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Meta Platforms Inc

DB:FB2A

美國 / 通訊服務 / 互動媒體和服務

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10 年 DCF 收入退出價

股價

591.50 EUR

公允價值

571.28 EUR

Metrics	Range	Conclusion
Discount Rate	10.0% - 9.0%	9.5%
Terminal Revenue Multiple	5.6x - 6.2x	5.9x
Fair Value	€535.09 - €609.89	€571.28
Upside	-7.2% - 5.8%	-0.9%

8.9%

Revenue 10y CAGR

65.4%

10y Avg EBITDA Margin

14.8%

Unlevered FCF 10y CAGR

10-Year DCF Model: Revenue Exit

股價

591.50 EUR

公允價值

571.28 EUR

看漲

-0.9%

Revenue and EBITDA

CapEx

Working Capital

D&A

Tax Rate

Discount Rate

Terminal Value


Select Revenue and EBITDA Forecast

(USD in millions)		Input Projections
Fiscal Years Ending	Dec-24	Dec-25	Dec-26	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Dec-32	Dec-33	Dec-34

Revenue	164,501	187,506	211,309	236,720	260,065	286,553	319,456	341,240	350,997	368,546	386,974
% Growth	21.9%	14.0%	12.7%	12.0%	9.9%	10.2%	11.5%	6.8%	2.9%	5.0%	5.0%

EBITDA	83,717	111,321	128,991	149,292	178,605	195,714	227,681	236,372	225,851	237,143	249,000
% of Revenue	50.9%	59.4%	61.0%	63.1%	68.7%	68.3%	71.3%	69.3%	64.3%	64.3%	64.3%

支援算式

Calculation of Free Cash Flow

Discounting Periods

Discounting Factors

Calculation of Enterprise Value

Equity Waterfall

Historical Financials

Current Trading Multiples


Calculation of Free Cash Flow

Projected Unlevered Cash Flow
		Dec-25	Dec-26	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Dec-32	Dec-33	Dec-34

EBITDA		111,321	128,991	149,292	178,605	195,714	227,681	236,372	225,851	237,143	249,000
Other Income / (Exp)		0	0	0	0	0	0	0	0	0	0
D&A		(37,994)	(46,270)	(54,124)	(70,446)	(75,523)	(84,195)	(89,936)	(92,508)	(97,133)	(101,990)

EBIT		73,327	82,721	95,167	108,159	120,191	143,486	146,436	133,343	140,010	147,010
Pro forma Taxes		(11,732)	(13,235)	(15,227)	(17,305)	(19,231)	(22,958)	(23,430)	(21,335)	(22,402)	(23,522)
NOPAT	57,304	61,594	69,486	79,941	90,854	100,960	120,528	123,006	112,008	117,609	123,489

Capital Expenditures	(37,256)	(67,278)	(69,159)	(71,031)	(80,000)	(79,376)	(76,802)	(78,726)	(78,301)	(77,943)	(78,323)
NWC Investment	1,799	1,398	1,447	1,544	1,419	1,610	2,000	1,324	593	1,067	1,120
(+) D&A	15,498	37,994	46,270	54,124	70,446	75,523	84,195	89,936	92,508	97,133	101,990

Free Cash Flow	37,345	33,709	48,043	64,578	82,719	98,718	129,921	135,540	126,808	137,865	148,275
% Growth			43%	34%	28%	19%	32%	4%	-6%	9%	8%

載入錯誤

Meta Platforms Inc

DB:FB2A

美國 / 通訊服務 / 互動媒體和服務

10 年 DCF 收入退出價