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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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

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

GOOG:NAS Alphabet

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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