Valuation of Alphabet (GOOG:NAS) June 2017

June 14, 2017 stockcalc

Alphabet (GOOG:NAS) Fundamental Valuation Report

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Valuation Summary:

Alphabet$949.83 (USD) Close Price as of09/06/2017

Based on the analysis conducted in this report, Alphabet, (GOOG:NAS) is found to be Undervalued (refer below to each of the models for detailed calculations and assumptions).

Company

Alphabet

Symbol:Exchange

GOOG:NAS

Industry

Technology:Internet Content & Information

Close Price/Date

$949.83 (USD) 09/06/2017

Weighted Average Valuation

$1,018.66 (USD)

Summary

GOOG:NAS is found to be Undervalued by 7.2% using the 3 valuation models shown below.

Valuation Models Used

Analyst Consensus: $1,033.00 (USD)

(in order of importance)

Discounted Cash Flow: $801.23 (USD)

Comparables: $1,410.52 (USD)

Valuation Methods Analysis

This company is:

Cash Flow Basis:

Overvalued on a Cash Flow Valuation basis

Comparable Company Basis:

Undervalued on a Comparable Valuation basis

Asset Basis:

Overvalued on an Asset Valuation basis

Alphabet Valuations

Summary chart
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Valuations:

We have up to 6 valuation points for each company in the database.

Discounted Cash Flow(DCF)

Discounted Cash Flow (DCF) valuation is a cash flow model where cash flow projections are discounted back to the present to calculate value per share. DCF is a common valuation technique especially for companies undergoing irregular cash flows such as resource companies (mining, forestry, oil and gas) going though price cycles or smaller companies about to generate cash flow (junior exploration companies, junior pharma, technology firms…).

Price Comparables

The Price Comparables valuation is the result of valuing the company we are looking at on the basis of ratios from selected comparable companies: Price to Earnings, Price to Book, Price to Sales, Price to Cash Flow, Enterprise Value (EV) to EBITDA. Each of these ratios for the selected comparable companies are averaged and multiplied by the values for the company we are interested in to calculate a value per share for our selected company.

Other Comparables

We have included the Other Comparables as a way to value companies that cannot be valued using Earnings based ratios. This technique is very useful for companies still experiencing negative cash flows such as mining exploration firms. We use Cash/Share, Book Value/Share, MarketCap, 1 Year Return, NetPPE as the ratios here. Each of these ratios for the selected comparable companies are averaged and multiplied by the values for the company we are interested in to calculate a value per share for our selected company.

Multiples

Multiples are similar to Price comparables where we look at current or historic ratios for the company in question to assess what it should be worth today based on those historic ratios. We use the same 5 ratios as in the price comparables and value the company with its historic averages.

Adjusted Book Value (ABV)

With Adjusted Book Value (ABV) we calculate the book value per share for the company based on its balance sheet and multiply that book value per share by its historical price to book ratio to calculate a value per share.

Analyst Consensus

If we have Analyst coverage for the company we use the consensus target price here.

Discounted Cash Flow

Using a discounted cash flow model we generated an intrinsic value of $801.23 (USD) for GOOG:NAS
Details of the DCF model are shown below
Comparables Model

Using similar companies and price based ratios we generated a valuation of $1,410.52 (USD) for GOOG:NAS. We also generated a valuation of $735.72 (USD) using other metrics and comparables.

The comparable companies were Facebook (FB:NAS)

Details of the Comparables Model are shown below

Multiples

Using a multiples approach we generated a valuation of $851.19 (USD) for GOOG:NAS

Details of the Multiples Model are shown below
Adjusted Book Value versus Historical Price to Book

Using an Adjusted Book Value versus Historical Price to Book we generated a value of $808.51 (USD) for GOOG:NAS

Details of the Adjusted Book Value Model are shown below
Analyst Data

In the Stockcalc database there are 10 analysts that provide a valuation for GOOG:NAS.
The 10 analysts have a concensus valuation for GOOG:NAS for 2017 of $1,033.00 (USD).

Details of the Analyst Data are shown below
Summary

If you would like to explore this company further you can start with a quick DCF analysis at https://www.stockcalc.com?ss=DE4F96E9F37E4F91A0487C0A10D98701

Company Overview (GOOG:NAS USD)

Bid:Ask	953.42:962.10
Price	953.40
Change %Change	+10.50 – +1.11%
Day Range	944.09 – 959.98
52 Week Range	663.28 – 988.25
Open Price	951.91
Day Volume	2013395
Average Volume	1543740
P/E Ratio	32.22
Diluted EPS	29.59
Shares Outstanding	691748603
Market Cap	659,513,118,100

Summary chart

Detailed Company Description

Alphabet Inc is a provider of internet content products and portals. Its suite of brands includes Search, Android, YouTube, Apps, Maps & Ads.

Financial Data for GOOG:NAS

The following presents the last up to 5 years of the companies Income Statement, Balance Sheet and Cash Flow data.

Income Statement


Line Item USD Millions	2012-12-31	2013-12-31	2014-12-31	2015-12-31	2016-12-31
Total Revenue	50,175	59,825	66,001	74,989	90,272
Cost Of Revenue	20,634	25,858	25,691	28,164	35,138
Gross Profit	29,541	33,967	40,310	46,825	55,134
Selling General And Administration	9,988	12,049	13,982	15,183	17,470
Research And Development	6,793	7,952	9,832	12,282	13,948
EBITDA	16,432	18,518	22,339	24,818	30,418
Depreciation and Amortization	2,962	3,939	4,979	5,063	6,144
Operating Expense	16,781	20,001	23,814	27,465	31,418
Operating Income	12,760	13,966	16,496	19,360	23,716
EBIT	13,470	14,579	17,360	19,755	24,274
Interest Income	713	785	746	999	1,220
Interest Expense	84	83	101	104	124
Pre-Tax Income	13,386	14,496	17,259	19,651	24,150
Tax Provision	2,598	2,282	3,331	3,303	4,672
Net Income	10,737	12,920	14,444	16,348	19,478

Diluted Average Shares	664	677	687	693	699
Diluted EPS	16.17	19.08	21.02	22.84	27.85

Balance Sheet


Line Item USD Millions	2012-12-31	2013-12-31	2014-12-31	2015-12-31	2016-12-31
Total Assets	93,798	110,920	131,133	147,461	167,497
Current Assets	60,454	72,886	80,685	90,114	105,408
Cash And Cash Equivalents	14,778	18,898	18,347	16,549	12,918
Other Short Term Investments	33,310	39,819	46,048	56,517	73,415
Receivables	8,585	9,390	11,556	13,909	14,232
Inventory	505	426	0	0	268
PrepaidAssets	2,132	2,827	3,412	3,139	4,575
Deferred Income Taxes	1,144	1,526	1,322	0	0
Other Current Assets	0	0	0	0	0
Total Non Current Assets	33,344	38,034	50,448	57,347	62,089
Gross PPE	17,697	23,837	32,746	40,146	47,527
Accumulated Depreciation	-5,843	-7,313	-8,863	-11,130	-13,293
Net PPE	11,854	16,524	23,883	29,016	34,234
Goodwill	10,537	11,492	15,599	15,869	16,468
Intangibles	7,473	6,066	4,607	3,847	3,307
Other Non Current Assets	3,480	3,952	6,359	8,615	8,080

Total liabilities	22,083	23,611	26,633	27,130	28,461
Current Liabilities	14,337	15,908	16,805	19,310	16,756
Payables	3,925	3,851	4,589	4,661	2,595
Current debt	2,549	3,009	2,009	3,225	0
Current capital lease obligation	0	0	0	0	0
Other current liabilities	0	0	0	0	0
Non Current Liabilities	7,746	7,703	9,828	7,820	11,705
Long Term Debt	2,988	2,236	3,228	1,995	3,935
Long Term Capital Lease	0	0	0	0	0
Other Non Current Liabilities	0	0	0	0	0
Total Equity	71,715	87,309	104,500	120,331	139,036
Stockholders Equity	71,715	87,309	104,500	120,331	139,036
Preferred Stock	0	0	0	0	0
CapitalStock	22,835	25,922	28,767	32,982	36,307
Common Stock	22,835	25,922	28,767	32,982	0
Treasury Stock	0	0	0	0	0
Retained Earnings	48,342	61,262	75,706	89,223	105,131
Other Equity	0	0	0	0	0
Total Liabilities and Total Equity	93,798	110,920	131,133	147,461	167,497

Cash Flow


Line Item USD Millions	2012-12-31	2013-12-31	2014-12-31	2015-12-31	2016-12-31
Net Income	10,737	12,920	14,444	16,348	19,478
Depreciation and amortization	2,962	3,939	4,979	5,063	6,144
Amortization of debt discount/premium and issuance costs	0	0	0	0	0
Investment/asset impairment charges	0	0	0	0	0
Investments losses (gains)	0	0	-159	334	275
Deferred income taxes	-266	-437	-104	-179	-38
Stock based compensation	2,692	3,343	4,279	5,203	6,703
Accounts receivable	-787	-1,307	-1,641	-2,094	-2,578
Inventory	301	-234	0	0	0
Prepaid expenses	-833	-696	459	-318	312
Accounts payable	-499	605	436	203	110
Accrued liabilities	1,061	967	1,002	1,936	2,108
Income Tax Payable	1,492	0	0	0	0
Interest payable	0	0	0	0	0
Other working capital	1,655	634	108	-136	3,348
Other non-cash items	-1,896	-1,075	-1,427	-336	174

Net cash provided by operating activities	16,619	18,659	22,376	26,024	36,036

Investments in property, plant, and equipment	-3,273	-7,358	-10,959	-9,915	-10,212
Property, plant, and equipment reductions	0	0	0	0	240
Acquisitions, net	-10,568	1,077	-4,502	-236	-986
Purchases of investments	-34,061	-46,013	-57,537	-76,540	-85,618
Sales/Maturities of investments	35,180	38,314	51,315	62,905	67,389
Other investing activities	-334	301	628	75	-1,978

Net cash used for investing activities	-13,056	-13,679	-21,055	-23,711	-31,165

Debt issued	16,109	10,768	11,625	13,705	8,729
Debt repayment	-14,781	-11,325	-11,643	-13,728	-10,064
Common stock issued	0	0	0	0	0
Preferred stock issued	0	0	0	0	0
Cash dividends paid	0	0	0	0	0
Other financing activities	-99	-300	-1,421	-3,654	-6,997

Net cash provided by, used for activities	1,229	-857	-1,439	-3,677	-8,332

Effect of exchange rates	3	-3	-433	-434	-170
Net change in cash	4,795	4,120	-551	-1,798	-3,631
Cash at beginning of period	9,983	14,778	18,898	18,347	16,549
Cash at end of period	14,778	18,898	18,347	16,549	12,918
Operating cash flow	16,619	18,659	22,376	26,024	36,036
Capital expenditure	-3,273	-7,358	-10,959	-9,915	-10,212
Free cash flow	13,346	11,301	11,417	16,109	25,824

Ratio Data for GOOG:NAS

Profitability Ratios


Year	2012	2013	2014	2015	2016
Gross Margin (%)	58.88	56.78	61.07	62.44	61.08
Operation Margin (%)	25.43	23.34	24.99	25.82	26.27
Tax Rate (%)	19.41	15.74	19.3	16.81	19.35
Net Margin (%)	21.4	21.6	21.88	21.1	21.58
Sales per Employee	931565	1M	1M	1M	1M
EBIT Margin (%)	26.85	24.37	26.3	26.34	26.89
EBITDA Margin (%)	32.75	30.95	33.85	33.1	33.7
Net Profit Margin (%)	21.51	20.66	21.31	22.47	22.17
Interest Coverage	160.36	175.65	171.88	189.95	195.76

Efficiency Ratios


Year	2012	2013	2014	2015	2016
Days In Sales	48.42	51.15	50.5	50.96	51.94
Days In Inventory	8.93	6.57			2.78
Days In Payment	23	31.51	29.61	23.63	20.63
Cash Conversion Cycle	34.36	26.21			34.1
Receivable Turnover	7.54	7.14	7.23	7.16	7.03
Inventory Turnover	40.86	55.55			131.11
Payment Turnover	15.87	11.58	12.33	15.45	17.69
Fixed Assets Turnover	4.68	4.22	3.27	2.84	2.85
Assets Turnover	0.6	0.58	0.55	0.54	0.57
ROE (%)	16.54	16.25	15.06	14.08	15.02
ROA (%)	12.91	12.62	11.93	11.36	12.37
ROIC (%)	14.66	14.52	13.77	12.82	13.85
FCF Sales Ratio (%)	26.6	18.89	17.3	21.48	28.61
FCF Net Income Ratio (%)	124.3	87.47	79.04	98.54	132.58
Capital Expenditure Sales Ratio (%)	6.52	12.3	16.6	13.22	11.31

