Dec'20 Actual | Dec'21 Actual | Dec'22 Actual | Dec'23 Actual | Dec'24 Actual | Dec'25 Estimate | Dec'26 Estimate | Dec'27 Estimate | Dec'28 Estimate | Dec'29 Estimate | Dec'30 Estimate | Dec'31 Estimate | Dec'32 Estimate | Dec'33 Estimate | Dec'34 Estimate | Dec'35 Terminal | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
% growth | 2,394.0 (48.3%) | 2,907.0 21.4% | 3,892.0 33.9% | 3,728.0 (4.2%) | 4,923.0 32.1% | 2,449.8 (50.2%) | 2,621.6 7.0% | 2,775.3 5.9% | 3,127.2 12.7% | 4,895.6 56.6% | 7,223.1 47.5% | 10,006.4 38.5% | 12,960.8 29.5% | 15,620.0 20.5% | 17,417.6 11.5% | 17,853.1 2.5% |
% margin | 165.0 6.9% | 494.0 17.0% | 628.0 16.1% | 1,066.0 28.6% | 1,041.0 21.1% | 392.8 16.0% | 420.3 16.0% | 445.0 16.0% | 501.4 16.0% | 785.0 16.0% | 1,158.2 16.0% | 1,604.4 16.0% | 2,078.2 16.0% | 2,504.5 16.0% | 2,792.8 16.0% | 2,862.6 16.0% |
NOPAT % effective tax rate | 153.2 6.4% | 362.6 12.5% | 437.3 11.2% | 791.6 21.2% | 728.8 14.8% | 275.0 11.2% | 294.3 11.2% | 311.5 11.2% | 351.0 11.2% | 549.6 11.2% | 810.8 11.2% | 1,123.3 11.2% | 1,454.9 11.2% | 1,753.5 11.2% | 1,955.3 11.2% | 2,004.1 11.2% |
% of revenue | 172.0 7.2% | 192.0 6.6% | 154.0 4.0% | 150.0 4.0% | 145.0 2.9% | 89.2 3.6% | 95.5 3.6% | 101.1 3.6% | 113.9 3.6% | 178.3 3.6% | 263.1 3.6% | 364.4 3.6% | 472.0 3.6% | 568.9 3.6% | 634.3 3.6% | 650.2 3.6% |
% of revenue | (76.0) (3.2%) | (52.0) (1.8%) | (99.0) (2.5%) | (82.0) (2.2%) | (78.0) (1.6%) | (51.7) (2.1%) | (55.3) (2.1%) | (58.5) (2.1%) | (66.0) (2.1%) | (103.3) (2.1%) | (152.4) (2.1%) | (211.1) (2.1%) | (273.4) (2.1%) | (329.5) (2.1%) | (367.4) (2.1%) | (376.6) (2.1%) |
% of revenue | (38.0) (1.6%) | 110.0 3.8% | 101.0 2.6% | 79.0 2.1% | 56.0 1.1% | 47.8 2.0% | 51.1 2.0% | 54.1 2.0% | 61.0 2.0% | 95.5 2.0% | 140.9 2.0% | 195.2 2.0% | 252.8 2.0% | 304.7 2.0% | 339.7 2.0% | 348.2 2.0% |
Free Cash Flow to Firm (FCFF) % of revenue | 211.2 8.8% | 612.6 21.1% | 593.3 15.2% | 938.6 25.2% | 851.8 17.3% | 360.3 14.7% | 385.6 14.7% | 408.2 14.7% | 460.0 14.7% | 720.1 14.7% | 1,062.4 14.7% | 1,471.8 14.7% | 1,906.4 14.7% | 2,297.5 14.7% | 2,562.0 14.7% | 2,626.0 14.7% |
% of FCFF used in calculation | ||||||||||||||||
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Discount factor | ||||||||||||||||
Discounted FCFF (DFCFF) |
Company name | Market Cap | Enterprise Value | Intrinsic Value | DCF Value | Relative value | Ben Graham Revised fair value | Peter Lynch fair value | Earnings Power Value (EPV),
% of EV | Market-Implied Value of Growth (MIVoG),
% of EV | Reverse DCF (implied FCF growth) | Reverse DCF (implied Revenue growth) |
$18.3B | $21.0B | $123.7 7.6% undervalued | N/A | $123.7 7.6% undervalued | $245.3 113.4% undervalued | $196.5 71.0% undervalued | N/A | N/A | 0.0% | 0.0% | |
$70.3B | $85.1B | $232.3 5.7% overvalued | N/A | $232.3 5.7% overvalued | $210.0 14.7% overvalued | $152.4 38.1% overvalued | 31.2% | 68.8% | 16.3% | 13.3% | |
$56.5B | $67.2B | $128.9 44.4% overvalued | Negative 136.0% overvalued | $128.9 44.4% overvalued | $195.5 15.7% overvalued | $143.2 38.2% overvalued | 32.0% | 68.0% | 11.7% | 12.0% | |
$12.1B | $14.8B | $209.4 64.8% undervalued | N/A | $209.4 64.8% undervalued | Negative 701.5% overvalued | Negative 552.7% overvalued | 41.0% | 59.0% | 12.9% | 10.3% | |
$11.6B | $15.5B | $68.9 87.9% undervalued | $0.6 98.0% overvalued | $137.2 274.2% undervalued | $128.0 249.1% undervalued | $390.1 964.0% undervalued | 59.0% | 41.0% | (8.8%) | (8.3%) | |
$7,147.1M | $10.0B | $49.2 46.1% overvalued | $19.8 78.0% overvalued | $78.5 14.0% overvalued | $125.2 37.1% undervalued | $93.3 2.3% undervalued | 50.4% | 49.6% | 10.1% | 9.9% | |
$6,414.6M | $8,261.6M | $95.3 28.5% overvalued | $46.3 65.0% overvalued | $144.2 8.3% undervalued | $112.9 15.2% overvalued | $72.7 45.4% overvalued | 52.3% | 47.7% | 12.3% | 14.2% | |
$4,057.7M | $3,702.9M | $70.9 133.7% undervalued | $98.4 224.0% undervalued | $43.5 43.3% undervalued | $24.2 20.2% overvalued | $60.8 100.2% undervalued | 65.8% | 34.2% | (2.7%) | (4.8%) | |
$1,169.0M | $2,519.9M | $18.4 213.8% undervalued | N/A | $18.4 213.8% undervalued | $11.2 90.0% undervalued | $23.5 299.7% undervalued | (14.2%) | 114.2% | (100.0%) | (100.0%) | |
$249.8M | $278.0M | $9.5 289.6% undervalued | N/A | $9.5 289.6% undervalued | $2.6 5.8% undervalued | $3.5 42.8% undervalued | 143.6% | (43.6%) | (17.7%) | (17.7%) | |
$26.6M | $207.5M | $34.3 179.1% undervalued | N/A | $34.3 179.1% undervalued | N/A | N/A | N/A | N/A | N/A | N/A |