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 | 4,560.0 (11.2%) | 5,212.0 14.3% | 5,215.0 0.1% | 5,549.0 6.4% | 5,810.0 4.7% | 6,064.0 4.4% | 6,367.4 5.0% | 6,676.7 4.9% | 7,057.3 5.7% | 7,523.0 6.6% | 7,974.3 6.0% | 8,404.8 5.4% | 8,808.1 4.8% | 9,178.0 4.2% | 9,508.4 3.6% | 9,793.7 3.0% |
% margin | 295.0 6.5% | 593.0 11.4% | 315.0 6.0% | 425.0 7.7% | 657.0 11.3% | 623.3 10.3% | 654.5 10.3% | 686.3 10.3% | 725.4 10.3% | 773.3 10.3% | 819.7 10.3% | 863.9 10.3% | 905.4 10.3% | 943.4 10.3% | 977.4 10.3% | 1,006.7 10.3% |
NOPAT % effective tax rate | 537.2 11.8% | 530.3 10.2% | 298.9 5.7% | 385.4 6.9% | 543.5 9.4% | 515.7 8.5% | 541.5 8.5% | 567.8 8.5% | 600.2 8.5% | 639.8 8.5% | 678.1 8.5% | 714.8 8.5% | 749.1 8.5% | 780.5 8.5% | 808.6 8.5% | 832.9 8.5% |
% of revenue | 545.0 12.0% | 563.0 10.8% | 548.0 10.5% | 527.0 9.5% | 580.0 10.0% | 606.2 10.0% | 636.5 10.0% | 667.4 10.0% | 705.5 10.0% | 752.0 10.0% | 797.1 10.0% | 840.1 10.0% | 880.5 10.0% | 917.4 10.0% | 950.5 10.0% | 979.0 10.0% |
% of revenue | (443.0) (9.7%) | (408.0) (7.8%) | (358.0) (6.9%) | (427.0) (7.7%) | (381.0) (6.6%) | (426.9) (7.0%) | (448.2) (7.0%) | (470.0) (7.0%) | (496.8) (7.0%) | (529.6) (7.0%) | (561.3) (7.0%) | (591.6) (7.0%) | (620.0) (7.0%) | (646.1) (7.0%) | (669.3) (7.0%) | (689.4) (7.0%) |
% of revenue | 61.0 1.3% | (150.0) (2.9%) | (535.0) (10.3%) | (332.0) (6.0%) | (123.0) (2.1%) | (371.1) (6.1%) | (389.7) (6.1%) | (408.6) (6.1%) | (431.9) (6.1%) | (460.4) (6.1%) | (488.0) (6.1%) | (514.3) (6.1%) | (539.0) (6.1%) | (561.7) (6.1%) | (581.9) (6.1%) | (599.3) (6.1%) |
Free Cash Flow to Firm (FCFF) % of revenue | 700.2 15.4% | 535.3 10.3% | (46.1) (0.9%) | 153.4 2.8% | 619.5 10.7% | 323.9 5.3% | 340.1 5.3% | 356.6 5.3% | 377.0 5.3% | 401.8 5.3% | 425.9 5.3% | 448.9 5.3% | 470.5 5.3% | 490.2 5.3% | 507.9 5.3% | 523.1 5.3% |
% 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) |
$13.0B | $15.7B | $69.5 132.9% undervalued | N/A | $69.5 132.9% undervalued | $212.1 610.8% undervalued | $185.9 522.9% undervalued | N/A | N/A | 0.0% | 0.0% | |
$231.4B | $238.4B | $178.1 34.3% undervalued | $212.9 60.0% undervalued | $143.4 8.1% undervalued | Negative 232.2% overvalued | Negative 172.2% overvalued | 89.9% | 10.1% | 5.7% | 5.8% | |
$140.4B | $151.1B | $36.4 61.9% overvalued | $18.2 81.0% overvalued | $54.6 42.9% overvalued | $144.8 51.5% undervalued | $76.7 19.7% overvalued | 21.8% | 78.2% | 13.5% | 15.1% | |
$139.3B | $148.5B | $300.2 17.8% overvalued | $305.7 16.0% overvalued | $294.8 19.3% overvalued | $0.7 99.8% overvalued | $301.9 17.4% overvalued | 27.2% | 72.8% | 11.0% | 11.9% | |
$119.7B | $138.3B | $117.2 25.6% undervalued | $89.1 4.0% overvalued | $145.2 55.7% undervalued | $293.9 215.1% undervalued | $159.7 71.2% undervalued | 48.5% | 51.5% | 1.7% | 1.8% | |
$40.4B | $37.2B | $54.2 20.8% overvalued | $42.8 37.0% overvalued | $65.5 4.2% overvalued | Negative 606.4% overvalued | Negative 484.3% overvalued | 34.9% | 65.1% | 33.7% | 28.0% | |
$28.0B | $27.9B | $39.4 43.9% overvalued | $27.8 60.0% overvalued | $51.0 27.4% overvalued | $62.1 11.7% overvalued | $46.3 34.0% overvalued | 16.3% | 83.7% | 18.2% | 18.4% | |
$24.6B | $30.3B | $69.4 159.4% undervalued | N/A | $69.4 159.4% undervalued | $162.8 508.6% undervalued | N/A | (204.2%) | 304.2% | 2.3% | 14.0% | |
$22.6B | $24.7B | $194.8 14.6% overvalued | $115.2 49.0% overvalued | $274.3 20.3% undervalued | $588.4 158.0% undervalued | $296.1 29.8% undervalued | 38.1% | 61.9% | 7.7% | 9.2% | |
$21.8B | $27.5B | $178.8 66.6% undervalued | $150.3 40.0% undervalued | $207.4 93.2% undervalued | $254.8 137.4% undervalued | $186.7 73.9% undervalued | 58.1% | 41.9% | (0.4%) | (0.3%) | |
$17.2B | $16.3B | $104.8 57.3% overvalued | $67.6 72.0% overvalued | $142.0 42.1% overvalued | Negative 147.3% overvalued | Negative 114.1% overvalued | 23.2% | 76.8% | 21.4% | 24.6% |