Financial Health


Year	2012	2013	2014	2015	2016
Current Ratio	4.22	4.58	4.8	4.67	6.29
Quick Ratio	3.95	4.28	4.52	4.5	6
Long Term Debt Total Capital Ratio (%)	4	2.5	3	1.63	2.75
Long Term Debt Equity Ratio	0.04	0.03	0.03	0.02	0.03
Financial Leverage	1.31	1.27	1.25	1.23	1.2
Total Debt To Equity Ratio	0.08	0.06	0.05	0.04	0.03

Valuation Ratios


Year	2014	2015	2016
Sustainable Growth Rate (%)	14.37	14.77	15.23
Payout Ratio (%)	0	0	0
Cash Return	0.04	0.03	0.05
Sales Per Share	99.17	103.88	122.94
Book Value Per Share	145.08	169.12	193.99
CFO Per Share	31.03	37.6	46.98
FCF Per Share	16.92	21.15	33.75
Earning Yield (%)	3.58	2.85	3.54
PE Ratio	27.9	35.13	28.24
Sales Yield (%)	18.89	13.69	15.93
PS Ratio	5.29	7.3	6.28
Book Value Yield (%)	27.64	22.28	25.13
PB Ratio	3.62	4.49	3.98
CF Yield (%)	5.91	4.95	6.09
PCF Ratio	16.92	20.18	16.43
FCF Yield (%)	3.22	2.79	4.37
FCF Ratio	31.03	35.89	22.87
Dividend Yield (%)
Forward Dividend Yield (%)
Forward Earning Yield (%)	5.63	4.44	5.28
Forward PE Ratio	17.76	22.52	18.94
PEG Ratio	1.42	2.11	1.15
PEG Payback	8.92	11.07	8.28
Dividend Rate
Working Capital Per Share	91.31	101.33	121.83
EV To EBITDA	14.6	19.19	16.16
Buy Back Yield (%)			1.02
Total Yield (%)			1.02

Valuation Details and Assumptions

Cost of Capital

We have calculated the WACC for GOOG:NAS to be 8.70 based on the following assumptions:

Component

Value

Cost Of

Common Equity

675105049679

8.77

Debt (Book Value)

3937000000

2.08

Preferred (Book Value)

0.00

Enterprise Value

679042049679

100

Weighted Average Cost of Capital

WACC

8.70

The Company’s Beta was calculated as 0.87 using a 60 month time frame and the Nasdaq index.

Note: Higher risk premiums imply investors require greater returns

The Company’s Cost of Preferred equity was calculated using the preferred stock dividend divided by the book value of prefrerred shares for the company

The Company’s Cost of Debt was calculated as the weighted average Interest paid for the last 3 years divided by the book value of weighted average interest bearing debt outstanding

Analyst Coverage

We have 10 Analysts covering GOOG:NAS.

GOOG:NAS Alphabet

Current Price: 953.40 USD

Analyst Consensus
USD Millions	2017	2018	2019
Mean EPS	38.9691	45.6042	50.0456
# EPS Analysts	10	10	5
Mean Revenue	98,441.6	114,797.4	132,156.7
# Revenue Analysts	9	9	5
Mean Target Price	1033.0000
Mean Cash Flow	52.0322	59.6918	61.9414
Mean EBITDA	38,165.3	44,671.2	50,281.7
Mean Net Income	26,044.9	30,689.9	34,069.1
Mean Debt Outstanding	-12,298.3	-22,436.7	9,860.5
Mean Tax Rate	19.8167	20.0000	20.5000
Mean Growth Rate	17.8450
Mean Capital Expenditure	11,794.9	13,184.3	15,132.0

Analyst Recommendation
Buy	Hold	Sell	Rating(out of 5)	Recommendation	As Of
9	2	1	4.3333	Outperform	2017-6-8

Based on the 10 Analysts we have covering GOOG:NAS we see a consensus price target for 2017 of $1,033.00 (USD).

Forecasted Financial Statements

The resulting projections of the 10 analysts are shown here:

Income Statement Projections for
GOOG:NAS Alphabet

millions10183

Line Item USD Millions	2012	2013	2014	2015	2016	Weighted Average	2017	2018	2019
Total Revenue	50,175	59,825	66,001	74,989	90,272	100.00	98,442	114,797	132,157
Cost Of Revenue	20,634	25,858	25,691	28,164	35,138	39.12	31,679	36,856	43,031
Gross Profit	29,541	33,967	40,310	46,825	55,134	60.88	66,762	77,941	89,126
Selling General And Administration	9,988	12,049	13,982	15,183	17,470	20.03	16,218	18,868	22,029
Research And Development	6,793	7,952	9,832	12,282	13,948	15.28	12,379	14,402	16,815
EBITDA	16,432	18,518	22,339	24,818	30,418	33.23	38,165	44,671	50,282
Depreciation and Amortization	2,962	3,939	4,979	5,063	6,144	6.86	7,044	8,125	9,422
Operating Expense	16,781	20,001	23,814	27,465	31,418	35.31	34,760	40,536	46,665
Operating Income	12,760	13,966	16,496	19,360	23,716	25.57	32,002	37,406	42,461
EBIT	13,470	14,579	17,360	19,755	24,274	26.37	31,122	36,546	40,860
Interest Income	713	785	746	999	1,220	1.31	1,286	1,499	1,726
Interest Expense	84	83	101	104	124	0.14	146	168	195
Pre-Tax Income	13,386	14,496	17,259	19,651	24,150	26.23	30,976	36,378	40,665
Tax Provision	2,598	2,282	3,331	3,303	4,672	4.80	4,931	5,688	6,596
Net Income	10,737	12,920	14,444	16,348	19,478	21.69	26,045	30,690	34,069
Diluted Average Shares	664	677	687	693	699		668	673	681

Diluted EPS	16.17	19.08	21.02	22.84	27.85		38.97	45.60	50.05
# Of Analysts							10	10	5

As a measure of Cash flow for the company we start with the EBITDA above and adjust as you see in the Discounted Cash Flow Analysis

Discounted Cash Flow

Using a Discounted Cash flow model we generate a Value per share for GOOG:NAS of $801.23 (USD)

Year	2017	2018	2019	Terminal Growth Rate(%)3
EBITDA (Cash Flow)	38165300000	44671200000	50281700000	51790151000
Normalizations & Adjustments	0	0	0	0
Normalized EBITDA	38165300000	44671200000	50281700000	51790151000
Tax Rate(%)19.3458	7383382607.40	8642001009.60	9727397118.60	10019219032.16
+/- Tax Loss Carry Forward	0	0	0	0
Net Operating After Tax Cash Flow	30,781,917,393	36,029,198,990	40,554,302,881	41,770,931,968
Capital Investment Required (Estimate)	-8295400000	-8295400000	-8295400000	-8295400000
Tax Shields on Capital Investment	1118400732	1118400732	1118400732	1118400732
Incremental Working Capital Requirements	824400000	824400000	824400000	824400000
Discretionary Cash Flow	24,429,318,124	29,676,599,722	34,201,703,613	35,418,332,699
Terminal Multiple ( 100 / (WACC – Growth Rate ))				17.55
Capitalized Terminal Value				621,556,694,773
Year: (For Discounted Calculations)	1	2	3	3+
WACC:	8.70	8.70	8.70	8.70
Discounted Annual Cash Flows	22,474,419,623	25,117,037,828	26,630,490,164	483,963,010,551
Present Value of Discretionary Cash Flow				74,221,947,616
Discounted Terminal Value				483,963,010,551
Total Discounted Cash Flow				558,184,958,167
Present Value of Tax Shields				0
Redundant Assets				0
Enterprise Value				558,184,958,167
Less Interest Bearing Debt				3938000000
En Block Fair MarketValue(FMV) Equity				554,246,958,167
Book Value of Preferred Equity				0
Value of Common Equity				554,246,958,167
Number of Fully Diluted Shares Outstanding				691748603
Calculated Value Per Share ($/share)				$801.23 (USD)

Discounted Cash Flow Sensitivity Analysis for GOOG:NAS

DCF Valuation Analysis for Alphabet

* Changes are absolute: ex WACC from 8% to 7%

GOOG:NAS	Current Values	Valuation If Dropped *		Valuation If Raised *
Calculated Value:	$801.23	1%	5%	1%	5%
WACC (or Ke)	8.70	$977.20		$677.90
Terminal Growth Rate	3.00	$689.96		$959.85
Tax Rate	0.19		$853.70		$748.75
Cash Flow	51790151000		$753.44		$849.01
Capital Expenditures	-8295400000		$794.14		$808.31
Long Term Debt	3938000000		$801.51		$800.94

Comparable Companies

(Using Price Based Ratios)

We ran GOOG:NAS against comparable companies in its space and generated a valution of $1,410.52 (USD). The comparable companies included Facebook (FB:NAS)

Company GOOG:NAS	End Date Value
Earnings/Share	$29.56 (USD)
Book Value/Share	$209.54 (USD)
Sales/Share	$135.62 (USD)
Cash Flow/Share	$54.28 (USD)
EBITDA/Share	$43.53 (USD)

Price Based on Comps	Adjustment Factor (%)
$1,139.22 (USD)	0.0
$1,479.06 (USD)	0.0
$1,990.38 (USD)	0.0
$1,363.93 (USD)	0.0
$1,080.03 (USD)	0.0

GOOG:NAS	Ratios Used	Average Values	FB:NAS
32.64	PE Ratio	38.54	38.54
4.60	PB Ratio	7.06	7.06
7.11	PS Ratio	14.68	14.68
17.78	PCF Ratio	25.13	25.13
18.20	EV to EBITDA	24.94	24.94

Other Ratios

Companies that do not have revenue yet or experience negative incomes can be valued against their peer group using other ratios such as Cash/share, Returns, Market Cap and Net PPE.

Using this approach we generate a valuation for GOOG:NAS of $735.72 (USD)

Company GOOG:NAS	End Date Value
Cash/Share	$18.49 (USD)
Book Value/Share	$179.98 (USD)
MarketCap	509617523298
1 Year Return	0.311
NetPPE	34234000000

Price Based on Comps	Adjustment Factor (%)
$0.00 (USD)	0
$0.00 (USD)	0
$0.00 (USD)	0
$735.72 (USD)	0
$0.00 (USD)	0

Ratios Used	Average Values
Cash / Share	0.00
Book Value / Share	0.00
Market Cap	0.00
1 Year Return	0.00
Net PPE	0.00

Multiples Approach

(We use the term multiples to describe valuing the company against its previous ratio values)
Using a multiples model we see GOOG:NAS is and generate a valuation of $851.19 (USD)

Ratios	Ratio Average
PE Ratio	29.95
PB Ratio	4.01
PS Ratio	6.39
PCF Ratio	17.53
EV to EBITDA	16.34

Price Based on Comparables	Adjustment Factor
$885.22 (USD)	0
$840.63 (USD)	0
$867.31 (USD)	0
$951.56 (USD)	0
$711.24 (USD)	0

Company GOOG:NAS	End Date Value
Earnings/Share	$29.56 (USD)
Book Value/Share	$209.54 (USD)
Sales/Share	$135.62 (USD)
Cash Flow/Share	$54.28 (USD)
EBITDA/Share	$43.53 (USD)

Adjusted Book Value versus Historical Price to Book

The average the Price to Book ratio for GOOG:NAS for the last 3 years was 4.02

We ran the Adjusted Book Value for GOOG:NAS as follows and see a value of $201.12 (USD)

By multiplying these we get an adjusted valuation of $808.51 (USD)

Line Item	Most Recent Book Value	Estimated FMV	Realizable %
Total Assets	167497000000	167497000000	0
Current Assets	105408000000	105408000000	0
Cash and Cash Equilivents	12918000000	12918000000	100.00
Other Short Term Investments	73415000000	73415000000	100.00
Receivables	14232000000	14232000000	100.00
Inventory	268000000	268000000	100.00
Prepaid Assets	4575000000	4575000000	100.00
Deferred Income Taxes	0	0	0.00
Other Current Assets	0	0	0.00
Non-Current Assets	62089000000	62089000000	0
Gross PPE	47527000000	47527000000	0
Accumulated Depreciation	-13293000000	-13293000000	0
Net PPE	34234000000	34234000000	100.00
Goodwill	16468000000	16468000000	100.00
Other Intangible Assets	3307000000	3307000000	100.00
Other Non-Current Assets	8080000000	8080000000	100.00
Total Liabilities	28461000000	28461000000	0
Current Liabilities	16756000000	16756000000	0
Payables	2595000000	2595000000	100.00
Current Debt	0	0	0.00
Current Capital Lease Obligation	0	0	0.00
Other Current Liabilities	14161000000	14161000000	100.00
Non-Current Liabilities	11705000000	11705000000	0
Long Term Debt	3935000000	3935000000	100.00
Long Term Capital Lease Obligation	0	0	0.00
Other Non-Current Liabilities	7770000000	7770000000	100.00
Total Equity	139036000000	139036000000	0
Stockholder’s Equity	139036000000	139036000000	0
Preferred Stock	0	0	0.00
Common Stock	139036000000	139036000000	0
Treasury Stock	0	0	0.00
Retained Earnings	105131000000	105131000000	100.00
Other Equity	-105131000000	-105131000000	100.00
Total Liabilities and Equity	167497000000	167497000000	0

