Operating Data Alphabet In

Year A / P	2012 Actual	2013 Actual	2014 Actual	2015 Actual	2016 Actual	2017 Projected	2018 Projected	2019 Projected	2020 Projected	2021 Projected
Revenue	-	-	66,001	74,989	90,272	-	-	-	-	-
Revenue (%)
EBITDA	-	-	22,339	24,818	30,418	-	-	-	-	-
EBITDA (%)
EBIT	-	-	17,360	19,755	24,274	-	-	-	-	-
EBIT (%)
Depreciation	-	-	4,979	5,063	6,144	-	-	-	-	-
Depreciation (%)

Year A / P	2012 Actual	2013 Actual	2014 Actual	2015 Actual	2016 Actual
Revenue	-	-	66,001	74,989	90,272
Revenue (%)
EBITDA	-	-	22,339	24,818	30,418
EBITDA (%)
EBIT	-	-	17,360	19,755	24,274
EBIT (%)
Depreciation	-	-	4,979	5,063	6,144
Depreciation (%)

Year A / P	2017 Projected	2018 Projected	2019 Projected	2020 Projected	2021 Projected
Revenue	-	-	-	-	-
Revenue (%)
EBITDA	-	-	-	-	-
EBITDA (%)
EBIT	-	-	-	-	-
EBIT (%)
Depreciation	-	-	-	-	-
Depreciation (%)

Balance Sheet Data Alphabet In

Year A / P	2012 Actual	2013 Actual	2014 Actual	2015 Actual	2016 Actual	2017 Projected	2018 Projected	2019 Projected	2020 Projected	2021 Projected
Cash	-	-	64,395	73,066	86,333	-	-	-	-	-
Cash (%)
AccountReceivable	-	-	9,383	11,556	14,137	-	-	-	-	-
AccountReceivable (%)
Inventories	-	-	-	-	268	-	-	-	-	-
Inventories (%)
PrepaidExpenses	-	-	3,412	3,139	4,575	-	-	-	-	-
PrepaidExpenses (%)
AccountsPayable	-	-	1,715	1,931	2,041	-	-	-	-	-
AccountsPayable (%)
AccruedLiabilities	-	-	6,386	7,097	4,198	-	-	-	-	-
AccruedLiabilities (%)
CapitalExpenditure	-	-	-15,847	-10,151	-11,198	-	-	-	-	-
CapitalExpenditure (%)

Year A / P	2012 Actual	2013 Actual	2014 Actual	2015 Actual	2016 Actual
Cash	-	-	64,395	73,066	86,333
Cash (%)
AccountReceivable	-	-	9,383	11,556	14,137
AccountReceivable (%)
Inventories	-	-	-	-	268
Inventories (%)
PrepaidExpenses	-	-	3,412	3,139	4,575
PrepaidExpenses (%)
AccountsPayable	-	-	1,715	1,931	2,041
AccountsPayable (%)
AccruedLiabilities	-	-	6,386	7,097	4,198
AccruedLiabilities (%)
CapitalExpenditure	-	-	-15,847	-10,151	-11,198
CapitalExpenditure (%)

Year A / P	2017 Projected	2018 Projected	2019 Projected	2020 Projected	2021 Projected
Cash	-	-	-	-	-
Cash (%)
AccountReceivable	-	-	-	-	-
AccountReceivable (%)
Inventories	-	-	-	-	-
Inventories (%)
PrepaidExpenses	-	-	-	-	-
PrepaidExpenses (%)
AccountsPayable	-	-	-	-	-
AccountsPayable (%)
AccruedLiabilities	-	-	-	-	-
AccruedLiabilities (%)
CapitalExpenditure	-	-	-	-	-
CapitalExpenditure (%)

Weighted Average Cost Of Capital Alphabet In

Share Price	$ 99.97
Diluted Shares Outstanding	687
Cost of Debt
Tax Rate	19.3
After-tax Cost of Debt	-
Risk Free Rate
Market Risk Premium
Cost of Equity	10.97
Total Debt	3,935.00
Total Equity	69,879.03
Total Capital	73,814.03
Debt Weighting	5.33
Equity Weighting	94.67
Wacc

