Free Cash Flow Build Up

Microsoft Corporation (MSFT)

$ 305.24
0.40 0.13%
Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 77,84986,83393,58085,32089,950110,360125,843143,015168,088185,696.81205,150.30226,641.74250,384.60276,614.75
EBITDA 31,23633,62925,24527,61634,14949,46858,05668,42385,13475,436.3783,339.0592,069.60101,714.76112,370.34
EBIT 27,48128,41719,28820,99425,37139,20746,37455,62773,44861,160.0267,567.1174,645.4082,465.2191,104.22
Tax Rate 19.18%20.65%34.12%14.95%8.40%54.57%10.18%16.51%13.83%21.38%21.38%21.38%21.38%21.38%
EBIAT 22,209.7122,547.6912,707.5517,855.1623,239.3117,812.6741,652.5346,444.2963,292.6348,086.1153,123.5858,688.7864,836.9971,629.27
Depreciation 3,7555,2125,9576,6228,77810,26111,68212,79611,68614,276.3615,771.9417,424.2019,249.5521,266.12
Accounts Receivable --2,0581,636-369-1,515-6,689-3,043-2,487-6,032-3,223.46-4,323.05-4,775.93-5,276.26-5,828.99
Inventories --722-24265170-481599168-741-1,627.10-446.60-493.39-545.07-602.17
Accounts Payable -2,604-8413074921,2277653,1482,633-482.631,537.911,699.021,877.012,073.64
Capital Expenditure -4,257-5,485-5,944-8,343-8,129-11,632-13,925-15,441-20,622-16,841.31-18,605.60-20,554.71-22,708.01-25,086.89
UFCF 21,707.7122,098.6913,273.5516,723.1622,935.3110,498.6737,730.5344,628.2950,216.6340,187.9647,058.1851,987.9757,434.2063,450.97
WACC
PV UFCF 31,428.7133,905.9534,510.7035,126.2435,752.76
SUM PV UFCF 201,129.19