ANBV Equity Common Shareholders	139036000000
Number Shares Outstanding	691293000
Adjusted NetBook Value per Share USD $	$201.12

Sector and Industry Analysis

GOOG:NAS	2016	2015	2014
P:E	28.24	35.13	27.90
P:B	3.98	4.49	3.62
P:S	6.28	7.31	5.29
P:CF	16.43	20.18	16.92
EV:EBITDA	16.16	19.19	14.61

Technology:Internet Content & Information	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007
P:E	33.96	49.08	45.97	91.86	45.38	74.01	33.13	119.40	40.60	57.09
P:B	4.33	4.20	4.32	6.45	3.21	3.79	4.74	4.01	6.20	6.63
P:S	4.48	4.29	5.29	7.01	4.79	3.50	3.85	4.33	4.17	7.60
P:CF	18.32	29.22	26.04	29.24	15.99	17.45	16.59	18.84	12.29	24.91
EV:EBITDA	16.79	23.99	21.59	13.44	14.66	20.67	12.01	18.26	11.13	26.63

Summary

If you would like to explore this company further you can start with a quick DCF analysis at https://www.stockcalc.com?ss=DE4F96E9F37E4F91A0487C0A10D98701

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Valuation

Fundamental Valuation of Alphabet (GOOG:NAS) April 28 2017

April 28, 2017 stockcalc

Alphabet (GOOG:NAS) Fundamental Valuation Report

Run valuations like these on Stockcalc: Try it here www.stockcalc.com/registration2.aspx.

Valuation Summary:

Alphabet$872.30 (USD) Close Price as of25/04/2017

Based on the analysis conducted in this report, Alphabet, (GOOG:NAS) is found to be Undervalued (refer below to each of the models for detailed calculations and assumptions).

Company

Alphabet

Symbol:Exchange

GOOG:NAS

Industry

Technology:Internet Content & Information

Close Price/Date

$872.30 (USD) 25/04/2017

Weighted Average Valuation

$961.61 (USD)

Summary

GOOG:NAS is found to be Undervalued by 10.2% using the 3 valuation models shown below.

Valuation Models Used

Analyst Consensus: $982.91 (USD)

(in order of importance)

Discounted Cash Flow: $718.68 (USD)

Comparables: $1,383.60 (USD)

Valuation Methods Analysis

This company is:

Cash Flow Basis:

Overvalued on a Cash Flow Valuation basis

Comparable Company Basis:

Undervalued on a Comparable Valuation basis

Asset Basis:

Overvalued on an Asset Valuation basis

Alphabet Valuations

Summary chart
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Valuations:

We have up to 6 valuation points for each company in the database.

Discounted Cash Flow(DCF)

Price Comparables

Other Comparables

Multiples

Adjusted Book Value (ABV)

Analyst Consensus

If we have Analyst coverage for the company we use the consensus target price here.

Discounted Cash Flow

Using a discounted cash flow model we generated an intrinsic value of $718.68 (USD) for GOOG:NAS
Details of the DCF model are shown below
Comparables Model

Using similar companies and price based ratios we generated a valuation of $1,383.60 (USD) for GOOG:NAS. We also generated a valuation of $891.34 (USD) using other metrics and comparables.

The comparable companies were Facebook (FB:NAS)

Details of the Comparables Model are shown below

Multiples

Using a multiples approach we generated a valuation of $813.91 (USD) for GOOG:NAS

Details of the Multiples Model are shown below
Adjusted Book Value versus Historical Price to Book

Using an Adjusted Book Value versus Historical Price to Book we generated a value of $804.61 (USD) for GOOG:NAS

Details of the Adjusted Book Value Model are shown below
Analyst Data

In the Stockcalc database there are 11 analysts that provide a valuation for GOOG:NAS.
The 11 analysts have a concensus valuation for GOOG:NAS for 2017 of $982.91 (USD).

Details of the Analyst Data are shown below
Summary

If you would like to explore this company further you can start with a quick DCF analysis at https://www.stockcalc.com?ss=00CB9BFAC9964E639F156E6F03EA4EAD

Company Overview (GOOG:NAS USD)

Bid:Ask	907.78:908.83
Price	913.49
Change %Change	+39.24 – +4.49%
Day Range	907.00 – 914.12
52 Week Range	663.28 – 914.12
Open Price	910.95
Day Volume	1355399
Average Volume	1399650
P/E Ratio	32.77
Diluted EPS	27.88
Shares Outstanding	691420327
Market Cap	631,605,554,511

Summary chart

Detailed Company Description

Alphabet Inc through its subsidiary Google Inc is engaged in improving the ways people connect with information & products including Search, Android, YouTube, Apps, Maps & Ads. It also produces internet-connected home devices & provides internet services.

Financial Data for GOOG:NAS

The following presents the last up to 5 years of the companies Income Statement, Balance Sheet and Cash Flow data.

Income Statement


Line Item USD Millions	2012-12-31	2013-12-31	2014-12-31	2015-12-31	2016-12-31
Total Revenue	50,175	59,825	66,001	74,989	90,272
Cost Of Revenue	20,634	25,858	25,691	28,164	35,138
Gross Profit	29,541	33,967	40,310	46,825	55,134
Selling General And Administration	9,988	12,049	13,982	15,183	17,470
Research And Development	6,793	7,952	9,832	12,282	13,948
EBITDA	16,432	18,518	22,339	24,818	30,418
Depreciation and Amortization	2,962	3,939	4,979	5,063	6,144
Operating Expense	16,781	20,001	23,814	27,465	31,418
Operating Income	12,760	13,966	16,496	19,360	23,716
EBIT	13,470	14,579	17,360	19,755	24,274
Interest Income	713	785	746	999	1,220
Interest Expense	84	83	101	104	124
Pre-Tax Income	13,386	14,496	17,259	19,651	24,150
Tax Provision	2,598	2,282	3,331	3,303	4,672
Net Income	10,737	12,920	14,444	16,348	19,478

Diluted Average Shares	664	677	687	693	699
Diluted EPS	16.17	19.08	21.02	22.84	27.85

Balance Sheet


Line Item USD Millions	2012-12-31	2013-12-31	2014-12-31	2015-12-31	2016-12-31
Total Assets	93,798	110,920	131,133	147,461	167,497
Current Assets	60,454	72,886	80,685	90,114	105,408
Cash And Cash Equivalents	14,778	18,898	18,347	16,549	12,918
Other Short Term Investments	33,310	39,819	46,048	56,517	73,415
Receivables	8,585	9,390	11,556	13,909	14,232
Inventory	505	426	0	0	268
PrepaidAssets	2,132	2,827	3,412	3,139	4,575
Deferred Income Taxes	1,144	1,526	1,322	0	0
Other Current Assets	0	0	0	0	0
Total Non Current Assets	33,344	38,034	50,448	57,347	62,089
Gross PPE	17,697	23,837	32,746	40,146	47,527
Accumulated Depreciation	-5,843	-7,313	-8,863	-11,130	-13,293
Net PPE	11,854	16,524	23,883	29,016	34,234
Goodwill	10,537	11,492	15,599	15,869	16,468
Intangibles	7,473	6,066	4,607	3,847	3,307
Other Non Current Assets	3,480	3,952	6,359	8,615	8,080

Total liabilities	22,083	23,611	26,633	27,130	28,461
Current Liabilities	14,337	15,908	16,805	19,310	16,756
Payables	3,925	3,851	4,589	4,661	2,595
Current debt	2,549	3,009	2,009	3,225	0
Current capital lease obligation	0	0	0	0	0
Other current liabilities	0	0	0	0	0
Non Current Liabilities	7,746	7,703	9,828	7,820	11,705
Long Term Debt	2,988	2,236	3,228	1,995	3,935
Long Term Capital Lease	0	0	0	0	0
Other Non Current Liabilities	0	0	0	0	0
Total Equity	71,715	87,309	104,500	120,331	139,036
Stockholders Equity	71,715	87,309	104,500	120,331	139,036
Preferred Stock	0	0	0	0	0
CapitalStock	22,835	25,922	28,767	32,982	36,307
Common Stock	22,835	25,922	28,767	32,982	0
Treasury Stock	0	0	0	0	0
Retained Earnings	48,342	61,262	75,706	89,223	105,131
Other Equity	0	0	0	0	0
Total Liabilities and Total Equity	93,798	110,920	131,133	147,461	167,497

Cash Flow


Line Item USD Millions	2012-12-31	2013-12-31	2014-12-31	2015-12-31	2016-12-31
Net Income	10,737	12,920	14,444	16,348	19,478
Depreciation and amortization	2,962	3,939	4,979	5,063	6,144
Amortization of debt discount/premium and issuance costs	0	0	0	0	0
Investment/asset impairment charges	0	0	0	0	0
Investments losses (gains)	0	0	-159	334	275
Deferred income taxes	-266	-437	-104	-179	-38
Stock based compensation	2,692	3,343	4,279	5,203	6,703
Accounts receivable	-787	-1,307	-1,641	-2,094	-2,578
Inventory	301	-234	0	0	0
Prepaid expenses	-833	-696	459	-318	312
Accounts payable	-499	605	436	203	110
Accrued liabilities	1,061	967	1,002	1,936	2,108
Income Tax Payable	1,492	0	0	0	0
Interest payable	0	0	0	0	0
Other working capital	1,655	634	108	-136	3,348
Other non-cash items	-1,896	-1,075	-1,427	-336	174

Net cash provided by operating activities	16,619	18,659	22,376	26,024	36,036

Investments in property, plant, and equipment	-3,273	-7,358	-10,959	-9,915	-10,212
Property, plant, and equipment reductions	0	0	0	0	240
Acquisitions, net	-10,568	1,077	-4,502	-236	-986
Purchases of investments	-34,061	-46,013	-57,537	-76,540	-85,618
Sales/Maturities of investments	35,180	38,314	51,315	62,905	67,389
Other investing activities	-334	301	628	75	-1,978

Net cash used for investing activities	-13,056	-13,679	-21,055	-23,711	-31,165

Debt issued	16,109	10,768	11,625	13,705	8,729
Debt repayment	-14,781	-11,325	-11,643	-13,728	-10,064
Common stock issued	0	0	0	0	0
Preferred stock issued	0	0	0	0	0
Cash dividends paid	0	0	0	0	0
Other financing activities	-99	-300	-1,421	-3,654	-6,997

Net cash provided by, used for activities	1,229	-857	-1,439	-3,677	-8,332

Effect of exchange rates	3	-3	-433	-434	-170
Net change in cash	4,795	4,120	-551	-1,798	-3,631
Cash at beginning of period	9,983	14,778	18,898	18,347	16,549
Cash at end of period	14,778	18,898	18,347	16,549	12,918
Operating cash flow	16,619	18,659	22,376	26,024	36,036
Capital expenditure	-3,273	-7,358	-10,959	-9,915	-10,212
Free cash flow	13,346	11,301	11,417	16,109	25,824

Ratio Data for GOOG:NAS

Profitability Ratios


Year	2012	2013	2014	2015	2016
Gross Margin (%)	58.88	56.78	61.07	62.44	61.08
Operation Margin (%)	25.43	23.34	24.99	25.82	26.27
Tax Rate (%)	19.41	15.74	19.3	16.81	19.35
Net Margin (%)	21.4	21.6	21.88	21.1	21.58
Sales per Employee	931565	1M	1M	1M	1M
EBIT Margin (%)	26.85	24.37	26.3	26.34	26.89
EBITDA Margin (%)	32.75	30.95	33.85	33.1	33.7
Net Profit Margin (%)	21.51	20.66	21.31	22.47	22.17
Interest Coverage	160.36	175.65	171.88	189.95	195.76

