Microsoft Corporation Website

Microsoft Corporation

NasdaqGS-MSFT

Revenue

168,088.0198,270.0211,915.0244,991.1279,987.1321,345.7321,345.7321,345.7

Revenue % Chg.

17.5%18.0%6.9%

EBIT

69,916.083,383.089,475.0108,785.1122,660.9142,732.2142,732.2142,732.2

EBIT Margin

41.6%42.1%42.2%

Tax Rate

13.8%13.1%19.0%

NOPAT

60,249.072,448.772,493.989,265.9100,362.9116,416.9116,416.9116,416.9

NOPAT Margin

35.8%36.5%34.2%36.4%35.8%36.2%36.2%36.2%

D&A

10,900.014,600.013,500.020,137.824,343.127,805.227,805.227,805.2

D&A / Revenue

6.5%7.4%6.4%

Capex

-20,622.0-23,886.0-28,107.0-44,587.4-52,214.3-57,640.3-57,640.3-57,640.3

Capex / Revenue

-12.3%-12.0%-13.3%

Chg. NWC

-936.0446.0-2,388.0-1,191.3-1,361.5-1,562.6-1,562.6-1,562.6

Chg. NWC / Revenue

-0.6%0.2%-1.1%

Unlevered FCF (UFCF)

49,591.063,608.755,498.963,625.171,130.285,019.285,019.285,019.2

UFCF % Chg.

25.3%28.3%-12.7%14.6%11.8%19.5%0.0%

PV of UFCF

58,702.060,548.566,771.461,604.956,838.1

Sum of PV of UFCF

58,702.0119,250.5186,022.0247,626.9304,465.0
Cost of Debt
Tax Rate
After Tax Cost of Debt2.1%
Risk Free Rate
Market Risk Premium
Beta0.9
Cost of Equity8.5%
Total Debt79,441.0
Market Cap3,272,964.5
Total Capital3,352,405.5
Debt Weighting2.4%
Equity Weighting97.6%
WACC8.4%
Exit Multiple EV/FCF
Terminal Value3,299,180.5
PV of Terminal Value2,034,948.0
Cumulative PV of UFCF304,465.0
Net Debt26,216.0
Equity Value2,313,197.0
Shares Outstanding7,432.3
Implied Share Price311.2
Current Share Price437.1
Implied Upside / (Downside)-28.8%