43,132.99 | 43,837.30 | 44,553.11 | 45,280.60 | 46,019.98 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 17,701 | 17,269 | 17,026 | 18,411 | 13,526 | 18,037.07 | 18,331.60 | 18,630.93 | 18,935.15 | 19,244.34 |
EBIT | 14,916 | 14,350 | 14,058 | 15,495 | 10,404 | 14,885.10 | 15,128.16 | 15,375.18 | 15,626.24 | 15,881.40 |
Tax Rate | 70.33% | 9.66% | 15.98% | -5.75% | 12.18% | 20.48% | 20.48% | 20.48% | 20.48% | 20.48% |
EBIAT | 4,425.86 | 12,963.89 | 11,811.14 | 16,385.44 | 9,136.31 | 11,836.39 | 12,029.67 | 12,226.09 | 12,425.73 | 12,628.63 |
Depreciation | 2,785 | 2,919 | 2,968 | 2,916 | 3,122 | 3,151.97 | 3,203.44 | 3,255.75 | 3,308.91 | 3,362.94 |
Accounts Receivable | - | 145 | -417 | 142 | -544 | 100.12 | -95.57 | -97.13 | -98.72 | -100.33 |
Inventories | - | - | - | - | - | - | - | - | - | - |
Accounts Payable | - | 51 | 57 | 108 | 572 | -508.65 | 13.20 | 13.41 | 13.63 | 13.86 |
Capital Expenditure | -1,736 | -1,660 | -1,564 | -2,135 | -4,511 | -2,455.74 | -2,495.84 | -2,536.59 | -2,578.01 | -2,620.11 |
UFCF | 5,474.86 | 14,418.89 | 12,855.14 | 17,416.43 | 7,775.32 | 12,124.09 | 12,654.90 | 12,861.53 | 13,071.55 | 13,284.99 |
WACC | ||||||||||
PV UFCF | 11,342.59 | 11,076.04 | 10,531.29 | 10,013.33 | 9,520.85 | |||||
SUM PV UFCF | 52,484.10 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 6.89 |
Free cash flow (t + 1) | 13,550.69 |
Terminal Value | 277,110.19 |
Present Value of Terminal Value | 198,594.45 |
Intrinsic Value
Enterprise Value | 251,078.55 |
---|---|
Net Debt | 54,476 |
Equity Value | 196,602.55 |
Shares Outstanding | 2,786 |
Equity Value Per Share | 70.57 |