Efficiency Ratios


Year	2012	2013	2014	2015	2016
Days In Sales	48.42	51.15	50.5	50.96	51.94
Days In Inventory	8.93	6.57			2.78
Days In Payment	23	31.51	29.61	23.63	20.63
Cash Conversion Cycle	34.36	26.21			34.1
Receivable Turnover	7.54	7.14	7.23	7.16	7.03
Inventory Turnover	40.86	55.55			131.11
Payment Turnover	15.87	11.58	12.33	15.45	17.69
Fixed Assets Turnover	4.68	4.22	3.27	2.84	2.85
Assets Turnover	0.6	0.58	0.55	0.54	0.57
ROE (%)	16.54	16.25	15.06	14.08	15.02
ROA (%)	12.91	12.62	11.93	11.36	12.37
ROIC (%)	14.66	14.52	13.77	12.82	13.85
FCF Sales Ratio (%)	26.6	18.89	17.3	21.48	28.61
FCF Net Income Ratio (%)	124.3	87.47	79.04	98.54	132.58
Capital Expenditure Sales Ratio (%)	6.52	12.3	16.6	13.22	11.31

Financial Health


Year	2012	2013	2014	2015	2016
Current Ratio	4.22	4.58	4.8	4.67	6.29
Quick Ratio	3.95	4.28	4.52	4.5	6
Long Term Debt Total Capital Ratio (%)	4	2.5	3	1.63	2.75
Long Term Debt Equity Ratio	0.04	0.03	0.03	0.02	0.03
Financial Leverage	1.31	1.27	1.25	1.23	1.2
Total Debt To Equity Ratio	0.08	0.06	0.05	0.04	0.03

Valuation Ratios


Year	2014	2015	2016
Sustainable Growth Rate (%)	14.37	14.77	15.23
Payout Ratio (%)	0	0	0
Cash Return	0.04	0.03	0.05
Sales Per Share	99.17	103.88	122.94
Book Value Per Share	145.08	169.12	194.57
CFO Per Share	31.03	37.6	46.98
FCF Per Share	16.92	21.15	33.75
Earning Yield (%)	3.58	2.85	3.54
PE Ratio	27.9	35.13	28.24
Sales Yield (%)	18.89	13.69	15.93
PS Ratio	5.29	7.3	6.28
Book Value Yield (%)	27.64	22.28	25.21
PB Ratio	3.62	4.49	3.97
CF Yield (%)	5.91	4.95	6.09
PCF Ratio	16.92	20.18	16.43
FCF Yield (%)	3.22	2.79	4.37
FCF Ratio	31.03	35.89	22.87
Dividend Yield (%)
Forward Dividend Yield (%)
Forward Earning Yield (%)	5.63	4.44	5.28
Forward PE Ratio	17.76	22.52	18.94
PEG Ratio	1.42	2.11	1.15
PEG Payback	8.92	11.07	8.28
Dividend Rate
Working Capital Per Share	91.31	101.33	122.2
EV To EBITDA	14.51	18.91	15.91
Buy Back Yield (%)			1.03
Total Yield (%)			1.03

Valuation Details and Assumptions

Cost of Capital

We have calculated the WACC for GOOG:NAS to be 8.60 based on the following assumptions:

Component

Value

Cost Of

Common Equity

573574646466

8.67

Debt (Book Value)

3938000000

2.08

Preferred (Book Value)

0.00

Enterprise Value

577512646466

100

Weighted Average Cost of Capital

WACC

8.60

The Company’s Beta was calculated as 0.85 using a 60 month time frame and the Nasdaq index.

Analyst Coverage

We have 11 Analysts covering GOOG:NAS.

GOOG:NAS Alphabet

Current Price: 915.24 USD

Analyst Consensus
USD Millions	2017	2018	2019
Mean EPS	39.5440	45.9348	47.8503
# EPS Analysts	10	10	4
Mean Revenue	97,748.7	113,832.8	130,031.1
# Revenue Analysts	9	9	4
Mean Target Price	982.9091
Mean Cash Flow	52.4656	59.7878	56.7340
Mean EBITDA	38,384.6	44,572.3	44,781.8
Mean Net Income	26,417.1	30,796.6	34,000.8
Mean Debt Outstanding	-13,834.2	-24,131.7	174,581.0
Mean Tax Rate	19.7833	20.0000	20.5000
Mean Growth Rate	16.4300
Mean Capital Expenditure	12,079.8	13,455.2	15,972.9

Analyst Recommendation
Buy	Hold	Sell	Rating(out of 5)	Recommendation	As Of
10	2	1	4.3846	Outperform	2017-4-24

Based on the 11 Analysts we have covering GOOG:NAS we see a consensus price target for 2017 of $982.91 (USD).

Forecasted Financial Statements

The resulting projections of the 11 analysts are shown here:

Income Statement Projections for
GOOG:NAS Alphabet

millions10183

Line Item USD Millions	2012	2013	2014	2015	2016	Weighted Average	2017	2018	2019
Total Revenue	50,175	59,825	66,001	74,989	90,272	100.00	97,749	113,833	130,031
Cost Of Revenue	20,634	25,858	25,691	28,164	35,138	39.12	31,200	36,401	44,804
Gross Profit	29,541	33,967	40,310	46,825	55,134	60.88	66,549	77,432	85,227
Selling General And Administration	9,988	12,049	13,982	15,183	17,470	20.03	15,973	18,635	22,937
Research And Development	6,793	7,952	9,832	12,282	13,948	15.28	12,192	14,224	17,508
EBITDA	16,432	18,518	22,339	24,818	30,418	33.23	38,385	44,572	44,782
Depreciation and Amortization	2,962	3,939	4,979	5,063	6,144	6.86	6,955	8,006	6,265
Operating Expense	16,781	20,001	23,814	27,465	31,418	35.31	34,516	40,195	45,915
Operating Income	12,760	13,966	16,496	19,360	23,716	25.57	32,033	37,237	39,312
EBIT	13,470	14,579	17,360	19,755	24,274	26.37	31,430	36,567	38,516
Interest Income	713	785	746	999	1,220	1.31	1,277	1,487	1,698
Interest Expense	84	83	101	104	124	0.14	144	166	130
Pre-Tax Income	13,386	14,496	17,259	19,651	24,150	26.23	31,286	36,401	38,387
Tax Provision	2,598	2,282	3,331	3,303	4,672	4.80	4,869	5,604	4,386
Net Income	10,737	12,920	14,444	16,348	19,478	21.69	26,417	30,797	34,001
Diluted Average Shares	664	677	687	693	699		668	670	711

Diluted EPS	16.17	19.08	21.02	22.84	27.85		39.54	45.93	47.85
# Of Analysts							10	10	4

As a measure of Cash flow for the company we start with the EBITDA above and adjust as you see in the Discounted Cash Flow Analysis

Discounted Cash Flow

Using a Discounted Cash flow model we generate a Value per share for GOOG:NAS of $718.68 (USD)

Year	2017	2018	2019	Terminal Growth Rate(%)3
EBITDA (Cash Flow)	38384600000	44572300000	44781800000	46125254000
Normalizations & Adjustments	0	0	0	0
Normalized EBITDA	38384600000	44572300000	44781800000	46125254000
Tax Rate(%)19.3458	7425807946.80	8622868013.40	8663397464.40	8923299388.33
+/- Tax Loss Carry Forward	0	0	0	0
Net Operating After Tax Cash Flow	30,958,792,053	35,949,431,987	36,118,402,536	37,201,954,612
Capital Investment Required (Estimate)	-8295400000	-8295400000	-8295400000	-8295400000
Tax Shields on Capital Investment	1122111670	1122111670	1122111670	1122111670
Incremental Working Capital Requirements	824400000	824400000	824400000	824400000
Discretionary Cash Flow	24,609,903,723	29,600,543,657	29,769,514,206	30,853,066,282
Terminal Multiple ( 100 / (WACC – Growth Rate ))				17.85
Capitalized Terminal Value				550,611,478,887
Year: (For Discounted Calculations)	1	2	3	3+
WACC:	8.60	8.60	8.60	8.60
Discounted Annual Cash Flows	22,660,339,821	25,096,473,227	23,240,274,788	429,847,863,227
Present Value of Discretionary Cash Flow				70,997,087,836
Discounted Terminal Value				429,847,863,227
Total Discounted Cash Flow				500,844,951,063
Present Value of Tax Shields				0
Redundant Assets				0
Enterprise Value				500,844,951,063
Less Interest Bearing Debt				3938000000
En Block Fair MarketValue(FMV) Equity				496,906,951,063
Book Value of Preferred Equity				0
Value of Common Equity				496,906,951,063
Number of Fully Diluted Shares Outstanding				691420327
Calculated Value Per Share ($/share)				$718.68 (USD)

Discounted Cash Flow Sensitivity Analysis for GOOG:NAS

DCF Valuation Analysis for Alphabet

GOOG:NAS	Current Values	Valuation If Dropped *		Valuation If Raised *
Calculated Value:	$718.68	1%	5%	1%	5%
WACC (or Ke)	8.60	$878.13		$607.58

Terminal Growth Rate	3.00	$618.35		$862.58

Tax Rate	0.19		$766.05		$671.30

Cash Flow	46125254000		$674.89		$762.46

Capital Expenditures	-8295400000		$711.45		$725.90

Long Term Debt	3938000000		$718.96		$718.39

* Changes are absolute: ex WACC from 8% to 7%

Comparable Companies

(Using Price Based Ratios)

We ran GOOG:NAS against comparable companies in its space and generated a valution of $1,383.60 (USD). The comparable companies included Facebook (FB:NAS)

Company GOOG:NAS	End Date Value
Earnings/Share	$27.85 (USD)
Book Value/Share	$201.09 (USD)
Sales/Share	$129.20 (USD)
Cash Flow/Share	$51.58 (USD)
EBITDA/Share	$43.49 (USD)

Price Based on Comps	Adjustment Factor (%)
$1,133.55 (USD)	0.0
$1,399.01 (USD)	0.0
$1,942.31 (USD)	0.0
$1,330.35 (USD)	0.0
$1,112.76 (USD)	0.0

GOOG:NAS	Ratios Used	Average Values	FB:NAS
29.79	PE Ratio	40.70	40.70
4.13	PB Ratio	6.96	6.96
6.42	PS Ratio	15.03	15.03
16.08	PCF Ratio	25.79	25.79
16.15	EV to EBITDA	25.71	25.71

Comparables chart

Other Ratios

Company GOOG:NAS	End Date Value
Cash/Share	$18.49 (USD)
Book Value/Share	$201.09 (USD)
MarketCap	573574646466
1 Year Return	0.114
NetPPE	34234000000

Price Based on Comps	Adjustment Factor (%)
$858.33 (USD)	0
$1,599.37 (USD)	0
$509.22 (USD)	0
$923.74 (USD)	0
$566.05 (USD)	0

Ratios Used	Average Values	FB:NAS
Cash / Share	3.06	3.06
Book Value / Share	17.86	17.86
Market Cap	355793680522.00	355793680522
1 Year Return	0.24	0.24
Net PPE	8591000000.00	8591000000.00

Multiples Approach

(We use the term multiples to describe valuing the company against its previous ratio values)
Using a multiples model we see GOOG:NAS is and generate a valuation of $813.91 (USD)

Ratios	Ratio Average
PE Ratio	29.81
PB Ratio	3.99
PS Ratio	6.37
PCF Ratio	17.60
EV to EBITDA	16.22

Price Based on Comparables	Adjustment Factor
$830.14 (USD)	0
$802.89 (USD)	0
$822.77 (USD)	0
$907.49 (USD)	0
$706.26 (USD)	0

Company GOOG:NAS	End Date Value
Earnings/Share	$27.85 (USD)
Book Value/Share	$201.09 (USD)
Sales/Share	$129.20 (USD)
Cash Flow/Share	$51.58 (USD)
EBITDA/Share	$43.53 (USD)

Adjusted Book Value versus Historical Price to Book

The average the Price to Book ratio for GOOG:NAS for the last 3 years was 4.00

We ran the Adjusted Book Value for GOOG:NAS as follows and see a value of $201.12 (USD)

By multiplying these we get an adjusted valuation of $804.61 (USD)

