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Microsoft Corporation
NasdaqGS-MSFT
BUILD UP FREE CASH | 2022-06-30 (A) | 2023-06-30 (A) | 2024-06-30 (A) | 2025-06-30 (E) | 2026-06-30 (E) | 2027-06-30 (E) | 2028-06-30 (E) | 2029-06-30 (E) |
---|---|---|---|---|---|---|---|---|
Revenue | 198,270.0 | 211,915.0 | 245,122.0 | 279,037.3 | 319,332.4 | 367,528.5 | 367,528.5 | 367,528.5 |
Revenue % Chg. | 18.0% | 6.9% | 15.7% | |||||
EBIT | 83,383.0 | 88,675.0 | 109,433.0 | 122,449.2 | 141,146.5 | 164,869.0 | 164,869.0 | 164,869.0 |
EBIT Margin | 42.1% | 41.8% | 44.6% | |||||
Tax Rate | 13.1% | 19.0% | 18.2% | |||||
NOPAT | 72,448.7 | 71,845.7 | 89,481.9 | 99,254.5 | 114,417.6 | 133,543.9 | 133,543.9 | 133,543.9 |
NOPAT Margin | 36.5% | 33.9% | 36.5% | 35.6% | 35.8% | 36.3% | 36.3% | 36.3% |
D&A | 14,600.0 | 13,500.0 | 20,000.0 | 25,111.6 | 29,743.6 | 36,315.5 | 36,315.5 | 36,315.5 |
D&A / Revenue | 7.4% | 6.4% | 8.2% | |||||
Capex | -23,886.0 | -28,107.0 | -44,477.0 | -57,355.1 | -61,920.3 | -67,155.5 | -67,155.5 | -67,155.5 |
Capex / Revenue | -12.0% | -13.3% | -18.1% | |||||
Chg. NWC | 446.0 | -2,388.0 | 1,824.0 | -146.8 | -168.0 | -193.3 | -193.3 | -193.3 |
Chg. NWC / Revenue | 0.2% | -1.1% | 0.7% | |||||
Unlevered FCF (UFCF) | 63,608.7 | 54,850.7 | 66,828.9 | 66,864.3 | 82,072.9 | 102,510.6 | 102,510.6 | 102,510.6 |
UFCF % Chg. | 28.3% | -13.8% | 21.8% | 0.1% | 22.7% | 24.9% | -0.0% | — |
PV of UFCF | — | — | — | 61,995.9 | 70,556.5 | 81,709.9 | 75,760.6 | 70,244.4 |
Sum of PV of UFCF | — | — | — | 61,995.9 | 132,552.4 | 214,262.3 | 290,022.9 | 360,267.3 |
Cost of Debt | |
Tax Rate | |
After Tax Cost of Debt | 2.8% |
Risk Free Rate | |
Market Risk Premium | |
Beta | 0.9 |
Cost of Equity | 8.0% |
Total Debt | 97,852.0 |
Market Cap | 2,985,851.5 |
Total Capital | 3,083,703.5 |
Debt Weighting | 3.2% |
Equity Weighting | 96.8% |
WACC | 7.9% |
Exit Multiple EV/FCF | |
Terminal Value | 3,008,172.5 |
PV of Terminal Value | 1,911,237.1 |
Cumulative PV of UFCF | 360,267.3 |
Net Debt | 22,321.0 |
Equity Value | 2,249,183.4 |
Shares Outstanding | 7,433.0 |
Implied Share Price | 302.6 |
Current Share Price | 401.7 |
Implied Upside / (Downside) | -24.7% |