Dec'19 Actual | Dec'20 Actual | Dec'21 Actual | Dec'22 Actual | Dec'23 Actual | Dec'24 Estimate | 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 Terminal | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
% growth | 28,228.0 89.4% | 27,243.0 (3.5%) | 30,793.0 13.0% | 33,364.0 8.3% | 32,854.0 (1.5%) | 33,323.1 1.4% | 34,848.3 4.6% | 36,901.4 5.9% | 38,592.6 4.6% | 40,698.5 5.5% | 42,684.8 4.9% | 44,522.1 4.3% | 46,182.1 3.7% | 47,637.8 3.2% | 48,865.0 2.6% | 49,842.3 2.0% |
% margin | 2,933.0 10.4% | 3,322.0 12.2% | 4,984.0 16.2% | 5,369.0 16.1% | 8,024.0 24.4% | 6,024.2 18.1% | 6,300.0 18.1% | 6,671.1 18.1% | 6,976.9 18.1% | 7,357.6 18.1% | 7,716.6 18.1% | 8,048.8 18.1% | 8,348.9 18.1% | 8,612.1 18.1% | 8,833.9 18.1% | 9,010.6 18.1% |
NOPAT % effective tax rate | 2,162.4 7.7% | 2,490.5 9.1% | 3,750.5 12.2% | 3,980.0 11.9% | 6,201.8 18.9% | 4,656.2 14.0% | 4,869.3 14.0% | 5,156.2 14.0% | 5,392.5 14.0% | 5,686.7 14.0% | 5,964.3 14.0% | 6,221.0 14.0% | 6,452.9 14.0% | 6,656.3 14.0% | 6,827.8 14.0% | 6,964.4 14.0% |
% of revenue | 4,675.0 16.6% | 4,626.0 17.0% | 4,635.0 15.1% | 4,204.0 12.6% | 3,816.0 11.6% | 4,361.7 13.1% | 4,561.4 13.1% | 4,830.1 13.1% | 5,051.5 13.1% | 5,327.1 13.1% | 5,587.1 13.1% | 5,827.6 13.1% | 6,044.9 13.1% | 6,235.4 13.1% | 6,396.0 13.1% | 6,524.0 13.1% |
% of revenue | (3,682.0) (13.0%) | (3,400.0) (12.5%) | (3,086.0) (10.0%) | (3,173.0) (9.5%) | (3,787.0) (11.5%) | (3,449.9) (10.4%) | (3,607.8) (10.4%) | (3,820.4) (10.4%) | (3,995.5) (10.4%) | (4,213.5) (10.4%) | (4,419.1) (10.4%) | (4,609.3) (10.4%) | (4,781.2) (10.4%) | (4,931.9) (10.4%) | (5,059.0) (10.4%) | (5,160.1) (10.4%) |
% of revenue | (88.0) (0.3%) | 236.0 0.9% | 1,072.0 3.5% | (153.0) (0.5%) | (483.0) (1.5%) | 172.5 0.5% | 180.4 0.5% | 191.0 0.5% | 199.7 0.5% | 210.6 0.5% | 220.9 0.5% | 230.4 0.5% | 239.0 0.5% | 246.5 0.5% | 252.9 0.5% | 257.9 0.5% |
Free Cash Flow to Firm (FCFF) % of revenue | 3,067.4 10.9% | 3,952.5 14.5% | 6,371.5 20.7% | 4,858.0 14.6% | 5,747.8 17.5% | 5,740.4 17.2% | 6,003.2 17.2% | 6,356.9 17.2% | 6,648.2 17.2% | 7,011.0 17.2% | 7,353.1 17.2% | 7,669.7 17.2% | 7,955.6 17.2% | 8,206.4 17.2% | 8,417.8 17.2% | 8,586.1 17.2% |
% of FCFF used in calculation | ||||||||||||||||
Discount period | ||||||||||||||||
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) |
$223.9B | $240.7B | $277.7 39.9% overvalued | N/A | $277.7 39.9% overvalued | $338.2 26.8% overvalued | $221.6 52.1% overvalued | N/A | N/A | 0.0% | 0.0% | |
$91.2B | $102.9B | $146.6 58.9% overvalued | $79.4 78.0% overvalued | $213.8 40.1% overvalued | $245.9 31.1% overvalued | $173.0 51.5% overvalued | 34.5% | 65.5% | 20.3% | 16.1% | |
$76.9B | $83.8B | $124.7 53.8% overvalued | $103.0 62.0% overvalued | $146.3 45.8% overvalued | $286.2 6.1% undervalued | $186.5 30.9% overvalued | 36.5% | 63.5% | 17.0% | 13.4% | |
$70.4B | $83.5B | $149.5 51.9% overvalued | $75.2 76.0% overvalued | $223.8 28.0% overvalued | Negative 188.6% overvalued | Negative 141.2% overvalued | 68.9% | 31.1% | (100.0%) | (100.0%) | |
$33.6B | $38.9B | $49.1 37.7% overvalued | $10.3 87.0% overvalued | $87.9 11.6% undervalued | $145.7 84.8% undervalued | $79.2 0.5% undervalued | 32.0% | 68.0% | 4.4% | 9.7% | |
$26.3B | $31.4B | $112.5 0.7% undervalued | $59.8 46.0% overvalued | $165.2 47.9% undervalued | $224.8 101.2% undervalued | $140.7 26.0% undervalued | 49.8% | 50.2% | 13.7% | 8.6% | |
$24.5B | $34.0B | $190.6 159.6% undervalued | $166.9 127.0% undervalued | $214.2 191.8% undervalued | $23.1 68.5% overvalued | $56.7 22.8% overvalued | 67.1% | 32.9% | (6.4%) | (6.5%) | |
$21.0B | $29.5B | $40.0 50.6% overvalued | $2.3 97.0% overvalued | $77.7 4.0% overvalued | Negative 237.0% overvalued | N/A | 39.2% | 60.8% | 15.0% | 6.1% | |
$15.9B | $15.9B | $91.0 26.1% overvalued | $40.6 67.0% overvalued | $141.3 14.8% undervalued | $44.2 64.1% overvalued | $86.4 29.8% overvalued | 46.9% | 53.1% | 7.1% | 4.6% | |
$14.2B | $11.3B | $217.6 100.1% undervalued | $155.7 43.0% undervalued | $279.4 157.0% undervalued | $297.6 173.7% undervalued | $200.5 84.5% undervalued | 47.9% | 52.1% | 23.0% | 10.0% | |
$11.1B | $11.7B | $19.2 21.0% undervalued | $11.7 27.0% overvalued | $26.7 68.5% undervalued | $11.5 27.3% overvalued | $10.9 31.5% overvalued | 26.7% | 73.3% | 4.8% | 6.7% |