Line Item	Most Recent Book Value	Estimated FMV	Realizable %
Total Assets	167497000000	167497000000	0
Current Assets	105408000000	105408000000	0
Cash and Cash Equilivents	12918000000	12918000000	100.00
Other Short Term Investments	73415000000	73415000000	100.00
Receivables	14232000000	14232000000	100.00
Inventory	268000000	268000000	100.00
Prepaid Assets	4575000000	4575000000	100.00
Deferred Income Taxes	0	0	0.00
Other Current Assets	0	0	0.00
Non-Current Assets	62089000000	62089000000	0
Gross PPE	47527000000	47527000000	0
Accumulated Depreciation	-13293000000	-13293000000	0
Net PPE	34234000000	34234000000	100.00
Goodwill	16468000000	16468000000	100.00
Other Intangible Assets	3307000000	3307000000	100.00
Other Non-Current Assets	8080000000	8080000000	100.00
Total Liabilities	28461000000	28461000000	0
Current Liabilities	16756000000	16756000000	0
Payables	2595000000	2595000000	100.00
Current Debt	0	0	0.00
Current Capital Lease Obligation	0	0	0.00
Other Current Liabilities	14161000000	14161000000	100.00
Non-Current Liabilities	11705000000	11705000000	0
Long Term Debt	3935000000	3935000000	100.00
Long Term Capital Lease Obligation	0	0	0.00
Other Non-Current Liabilities	7770000000	7770000000	100.00
Total Equity	139036000000	139036000000	0
Stockholder’s Equity	139036000000	139036000000	0
Preferred Stock	0	0	0.00
Common Stock	139036000000	139036000000	0
Treasury Stock	0	0	0.00
Retained Earnings	105131000000	105131000000	100.00
Other Equity	-105131000000	-105131000000	100.00
Total Liabilities and Equity	167497000000	167497000000	0

ANBV Equity Common Shareholders	139036000000
Number Shares Outstanding	691293000
Adjusted NetBook Value per Share USD $	$201.12

Sector and Industry Analysis

GOOG:NAS	2016	2015	2014
P:E	28.24	35.13	27.90
P:B	3.97	4.49	3.62
P:S	6.28	7.31	5.29
P:CF	16.43	20.18	16.92
EV:EBITDA	15.91	18.91	14.51

Technology:Internet Content & Information	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006
P:E	–	50.46	46.32	95.35	47.32	72.48	33.13	119.40	42.35	56.10	47.89
P:B	–	4.36	4.54	6.80	3.39	3.83	4.74	4.01	5.90	6.45	5.54
P:S	–	4.30	5.88	7.40	3.30	3.63	3.85	4.37	4.01	7.58	8.83
P:CF	–	28.20	28.27	30.49	16.38	16.83	16.60	20.21	12.19	25.45	83.87
EV:EBITDA	–	24.54	21.82	14.86	15.24	9.42	11.89	18.12	10.57	26.62	29.50

Summary

If you would like to explore this company further you can start with a quick DCF analysis at https://www.stockcalc.com?ss=00CB9BFAC9964E639F156E6F03EA4EAD

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Valuation

GGD:TSE GoGold Resources Valuation Report

March 9, 2017 stockcalc

GoGold Resources (GGD:TSE) Fundamental Valuation Report

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Valuation Summary:

GoGold Resources$0.84 (CAD) Close Price as of01/03/2017

Based on the analysis conducted in this report, GoGold Resources, (GGD:TSE) is found to be (refer below to each of the models for detailed calculations and assumptions). Use a conversion rate of 1.3505 from USD to CAD.

Discounted Cash Flow

Using a discounted cash flow model we generated an intrinsic value of $1.78 (USD) for GGD:TSE
Details of the DCF model are shown below
Comparables Model

Using similar companies and price based ratios we generated a valuation of $1.98 (CAD) for GGD:TSE. We also generated a valuation of $1.02 (CAD) using other metrics and comparables.

The comparable companies were Erdene Resource Dev (ERD:TSE), Excellon Resources (EXN:TSE), Nautilus Minerals (NUS:TSE), Select Sands (SNS:TSX) and Western Copper & Gold (WRN:TSE)

Details of the Comparables Model are shown below
Multiples

Using a multiples approach we generated a valuation of $1.11 (CAD) for GGD:TSE

Details of the Multiples Model are shown below
Adjusted Book Value versus Historical Price to Book

Using an Adjusted Book Value versus Historical Price to Book we generated a value of $0.83 (USD) for GGD:TSE

Details of the Adjusted Book Value Model are shown below
Analyst Data

In the Stockcalc database there are 1 analysts that provide a valuation for GGD:TSE.
The 1 analysts have a concensus valuation for GGD:TSE for 2017 of $1.10 (USD).

Details of the Analyst Data are shown below
Summary

If you would like to explore this company further you can start with a quick DCF analysis at https://www.stockcalc.com?ss=B63CF04C210D469A8898D1CA689352F0

Company Overview (GGD:TSE CAD)

Bid:Ask	0.67:0.69
Price	0.67
Change %Change	+0.00 – +0.00%
Day Range	0.65 – 0.68
52 Week Range	0.41 – 1.65
Open Price	0.66
Day Volume	204986
Average Volume	519538
P/E Ratio
Diluted EPS	-0.11
Shares Outstanding	171376481
Market Cap	114,822,242

Summary chart

Detailed Company Description

GoGold Resources Inc is engaged in the discovery, exploration and development of gold, silver and copper deposits in Mexico. The Company’s projects include San Diego, Santa Gertrudis and Parral.

Financial Data for GGD:TSE

The following presents the last up to 5 years of the companies Income Statement, Balance Sheet and Cash Flow data.

Income Statement


Line Item USD Thousands	2014-9-30	2014-9-30	2014-9-30	2015-9-30	2016-9-30
Total Revenue	0	0	0	12,521	16,701
Cost Of Revenue	0	0	0	7,039	11,047
Gross Profit	0	0	0	5,482	5,654
Selling General And Administration	3,142	3,142	3,142	3,592	4,711
Research And Development	0	0	0	0	0
EBITDA	-3,088	-3,088	-3,088	-1,441	-15,611
Depreciation and Amortization	48	54	54	0	0
Operating Expense	3,142	3,142	3,142	3,592	4,711
Operating Income	-3,142	-3,142	-3,142	1,890	943
EBIT	-3,142	-3,142	-3,142	-3,805	-19,369
Interest Income	0	0	0	0	0
Interest Expense	0	0	0	1,879	1,886
Pre-Tax Income	-4,907	-4,907	-4,907	-5,684	-21,255
Tax Provision	2,300	2,300	2,300	398	-718
Net Income	-7,207	-7,207	-7,207	-6,082	-20,537

Diluted Average Shares	138,890	138,890	138,890	159,591	165,086
Diluted EPS	-0.04	-0.04	-0.04	-0.04	-0.13

Balance Sheet


Line Item USD Thousands	2013-9-30	2014-9-30	2014-9-30	2015-9-30	2016-9-30
Total Assets	112,449	135,225	150,935	140,596	140,651
Current Assets	31,552	12,709	14,186	16,796	29,662
Cash And Cash Equivalents	31,114	3,423	3,821	2,721	2,091
Other Short Term Investments	0	0	0	0	0
Receivables	341	6,314	7,048	1,736	3,154
Inventory	0	1,514	1,690	11,090	24,191
PrepaidAssets	96	1,458	1,628	1,249	226
Deferred Income Taxes	0	0	0	0	0
Other Current Assets	0	0	0	0	0
Total Non Current Assets	80,897	122,515	136,749	123,800	110,989
Gross PPE	80,974	122,636	136,884	122,677	114,434
Accumulated Depreciation	-78	-121	-135	-5,112	-13,139
Net PPE	80,897	122,515	136,749	117,565	101,295
Goodwill	0	0	0	0	0
Intangibles	0	0	0	0	0
Other Non Current Assets	0	0	0	0	0

Total liabilities	15,705	37,401	41,746	36,740	52,553
Current Liabilities	2,879	16,686	18,624	5,803	48,703
Payables	1,629	2,995	3,343	5,629	13,563
Current debt	1,250	13,091	14,612	0	35,077
Current capital lease obligation	0	0	0	0	0
Other current liabilities	0	0	0	0	0
Non Current Liabilities	12,826	20,715	23,122	30,937	3,850
Long Term Debt	12,422	17,253	19,258	27,357	0
Long Term Capital Lease	0	0	0	0	0
Other Non Current Liabilities	0	0	0	0	0
Total Equity	96,744	97,824	109,189	103,856	88,098
Stockholders Equity	96,744	97,824	109,189	103,856	88,098
Preferred Stock	0	0	0	0	0
CapitalStock	0	0	0	0	0
Common Stock	0	0	0	0	0
Treasury Stock	0	0	0	0	0
Retained Earnings	-7,733	-13,747	-15,344	-20,726	-41,263
Other Equity	0	0	0	0	0
Total Liabilities and Total Equity	112,449	135,225	150,935	140,596	140,651

Cash Flow


Line Item USD Thousands	2013-9-30	2014-9-30	2014-9-30	2015-9-30	2016-9-30
Net Income	-3,643	-6,457	-7,207	-6,082	-20,537
Depreciation and amortization	31	48	54	0	0
Amortization of debt discount/premium and issuance costs	0	0	0	0	0
Investment/asset impairment charges	715	0	0	0	20,030
Investments losses (gains)	0	0	0	0	0
Deferred income taxes	15	1,926	2,150	491	-755
Stock based compensation	641	277	309	205	362
Accounts receivable	0	0	0	0	728
Inventory	0	0	0	0	-11,715
Prepaid expenses	0	0	0	0	-43
Accounts payable	0	0	0	0	0
Accrued liabilities	0	0	0	0	0
Income Tax Payable	0	0	0	0	37
Interest payable	0	0	0	0	0
Other working capital	0	0	0	0	0
Other non-cash items	959	-6,473	-7,225	1,361	8,895

Net cash provided by operating activities	-1,282	-10,678	-11,919	-4,025	-2,998

Investments in property, plant, and equipment	-10,930	-32,956	-36,785	-9,606	-13,365
Property, plant, and equipment reductions	0	0	0	0	0
Acquisitions, net	0	-4,776	-5,331	0	0
Purchases of investments	0	0	0	0	0
Sales/Maturities of investments	0	0	0	0	0
Other investing activities	0	0	0	0	0

Net cash used for investing activities	-10,930	-37,732	-42,116	-9,606	-13,365

Debt issued	0	14,803	16,523	27,315	13,500
Debt repayment	0	0	0	-31,323	-6,000
Common stock issued	4,537	0	0	16,194	7,454
Preferred stock issued	0	0	0	0	0
Cash dividends paid	0	0	0	0	0
Other financing activities	14,060	8,311	9,276	1,173	844

Net cash provided by, used for activities	18,598	23,114	25,799	13,359	15,798

Effect of exchange rates	0	844	942	-419	-65
Net change in cash	6,386	-25,297	-28,236	-272	-630
Cash at beginning of period	24,728	27,876	31,114	3,412	2,721
Cash at end of period	31,114	3,423	3,821	2,721	2,091
Operating cash flow	-1,282	-10,678	-11,919	-4,025	-2,998
Capital expenditure	-10,930	-32,956	-36,785	-9,606	-13,365
Free cash flow	-12,212	-43,634	-48,704	-13,631	-16,363

Ratio Data for GGD:TSE

Profitability Ratios


Year	2012	2013	2014	2015	2016
Gross Margin (%)				43.78	33.85
Operation Margin (%)				15.09	5.65
Tax Rate (%)
Net Margin (%)				-48.57	-122.97
Sales per Employee				131800	146500
EBIT Margin (%)				-30.39	-115.98
EBITDA Margin (%)				-11.51	-93.47
Net Profit Margin (%)				-48.57	-122.97
Interest Coverage				-2.03	-10.27

Efficiency Ratios


Year	2012	2013	2014	2015	2016
Days In Sales				35.53	17.06
Days In Inventory				326.78	582.85
Days In Payment				219.05	315.11
Cash Conversion Cycle				143.26	284.8
Receivable Turnover				10.27	21.4
Inventory Turnover				1.12	0.63
Payment Turnover				1.67	1.16
Fixed Assets Turnover				0.1	0.15
Assets Turnover				0.09	0.12
ROE (%)	-4.29	-3.7	-6.74	-6.03	-21.4
ROA (%)	-4.1	-3.41	-5.29	-4.41	-14.6
ROIC (%)	-4.29	-3.46	-5.49	-3.52	-12.93
FCF Sales Ratio (%)
FCF Net Income Ratio (%)
Capital Expenditure Sales Ratio (%)				76.72	80.03

Financial Health


Year	2012	2013	2014	2015	2016
Current Ratio	29.6	10.96	0.76	2.89	0.61
Quick Ratio	29.56	10.93	0.58	0.77	0.11
Long Term Debt Total Capital Ratio (%)		11.38	14.99	20.85
Long Term Debt Equity Ratio		0.13	0.18	0.26
Financial Leverage	1.01	1.16	1.38	1.35	1.6
Total Debt To Equity Ratio		0.14	0.31	0.26	0.4

Valuation Ratios


Year	2012	2013	2014	2015	2016
Sustainable Growth Rate (%)	-7.67	-6.58	-4.99	-5.57	-22.56
Payout Ratio (%)	0	0	0	0	0
Cash Return	-0.03	-0.11	-0.16	-0.11	-0.09
Sales Per Share	0	0	0	0.06	0.15
Book Value Per Share	0.16	0.69	0.79	0.89	0.68
CFO Per Share	-0.03	-0.02	-0.02	-0.12	-0.01
FCF Per Share	-0.1	-0.11	-0.33	-0.16	-0.12
Earning Yield (%)	-1.84	-1.98	-1.82	-2.77	-19.58
PE Ratio
Sales Yield (%)	0	0	0	5.16	16.38
PS Ratio				19.37	6.1
Book Value Yield (%)	10.35	65.91	44.68	71.51	72.64
PB Ratio	9.66	1.52	2.24	1.4	1.38
CF Yield (%)	-1.99	-1.83	-1.2	-9.52	-1.26
PCF Ratio
FCF Yield (%)	-6.89	-10.77	-18.62	-12.99	-13.07
FCF Ratio
Dividend Yield (%)
Forward Dividend Yield (%)
Forward Earning Yield (%)				9.55	6.97
Forward PE Ratio				10.47	14.35
PEG Ratio
PEG Payback
Dividend Rate
Working Capital Per Share	0.01	0.11	0.01	-0.06	0.15
EV To EBITDA	-119.15	-32.13	-119.77
Buy Back Yield (%)			0
Total Yield (%)			0

Valuation Details and Assumptions

Cost of Capital

We have calculated the WACC for GGD:TSE to be 8.789 based on the following assumptions:

Component

Value

Cost Of

Common Equity

121677301

9.688

Debt (Book Value)

35077000

5.6

Preferred (Book Value)

Enterprise Value

156754301

100

Weighted Average Cost of Capital

WACC

8.789

The Company’s Beta was calculated as 0.649 using a 60 month time frame and the S&P/TSX index.