Build Up Free Cash Alphabet In

Year A / P	2012 Actual	2013 Actual	2014 Actual	2015 Actual	2016 Actual	2017 Projected	2018 Projected	2019 Projected	2020 Projected	2021 Projected
Revenue	-	-	66,001	74,989	90,272	-	-	-	-	-
EBITDA	-	-	22,339	24,818	30,418	-	-	-	-	-
EBIT	-	-	17,360	19,755	24,274	-	-	-	-	-
TaxesRate	-	-	16.3	16.8	19.3	-	-	-	-	-
EBIAT	-	-	14528.5	16434.5	19578.0	-	-	-	-	-
Depreciation	-	-	4,979	5,063	6,144	-	-	-	-	-
AccountReceivable	-	-	-9,383	-2,173	-2,581	-	-	-	-	-
Inventories	-	-	-	-	-268	-	-	-	-	-
PrepaidExpenses	-	-	-3,412	273	-1,436	-	-	-	-	-
AccountsPayable	-	-	1,715	216	110	-	-	-	-	-
AccruedLiabilities	-	-	6,386	711	-2,899	-	-	-	-	-
CapitalExpenditure	-	-	-15,847	-10,151	-11,198	-	-	-	-	-
UFCF	-	-	34,073	14,556	21,131	-	-	-	-	-
WACC
PV UFCF						-	-	-	-	-
SUM PV UFCF										-

Year A / P	2012 Actual	2013 Actual	2014 Actual	2015 Actual	2016 Actual
Revenue	-	-	66,001	74,989	90,272
EBITDA	-	-	22,339	24,818	30,418
EBIT	-	-	17,360	19,755	24,274
TaxesRate	-	-	16.3	16.8	19.3
EBIAT	-	-	14528.5	16434.5	19578.0
Depreciation	-	-	4,979	5,063	6,144
AccountReceivable	-	-	-9,383	-2,173	-2,581
Inventories	-	-	-	-	-268
PrepaidExpenses	-	-	-3,412	273	-1,436
AccountsPayable	-	-	1,715	216	110
AccruedLiabilities	-	-	6,386	711	-2,899
CapitalExpenditure	-	-	-15,847	-10,151	-11,198
UFCF	-	-	34,073	14,556	21,131
WACC
PV UFCF
SUM PV UFCF

Year A / P	2017 Projected	2018 Projected	2019 Projected	2020 Projected	2021 Projected
Revenue	-	-	-	-	-
EBITDA	-	-	-	-	-
EBIT	-	-	-	-	-
TaxesRate	-	-	-	-	-
EBIAT	-	-	-	-	-
Depreciation	-	-	-	-	-
AccountReceivable	-	-	-	-	-
Inventories	-	-	-	-	-
PrepaidExpenses	-	-	-	-	-
AccountsPayable	-	-	-	-	-
AccruedLiabilities	-	-	-	-	-
CapitalExpenditure	-	-	-	-	-
UFCF	-	-	-	-	-
WACC
PV UFCF	-	-	-	-	-
SUM PV UFCF					-

Terminal Value Alphabet In

Growth in perpetuity method:
Long term growth rate
WACC (%)	10.7
Free cash flow (t+1)	0.00
Terminal Value	0.00
Present Value of Terminal Value	0.00

Intrinsic Value Alphabet In

Enterprise Value	-
Net Debt	-82,398
Equity Value	-
Shares Outstanding	699
Equity Value Per Share	-

Results Unlevered DCF Alphabet In

${Wacc}/{Long \space Term \space Growth}$	-4 (%)	-3 (%)	-2 (%)	-1 (%)	0 (%)	1 (%)	2 (%)	3 (%)	4 (%)
8.7 (%)	-	-	-	-	-	-	-	-	-
9.2 (%)	-	-	-	-	-	-	-	-	-
9.7 (%)	-	-	-	-	-	-	-	-	-
10.2 (%)	-	-	-	-	-	-	-	-	-
10.7 (%)	-	-	-	-	-	-	-	-	-
11.2 (%)	-	-	-	-	-	-	-	-	-
11.7 (%)	-	-	-	-	-	-	-	-	-
12.2 (%)	-	-	-	-	-	-	-	-	-
12.7 (%)	-	-	-	-	-	-	-	-	-

${Wacc}/{Long \space Term \space Growth}$	-4 (%)	-3 (%)	-2 (%)	-1 (%)	0 (%)
8.7 (%)	-	-	-	-	-
9.2 (%)	-	-	-	-	-
9.7 (%)	-	-	-	-	-
10.2 (%)	-	-	-	-	-
10.7 (%)	-	-	-	-	-

${Wacc}/{Long \space Term \space Growth}$	1 (%)	2 (%)	3 (%)	4 (%)
11.2 (%)	-	-	-	-
11.7 (%)	-	-	-	-
12.2 (%)	-	-	-	-
12.7 (%)	-	-	-	-

Financial Modeling Prep is a new concept that informs you about stock markets information (news, currencies and stock prices). We always strive to give you the best and most updated information. We also gives you free financial modeling methodology through our academy. Most investment banking firms follow our guidelines to get discounted cash flow statement of companies to see if they are undervalued, overvalued or simply at par value. You can find all financial models and valuation techniques that is used in corporate finance to get companies intrinsic valuation. Most private equity firm use financial modeling for decision making when it comes to hold, buy or sell a particular stock.

Discounted Cash Flow (DCF) Analysis Unlevered

Alphabet Inc. (GOOG)