Analyst Coverage

We have 1 Analysts covering GGD:TSE.

GGD:TSE GoGold Resources

Current Price: 0.67 CAD

Analyst Consensus
USD Millions	2017	2018	2019
Mean EPS	0.0393	0.1049	0.1704
# EPS Analysts	1	1	1
Mean Revenue	57.7	103.6	162.6
# Revenue Analysts	1	1	1
Mean Target Price	1.1000
Mean Cash Flow	0.0918	0.2753	0.3540
Mean EBITDA
Mean Net Income
Mean Debt Outstanding
Mean Tax Rate
Mean Growth Rate
Mean Capital Expenditure

Analyst Recommendation
Buy	Hold	Sell	Rating(out of 5)	Recommendation	As Of
2	0	0	5.0000	Buy	2017-2-28

Based on the 1 Analysts we have covering GGD:TSE we see a consensus price target for 2017 of $1.10 (USD).

Forecasted Financial Statements

The resulting projections of the 1 analysts are shown here:

Income Statement Projections for
GGD:TSE GoGold Resources

dollars10183

Line Item USD	2014	2014	2014	2015	2016	Weighted Average	2017	2018	2019
Total Revenue	0	0	0	12,521,000	16,701,000	100.00	57,700,000	103,600,000	162,600,000
Cost Of Revenue	0	0	0	7,039,000	11,047,000	62.42	23,659,233	42,480,010	66,672,293
Gross Profit	0	0	0	5,482,000	5,654,000	37.58	34,040,767	61,119,990	95,927,707
Selling General And Administration	3,141,612	3,141,612	3,141,612	3,592,000	4,711,000	42.50	16,107,228	28,920,431	45,390,561
Research And Development	0	0	0	0	0	0.00	0	0	0
EBITDA	-3,087,986	-3,087,986	-3,087,986	-1,441,000	-15,611,000	-76.61	17,933,538	32,199,559	50,537,146
Depreciation and Amortization	48,044	53,626	53,626	0	0	0.24	124,507	161,888	243,740
Operating Expense	3,141,612	3,141,612	3,141,612	3,592,000	4,711,000	42.50	9,947,880	44,027,943	69,101,771
Operating Income	-3,141,612	-3,141,612	-3,141,612	1,890,000	943,000	-4.92	24,092,886	17,092,048	26,825,936
EBIT	-3,141,612	-3,141,612	-3,141,612	-3,805,000	-19,369,000	-98.00	17,809,031	32,037,671	50,293,406
Interest Income	0	0	0	0	0	0.00	0	0	0
Interest Expense	0	0	0	1,879,000	1,886,000	12.69	6,673,212	8,676,732	13,063,741
Pre-Tax Income	-4,906,733	-4,906,733	-4,906,733	-5,684,000	-21,255,000	-118.61	11,135,819	23,360,939	37,229,665
Tax Provision	2,300,164	2,300,164	2,300,164	398,000	-718,000	8.84	4,647,930	6,043,392	9,098,969
Net Income	-7,206,897	-7,206,897	-7,206,897	-6,082,000	-20,537,000	-127.45	6,487,889	17,317,547	28,130,696
Diluted Average Shares	138,890,460	138,890,460	138,890,460	159,591,424	165,086,243		165,086,243	165,086,243	165,086,243

Diluted EPS	-0.04	-0.04	-0.04	-0.04	-0.13		0.04	0.10	0.17
# Of Analysts							1	1	1

As a measure of Cash flow for the company we start with the EBITDA above and adjust as you see in the Discounted Cash Flow Analysis

Discounted Cash Flow

Using a Discounted Cash flow model we generate a Value per share for GGD:TSE of $1.78 (USD)

Year	2017	2018	2019	Terminal Growth Rate(%)3
EBITDA (Cash Flow)	17933538	32199559	50537146	52053260
Normalizations & Adjustments	0	0	0	0
Normalized EBITDA	17933538	32199559	50537146	52053260
Tax Rate(%)3.3780	605794.92	1087701.11	1707144.79	1758359.13
+/- Tax Loss Carry Forward	0	0	0	0
Net Operating After Tax Cash Flow	17,327,743	31,111,858	48,830,001	50,294,901
Capital Investment Required (Estimate)	-20728363	-20728363	-20728363	-20728363
Tax Shields on Capital Investment	486439	486439	486439	486439
Incremental Working Capital Requirements	-6023842	-6023842	-6023842	-6023842
Discretionary Cash Flow	-8,938,023	4,846,091	22,564,235	24,029,135
Terminal Multiple ( 100 / (WACC – Growth Rate ))				17.27
Capitalized Terminal Value				415,082,650
Year: (For Discounted Calculations)	1	2	3	3+
WACC:	8.79	8.79	8.79	8.79
Discounted Annual Cash Flows	-8,215,926	4,094,696	17,525,308	322,388,563
Present Value of Discretionary Cash Flow				13,404,078
Discounted Terminal Value				322,388,563
Total Discounted Cash Flow				335,792,641
Present Value of Tax Shields				0
Redundant Assets				0
Enterprise Value				335,792,641
Less Interest Bearing Debt				31507000
En Block Fair MarketValue(FMV) Equity				304,285,641
Book Value of Preferred Equity				0
Value of Common Equity				304,285,641
Number of Fully Diluted Shares Outstanding				171376481
Calculated Value Per Share ($/share)				$2.40 (CAD)

Comparable Companies

(Using Price Based Ratios)

We ran GGD:TSE against comparable companies in its space and generated a valution of $1.98 (CAD). The comparable companies included Erdene Resource Dev (ERD:TSE), Excellon Resources (EXN:TSE), Nautilus Minerals (NUS:TSE), Select Sands (SNS:TSX) and Western Copper & Gold (WRN:TSE)

Company GGD:TSE	End Date Value
Earnings/Share	($0.16) (CAD)
Book Value/Share	$0.68 (CAD)
Sales/Share	$0.16 (CAD)
Cash Flow/Share	($0.03) (CAD)
EBITDA/Share	($0.12) (CAD)

Price Based on Comps	Adjustment Factor (%)
$0.00 (CAD)	0
$3.12 (CAD)	0
$0.83 (CAD)	0
$0.00 (CAD)	0
($0.28) (CAD)	0

GGD:TSE	Ratios Used	Average Values	ERD:TSE	EXN:TSE	NUS:TSE	SNS:TSX	WRN:TSE
0.00	PE Ratio	0.00	0.00	0.00	0.00	0.00	0.00
1.26	PB Ratio	9.81	30.72	3.80	0.38	10.08	4.06
5.38	PS Ratio	5.21	0.00	5.21	0.00	0.00	0.00
0.00	PCF Ratio	0.00	0.00	0.00	0.00	0.00	0.00
0.00	EV to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00

Comparables chart

Other Ratios

Company GGD:TSE	End Date Value
Cash/Share	$0.02 (CAD)
Book Value/Share	$0.68 (CAD)
MarketCap	147383773
1 Year Return	-0.157
NetPPE	136798897.5

Price Based on Comps	Adjustment Factor (%)
$0.00 (CAD)	0
$0.00 (CAD)	0
$0.00 (CAD)	0
$1.02 (CAD)	0
$0.00 (CAD)	0

Ratios Used	Average Values
Cash / Share	0.00
Book Value / Share	0.00
Market Cap	0.00
1 Year Return	0.00
Net PPE	0.00

Multiples Approach

(We use the term multiples to describe valuing the company against its previous ratio values)
Using a multiples model we see GGD:TSE is and generate a valuation of $1.11 (CAD)

Ratios	Ratio Average
PE Ratio	0.00
PB Ratio	1.62
PS Ratio	0.00
PCF Ratio	0.00
EV to EBITDA	0.00

Price Based on Comparables	Adjustment Factor
$0.00 (CAD)	0
$1.11 (CAD)	0
$0.00 (CAD)	0
$0.00 (CAD)	0
$0.00 (CAD)	0

Company GGD:TSE	End Date Value
Earnings/Share	($0.16) (CAD)
Book Value/Share	$0.68 (CAD)
Sales/Share	$0.16 (CAD)
Cash Flow/Share	($0.03) (CAD)
EBITDA/Share	($0.12) (CAD)

Adjusted Book Value versus Historical Price to Book

The average the Price to Book ratio for GGD:TSE for the last 6 years was 1.61

We ran the Adjusted Book Value for GGD:TSE as follows and see a value of $0.51 (USD)

By multiplying these we get an adjusted valuation of $0.83 (USD)

Line Item	Most Recent Book Value	Estimated FMV	Realizable %
Total Assets	140651000	140651000	0
Current Assets	29662000	29662000	0
Cash and Cash Equilivents	2091000	2091000	100.00
Other Short Term Investments	0	0	0.00
Receivables	3154000	3154000	100.00
Inventory	24191000	24191000	100.00
Prepaid Assets	226000	226000	100.00
Deferred Income Taxes	0	0	0.00
Other Current Assets	0	0	0.00
Non-Current Assets	110989000	110989000	0
Gross PPE	114434000	114434000	0
Accumulated Depreciation	-13139000	-13139000	0
Net PPE	101295000	101295000	100.00
Goodwill	0	0	0.00
Other Intangible Assets	0	0	0.00
Other Non-Current Assets	9694000	9694000	100.00
Total Liabilities	52553000	52553000	0
Current Liabilities	48703000	48703000	0
Payables	13563000	13563000	100.00
Current Debt	35077000	35077000	100.00
Current Capital Lease Obligation	0	0	0.00
Other Current Liabilities	63000	63000	100.00
Non-Current Liabilities	3850000	3850000	0
Long Term Debt	0	0	0.00
Long Term Capital Lease Obligation	0	0	0.00
Other Non-Current Liabilities	3850000	3850000	100.00
Total Equity	88098000	88098000	0
Stockholder’s Equity	88098000	88098000	0
Preferred Stock	0	0	0.00
Common Stock	88098000	88098000	0
Treasury Stock	0	0	0.00
Retained Earnings	-41263000	-41263000	100.00
Other Equity	41263000	41263000	100.00
Total Liabilities and Equity	140651000	140651000	0

ANBV Equity Common Shareholders	88098000
Number Shares Outstanding	171376481
Adjusted NetBook Value per Share USD $	$0.51
Adjusted NetBook Value per Share CAD $	$0.69

Sector and Industry Analysis

GGD:TSE	2016	2015	2014	2013	2012	2011	2010
P:E	–	–	–	–	–	–	–
P:B	–	1.31	2.07	1.40	1.84	4.81	2.10
P:S	–	10.65	–	–	–	–	–
P:CF	–	–	–	–	–	–	–
EV:EBITDA	–	–	-82.77	-37.84	-54.30	-88.67	-14.81

Basic Materials:Industrial Metals & Minerals	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007
P:E	–	26.10	22.94	16.37	29.64	35.48	36.64	21.76	10.50	65.14
P:B	–	1.55	1.55	1.93	3.16	3.48	3.05	2.35	4.05	3.50
P:S	–	8.20	2.33	10.00	16.02	46.76	11.80	14.84	32.08	40.23
P:CF	–	18.94	8.39	57.79	14.40	32.92	27.49	18.15	10.77	25.33
EV:EBITDA	–	9.31	25.95	0.38	11.80	17.35	9.09	11.56	-2.09	8.91

Summary

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Uncategorised, Valuation

Facebook (FB:NAS) Valuation

March 7, 2017 stockcalc

Facebook (FB:NAS) Fundamental Valuation Report

Start a free 30 day trial using the promo code Stockcalc30 at www.stockcalc.com/registration.aspx.

Valuation Summary:

Facebook$137.42 (USD) Close Price as of01/03/2017

Based on the analysis conducted in this report, Facebook, (FB:NAS) is found to be (refer below to each of the models for detailed calculations and assumptions).

Discounted Cash Flow

Using a discounted cash flow model we generated an intrinsic value of $172.48 (USD) for FB:NAS
Details of the DCF model are shown below
Comparables Model

Using similar companies and price based ratios we generated a valuation of $83.29 (USD) for FB:NAS. We also generated a valuation of $147.74 (USD) using other metrics and comparables.

The comparable companies were Alphabet (GOOG:NAS)

Details of the Comparables Model are shown below
Multiples

Using a multiples approach we generated a valuation of $187.23 (USD) for FB:NAS

Details of the Multiples Model are shown below
Adjusted Book Value versus Historical Price to Book

Using an Adjusted Book Value versus Historical Price to Book we generated a value of $139.55 (USD) for FB:NAS

Details of the Adjusted Book Value Model are shown below
Analyst Data

In the Stockcalc database there are 11 analysts that provide a valuation for FB:NAS.
The 11 analysts have a concensus valuation for FB:NAS for 2017 of $153.45 (USD).

Details of the Analyst Data are shown below
Summary

If you would like to explore this company further you can start with a quick DCF analysis at https://www.stockcalc.com?ss=00FA3DAB533B48018848579C6AF1A59F

Company Overview (FB:NAS USD)

Bid:Ask	137.09:137.10
Price	137.10
Change %Change	-0.07 – -0.05%
Day Range	136.51 – 137.14
52 Week Range	104.40 – 137.82
Open Price	136.80
Day Volume	3568030
Average Volume	18749200
P/E Ratio	39.25
Diluted EPS	3.49
Shares Outstanding	2889981334
Market Cap	396,216,440,891

Summary chart

Detailed Company Description

Facebook Inc operates a social networking website. The Company’s products are Facebook, Instagram, Messenger, WhatsApp, and Oculus. Its products enable people to connect and share through mobile devices and personal computers.

Financial Data for FB:NAS

The following presents the last up to 5 years of the companies Income Statement, Balance Sheet and Cash Flow data.

Income Statement


Line Item USD Millions	2012-12-31	2013-12-31	2014-12-31	2015-12-31	2016-12-31
Total Revenue	5,089	7,872	12,466	17,928	27,638
Cost Of Revenue	1,364	1,875	2,153	2,867	3,789
Gross Profit	3,725	5,997	10,313	15,061	23,849
Selling General And Administration	1,788	1,778	2,653	4,020	5,503
Research And Development	1,399	1,415	2,666	4,816	5,919
EBITDA	1,194	3,821	6,176	8,162	14,870
Depreciation and Amortization	649	1,011	1,243	1,945	2,342
Operating Expense	3,187	3,193	5,319	8,836	11,422
Operating Income	538	2,804	4,994	6,225	12,427
EBIT	545	2,810	4,933	6,217	12,528
Interest Income	14	19	27	52	176
Interest Expense	51	56	23	23	10
Pre-Tax Income	494	2,754	4,910	6,194	12,518
Tax Provision	441	1,254	1,970	2,506	2,301
Net Income	53	1,500	2,940	3,688	10,217

Diluted Average Shares	2,166	2,517	2,664	2,853	2,925
Diluted EPS	0.01	0.60	1.10	1.29	3.49

Balance Sheet


Line Item USD Millions	2012-12-31	2013-12-31	2014-12-31	2015-12-31	2016-12-31
Total Assets	15,103	17,895	40,184	49,407	64,961
Current Assets	11,267	13,070	13,670	21,652	34,401
Cash And Cash Equivalents	2,384	3,323	4,315	4,907	8,903
Other Short Term Investments	7,242	8,126	6,884	13,527	20,546
Receivables	1,170	1,160	1,678	2,559	3,993
Inventory	0	0	0	0	0
PrepaidAssets	471	461	793	659	959
Deferred Income Taxes	0	0	0	0	0
Other Current Assets	0	0	0	0	0
Total Non Current Assets	3,836	4,825	26,514	27,755	30,560
Gross PPE	3,273	4,142	5,784	7,819	11,803
Accumulated Depreciation	-882	-1,260	-1,817	-2,132	-3,212
Net PPE	2,391	2,882	3,967	5,687	8,591
Goodwill	587	839	17,981	18,026	18,122
Intangibles	801	883	3,929	3,246	2,535
Other Non Current Assets	57	221	637	796	1,312

Total liabilities	3,348	2,425	4,088	5,189	5,767
Current Liabilities	1,052	1,100	1,424	1,925	2,875
Payables	234	268	378	413	582
Current debt	0	0	0	201	0
Current capital lease obligation	365	239	114	7	0
Other current liabilities	0	0	0	1,304	2,293
Non Current Liabilities	2,296	1,325	2,664	3,264	2,892
Long Term Debt	1,500	0	0	0	0
Long Term Capital Lease	491	237	119	107	0
Other Non Current Liabilities	305	1,088	0	0	0
Total Equity	11,755	15,470	36,096	44,218	59,194
Stockholders Equity	11,755	15,470	36,096	44,218	59,194
Preferred Stock	0	0	0	0	0
CapitalStock	0	0	0	0	0
Common Stock	0	0	0	0	0
Treasury Stock	0	0	0	0	0
Retained Earnings	1,659	3,159	6,099	9,787	21,670
Other Equity	0	0	0	0	0
Total Liabilities and Total Equity	15,103	17,895	40,184	49,407	64,961

Cash Flow


Line Item USD Millions	2012-12-31	2013-12-31	2014-12-31	2015-12-31	2016-12-31
Net Income	53	1,500	2,940	3,688	10,217
Depreciation and amortization	649	1,011	1,243	1,945	2,342
Amortization of debt discount/premium and issuance costs	0	0	0	0	0
Investment/asset impairment charges	0	0	0	0	0
Investments losses (gains)	0	0	0	0	0
Deferred income taxes	-186	-37	-210	-795	-457
Stock based compensation	1,572	906	1,786	2,960	3,218
Accounts receivable	-170	-378	-610	-973	-1,489
Inventory	0	0	0	0	0
Prepaid expenses	-14	-45	-123	-144	-159
Accounts payable	1	26	31	18	14
Accrued liabilities	160	-38	328	513	1,014
Income Tax Payable	0	0	0	0	0
Interest payable	0	0	0	0	0
Other working capital	-15	711	140	1,353	1,311
Other non-cash items	-438	566	-68	34	97

Net cash provided by operating activities	1,612	4,222	5,457	8,599	16,108

Investments in property, plant, and equipment	-1,235	-1,362	-1,831	-2,523	-4,491
Property, plant, and equipment reductions	0	0	0	0	0
Acquisitions, net	-911	-368	-4,975	-313	-123
Purchases of investments	-10,309	-7,434	-9,104	-15,938	-22,341
Sales/Maturities of investments	5,433	6,551	10,347	9,238	15,155
Other investing activities	-2	-11	-350	102	61

Net cash used for investing activities	-7,024	-2,624	-5,913	-9,434	-11,739

Debt issued	1,496	0	0	0	0
Debt repayment	-366	-1,891	-243	-119	-312
Common stock issued	6,760	1,478	0	0	0
Preferred stock issued	0	0	0	0	0
Cash dividends paid	0	0	0	0	0
Other financing activities	-1,607	-254	1,814	1,701	2

Net cash provided by, used for activities	6,283	-667	1,571	1,582	-310

Effect of exchange rates	1	8	-123	-155	0
Net change in cash	872	939	992	592	3,996
Cash at beginning of period	1,512	2,384	3,323	4,315	4,907
Cash at end of period	2,384	3,323	4,315	4,907	8,903
Operating cash flow	1,612	4,222	5,457	8,599	16,108
Capital expenditure	-1,235	-1,362	-1,831	-2,523	-4,491
Free cash flow	377	2,860	3,626	6,076	11,617

Ratio Data for FB:NAS

Profitability Ratios


Year	2012	2013	2014	2015	2016
Gross Margin (%)	73.2	76.18	82.73	84.01	86.29
Operation Margin (%)	10.57	35.62	40.06	34.72	44.96
Tax Rate (%)	89.27	45.53	40.12	40.46	18.38
Net Margin (%)	0.63	18.94	23.46	20.47	36.86
Sales per Employee	1M	1M	1M	1M	2M
EBIT Margin (%)	10.71	35.7	39.57	34.68	45.33
EBITDA Margin (%)	23.46	48.54	49.54	45.53	53.8
Net Profit Margin (%)	1.04	19.05	23.58	20.57	36.97
Interest Coverage	10.69	50.18	214.48	270.3	1252.8

Efficiency Ratios


Year	2012	2013	2014	2015	2016
Days In Sales	45.4	42.38	40.8	43.13	43.26
Days In Inventory
Days In Payment	17.13	14.79	22.29	23.68	23.99
Cash Conversion Cycle
Receivable Turnover	8.04	8.61	8.95	8.46	8.44
Inventory Turnover
Payment Turnover	21.31	24.67	16.37	15.41	15.22
Fixed Assets Turnover	2.63	2.99	3.64	3.71	3.87
Assets Turnover	0.47	0.48	0.43	0.4	0.48
ROE (%)	0.4	10.95	11.34	9.14	19.7
ROA (%)	0.3	9.04	10.07	8.19	17.82
ROIC (%)	0.59	10.08	11.18	9.03	19.38
FCF Sales Ratio (%)	7.41	36.33	29.09	33.89	42.03
FCF Net Income Ratio (%)	711.32	190.67	123.33	164.75	113.7
Capital Expenditure Sales Ratio (%)	24.27	17.3	14.69	14.07	16.25

Financial Health


Year	2012	2013	2014	2015	2016
Current Ratio	10.71	11.88	9.6	11.25	11.97
Quick Ratio	10.26	11.46	9.04	10.91	11.63
Long Term Debt Total Capital Ratio (%)	14.48	1.51	0.33	0.24
Long Term Debt Equity Ratio	0.17	0.02	0	0
Financial Leverage	1.28	1.16	1.11	1.12	1.1
Total Debt To Equity Ratio	0.2	0.03	0.01	0.01	0

Valuation Ratios


Year	2012	2013	2014	2015	2016
Sustainable Growth Rate (%)	0.4	7.45	16.04	8.97	15.66
Payout Ratio (%)	0	0	0	0	0
Cash Return	0.01	0.02	0.02	0.02	0.03
Sales Per Share	2.35	2.61	4.31	5.62	8.53
Book Value Per Share	4.96	5.12	7.65	14.62	18.78
CFO Per Share	0.74	1.4	1.96	2.59	4.35
FCF Per Share	0.17	0.99	1.27	1.76	3
Earning Yield (%)	0.04	0.75	1.37	0.95	2.25
PE Ratio	2661.97	133.29	72.92	105.72	44.42
Sales Yield (%)	8.83	4.78	5.52	5.37	7.41
PS Ratio	11.33	20.93	18.12	18.64	13.49
Book Value Yield (%)	18.62	9.37	9.8	13.96	16.32
PB Ratio	5.37	10.67	10.21	7.16	6.13
CF Yield (%)	2.8	2.55	2.52	2.48	3.78
PCF Ratio	35.77	39.16	39.75	40.38	26.45
FCF Yield (%)	0.65	1.8	1.63	1.69	2.6
FCF Ratio	152.94	55.41	61.35	59.32	38.39
Dividend Yield (%)
Forward Dividend Yield (%)
Forward Earning Yield (%)	2.23	1.99	2.19	2.6	4.46
Forward PE Ratio	44.84	50.25	45.66	38.46	22.42
PEG Ratio	1.47	1.45	1.82	1.02	0.52
PEG Payback	9.08	8.79	10.27	7.55	5.62
Dividend Rate
Working Capital Per Share	4.31	3.76	5.36	6.12	9.62
EV To EBITDA	46.79	41.33	33.33	42.74	24.05
Buy Back Yield (%)		0	0
Total Yield (%)		0	0

Valuation Details and Assumptions

Cost of Capital

We have calculated the WACC for FB:NAS to be 7.94 based on the following assumptions:

Component

Value

Cost Of

Common Equity

376622367446

100

7.94

Debt (Book Value)

5.06

Preferred (Book Value)

Enterprise Value

376622367446

100

Weighted Average Cost of Capital

WACC

7.94

The Company’s Beta was calculated as 0.717 using a 60 month time frame and the Nasdaq index.

Analyst Coverage

We have 11 Analysts covering FB:NAS.

FB:NAS Facebook

Current Price: 136.9401 USD

Analyst Consensus
USD Millions	2017	2018	2019
Mean EPS	5.3566	6.4909	7.4843
# EPS Analysts	10	9	3
Mean Revenue	37,749.4	46,910.2	56,070.7
# Revenue Analysts	9	8	3
Mean Target Price	153.4545
Mean Cash Flow	6.3643	7.5052	9.1970
Mean EBITDA	21,351.9	26,319.2	35,612.7
Mean Net Income	14,909.3	18,141.9	21,750.7
Mean Debt Outstanding	-7,486.6	-14,227.3	68,872.1
Mean Tax Rate	21.6200	21.8750	21.0000
Mean Growth Rate	23.1550
Mean Capital Expenditure	6,951.0	7,316.7	8,574.4

Analyst Recommendation
Buy	Hold	Sell	Rating(out of 5)	Recommendation	As Of
10	2	1	4.3846	Outperform	2017-2-28

Based on the 11 Analysts we have covering FB:NAS we see a consensus price target for 2017 of $153.45 (USD).

Forecasted Financial Statements

The resulting projections of the 11 analysts are shown here:

Income Statement Projections for
FB:NAS Facebook

millions10183

Line Item USD Millions	2012	2013	2014	2015	2016	Weighted Average	2017	2018	2019
Total Revenue	5,089	7,872	12,466	17,928	27,638	100.00	37,749	46,910	56,071
Cost Of Revenue	1,364	1,875	2,153	2,867	3,789	15.66	4,304	5,404	5,369
Gross Profit	3,725	5,997	10,313	15,061	23,849	84.34	33,446	41,506	50,701
Selling General And Administration	1,788	1,778	2,653	4,020	5,503	21.22	5,832	7,324	7,276
Research And Development	1,399	1,415	2,666	4,816	5,919	22.78	6,262	7,863	7,812
EBITDA	1,194	3,821	6,176	8,162	14,870	50.11	21,352	26,319	35,613
Depreciation and Amortization	649	1,011	1,243	1,945	2,342	9.66	2,944	3,737	6,335
Operating Expense	3,187	3,193	5,319	8,836	11,422	44.00	16,611	20,641	24,672
Operating Income	538	2,804	4,994	6,225	12,427	40.34	16,835	20,864	26,029
EBIT	545	2,810	4,933	6,217	12,528	40.45	18,408	22,582	29,278
Interest Income	14	19	27	52	176	0.46	172	214	255
Interest Expense	51	56	23	23	10	0.14	43	54	92
Pre-Tax Income	494	2,754	4,910	6,194	12,518	40.32	18,365	22,528	29,186
Tax Provision	441	1,254	1,970	2,506	2,301	11.33	3,456	4,386	7,436
Net Income	53	1,500	2,940	3,688	10,217	28.98	14,909	18,142	21,751
Diluted Average Shares	2,166	2,517	2,664	2,853	2,925		2,783	2,795	2,906

Diluted EPS	0.01	0.60	1.10	1.29	3.49		5.36	6.49	7.48
# Of Analysts							10	9	3

As a measure of Cash flow for the company we start with the EBITDA above and adjust as you see in the Discounted Cash Flow Analysis

Discounted Cash Flow

Using a Discounted Cash flow model we generate a Value per share for FB:NAS of $172.48 (USD)

Year	2017	2018	2019	Terminal Growth Rate(%)2.9
EBITDA (Cash Flow)	21351900000	26319200000	35612700000	36645468300
Normalizations & Adjustments	0	0	0	0
Normalized EBITDA	21351900000	26319200000	35612700000	36645468300
Tax Rate(%)18.3815	3924799498.50	4837863748.00	6546148450.50	6735986755.56
+/- Tax Loss Carry Forward	0	0	0	0
Net Operating After Tax Cash Flow	17,427,100,502	21,481,336,252	29,066,551,550	29,909,481,544
Capital Investment Required (Estimate)	-2288400000	-2288400000	-2288400000	-2288400000
Tax Shields on Capital Investment	301103970	301103970	301103970	301103970
Incremental Working Capital Requirements	293000000	293000000	293000000	293000000
Discretionary Cash Flow	15,732,804,471	19,787,040,222	27,372,255,519	28,215,185,514
Terminal Multiple ( 100 / (WACC – Growth Rate ))				19.84
Capitalized Terminal Value				559,825,109,412
Year: (For Discounted Calculations)	1	2	3	3+
WACC:	7.94	7.94	7.94	7.94
Discounted Annual Cash Flows	14,575,509,053	16,983,062,549	21,765,234,182	445,148,723,625
Present Value of Discretionary Cash Flow				53,323,805,783
Discounted Terminal Value				445,148,723,625
Total Discounted Cash Flow				498,472,529,408
Present Value of Tax Shields				0
Redundant Assets				0
Enterprise Value				498,472,529,408
Less Interest Bearing Debt				0
En Block Fair MarketValue(FMV) Equity				498,472,529,408
Book Value of Preferred Equity				0
Value of Common Equity				498,472,529,408
Number of Fully Diluted Shares Outstanding				2889981334
Calculated Value Per Share ($/share)				$172.48 (USD)

Comparable Companies

(Using Price Based Ratios)

We ran FB:NAS against comparable companies in its space and generated a valution of $83.29 (USD). The comparable companies included Alphabet (GOOG:NAS)

Company FB:NAS	End Date Value
Earnings/Share	$3.49 (USD)
Book Value/Share	$20.48 (USD)
Sales/Share	$9.45 (USD)
Cash Flow/Share	$5.51 (USD)
EBITDA/Share	$5.08 (USD)

Price Based on Comps	Adjustment Factor (%)
$103.16 (USD)	0
$83.85 (USD)	0
$60.21 (USD)	0
$87.90 (USD)	0
$81.36 (USD)	0

FB:NAS	Ratios Used	Average Values	GOOG:NAS
38.84	PE Ratio	29.56	29.56
6.62	PB Ratio	4.09	4.09
14.34	PS Ratio	6.37	6.37
24.61	PCF Ratio	15.96	15.96
24.36	EV to EBITDA	16.00	16.00

Comparables chart

Other Ratios

Company FB:NAS	End Date Value
Cash/Share	$3.04 (USD)
Book Value/Share	$20.48 (USD)
MarketCap	391708070010
1 Year Return	0.256
NetPPE	8591000000

Price Based on Comps	Adjustment Factor (%)
$136.38 (USD)	0
$90.90 (USD)	0
$178.56 (USD)	0
$126.27 (USD)	0
$206.58 (USD)	0

Ratios Used	Average Values	GOOG:NAS
Cash / Share	18.35	18.35
Book Value / Share	185.48	185.48
Market Cap	522289882661.00	522289882661
1 Year Return	0.17	0.17
Net PPE	34234000000.00	34234000000.00

Multiples Approach

(We use the term multiples to describe valuing the company against its previous ratio values)
Using a multiples model we see FB:NAS is and generate a valuation of $187.23 (USD)

Ratios	Ratio Average
PE Ratio	73.42
PB Ratio	6.82
PS Ratio	17.15
PCF Ratio	37.00
EV to EBITDA	34.32

Price Based on Comparables	Adjustment Factor
$256.25 (USD)	0
$139.65 (USD)	0
$162.02 (USD)	0
$203.77 (USD)	0
$174.48 (USD)	0

Company FB:NAS	End Date Value
Earnings/Share	$3.49 (USD)
Book Value/Share	$20.48 (USD)
Sales/Share	$9.45 (USD)
Cash Flow/Share	$5.51 (USD)
EBITDA/Share	$5.08 (USD)

Adjusted Book Value versus Historical Price to Book

The average the Price to Book ratio for FB:NAS for the last 4 years was 6.82

We ran the Adjusted Book Value for FB:NAS as follows and see a value of $20.47 (USD)

By multiplying these we get an adjusted valuation of $139.55 (USD)

Line Item	Most Recent Book Value	Estimated FMV	Realizable %
Total Assets	64961000000	64961000000	0
Current Assets	34401000000	34401000000	0
Cash and Cash Equilivents	8903000000	8903000000	100.00
Other Short Term Investments	20546000000	20546000000	100.00
Receivables	3993000000	3993000000	100.00
Inventory	0	0	0.00
Prepaid Assets	959000000	959000000	100.00
Deferred Income Taxes	0	0	0.00
Other Current Assets	0	0	0.00
Non-Current Assets	30560000000	30560000000	0
Gross PPE	11803000000	11803000000	0
Accumulated Depreciation	-3212000000	-3212000000	0
Net PPE	8591000000	8591000000	100.00
Goodwill	18122000000	18122000000	100.00
Other Intangible Assets	2535000000	2535000000	100.00
Other Non-Current Assets	1312000000	1312000000	100.00
Total Liabilities	5767000000	5767000000	0
Current Liabilities	2875000000	2875000000	0
Payables	582000000	582000000	100.00
Current Debt	0	0	0.00
Current Capital Lease Obligation	0	0	0.00
Other Current Liabilities	2293000000	2293000000	100.00
Non-Current Liabilities	2892000000	2892000000	0
Long Term Debt	0	0	0.00
Long Term Capital Lease Obligation	0	0	0.00
Other Non-Current Liabilities	2892000000	2892000000	100.00
Total Equity	59194000000	59194000000	0
Stockholder’s Equity	59194000000	59194000000	0
Preferred Stock	0	0	0.00
Common Stock	59194000000	59194000000	0
Treasury Stock	0	0	0.00
Retained Earnings	21670000000	21670000000	100.00
Other Equity	-21670000000	-21670000000	100.00
Total Liabilities and Equity	64961000000	64961000000	0

ANBV Equity Common Shareholders	59194000000
Number Shares Outstanding	2892000000
Adjusted NetBook Value per Share USD $	$20.47

Sector and Industry Analysis

FB:NAS	2016	2015	2014	2013	2012
P:E	–	105.72	72.92	133.29	2661.97
P:B	–	7.16	10.21	10.67	5.37
P:S	–	18.64	18.12	20.93	11.33
P:CF	–	40.38	39.75	39.16	35.77
EV:EBITDA	–	42.74	33.33	41.33	46.79

Technology:Internet Content & Information	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007
P:E	–	49.08	46.08	91.82	45.38	74.01	33.13	119.40	42.28	54.87
P:B	–	4.20	4.32	6.45	3.21	3.79	4.74	4.01	5.90	6.45
P:S	–	4.26	5.27	7.00	4.80	3.46	3.85	4.37	4.01	7.58
P:CF	–	28.95	25.88	29.10	16.01	16.09	16.60	20.21	12.19	25.45
EV:EBITDA	–	23.99	21.59	13.44	14.66	20.67	11.89	18.12	10.57	26.62

Summary

If you would like to explore this company further you can start with a quick DCF analysis at https://www.stockcalc.com?ss=00FA3DAB533B48018848579C6AF1A59F

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Alphabet (GOOG:NAS) Fundamental Valuation Report

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Discounted Cash Flow(DCF)

Price Comparables

Other Comparables

Multiples

Adjusted Book Value (ABV)

Analyst Consensus

Discounted Cash Flow

Comparables Model

Multiples

Adjusted Book Value versus Historical Price to Book

Analyst Data

Summary

Company Overview (GOOG:NAS USD)

Detailed Company Description

Financial Data for GOOG:NAS

Income Statement

Balance Sheet

Cash Flow

Ratio Data for GOOG:NAS

Profitability Ratios

Efficiency Ratios

Financial Health

Valuation Ratios

Valuation Details and Assumptions

Cost of Capital

Analyst Coverage

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Forecasted Financial Statements

Income Statement Projections for GOOG:NAS Alphabet

Discounted Cash Flow

Discounted Cash Flow Sensitivity Analysis for GOOG:NAS

Comparable Companies

(Using Price Based Ratios)

Other Ratios

Multiples Approach

Adjusted Book Value versus Historical Price to Book

Sector and Industry Analysis

Summary

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Alphabet (GOOG:NAS) Fundamental Valuation Report

Valuation Summary:

Alphabet Valuations

Valuations:

Discounted Cash Flow(DCF)

Price Comparables

Other Comparables

Multiples

Adjusted Book Value (ABV)

Analyst Consensus

Discounted Cash Flow

Comparables Model

Multiples

Adjusted Book Value versus Historical Price to Book

Analyst Data

Income Statement Projections for
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Income Statement Projections for
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