Oracle Corporation offers products and services that address enterprise information technology environments worldwide. Its Oracle cloud software as a service offering include various cloud software applications, including Oracle Fusion cloud enterprise resource planning (ERP), Oracle Fusion cloud enterprise performance management, Oracle Fusion cloud supply chain and manufacturing management, Oracle Fusion cloud human capital management, Oracle Advertising, and NetSuite applications suite, as well as Oracle Fusion Sales, Service, and Marketing. The company also offers cloud-based industry solutions for various industries; Oracle application licenses; and Oracle license support services. In addition, it provides cloud and license business' infrastructure technologies, such as the Oracle Database, an enterprise database; Java, a software development language; and middleware, including development tools and others. The company's cloud and license business' infrastructure technologies also comprise cloud-based compute, storage, and networking capabilities; and Oracle autonomous database, MySQL HeatWave, Internet-of-Things, digital assistant, and blockchain. Further, it provides hardware products and other hardware-related software offerings, including Oracle engineered systems, enterprise servers, storage solutions, industry-specific hardware, virtualization software, operating systems, management software, and related hardware services; and consulting and customer services. The company markets and sells its cloud, license, hardware, support, and services offerings directly to businesses in various industries, government agencies, and educational institutions, as well as through indirect channels. Oracle Corporation was founded in 1977 and is headquartered in Austin, Texas.

BUILD UP FREE CASH	2023-05-31 (A)	2024-05-31 (A)	2025-05-31 (A)	2026-05-31 (E)	2027-05-31 (E)	2028-05-31 (E)	2029-05-31 (E)	2030-05-31 (E)
Revenue	49,954	52,961	57,399	66,943.5	85,932.1	127,266.7	127,266.7	127,266.7
Revenue % Chg.	17.7%	6%	8.4%
EBIT	13,670	15,764	17,954	28,334.8	34,230.9	46,011	46,011	46,011
EBIT Margin	27.4%	29.8%	31.3%
Tax Rate	6.8%	10.9%	12.1%
NOPAT	12,736.8	14,053.5	15,777	22,705.6	27,611.7	37,103.3	37,103.3	37,103.3
NOPAT Margin	25.5%	26.5%	27.5%	33.9%	32.1%	29.2%	29.2%	29.2%
D&A	6,108	5,463	5,532	6,971.8	10,627	15,317.3	15,317.3	15,317.3
D&A / Revenue	12.2%	10.3%	9.6%
Capex	-8,695	-6,866	-21,215	-50,256.3	-54,376.9	-66,873.8	-66,873.8	-66,873.8
Capex / Revenue	-17.4%	-13%	-37%
Chg. NWC	513	-488	-1,500	-559.6	-718.3	-1,063.9	-1,063.9	-1,063.9
Chg. NWC / Revenue	1%	-0.9%	-2.6%
Unlevered FCF (UFCF)	10,662.8	12,162.5	-1,406	-21,138.5	-16,856.5	-15,517.1	-15,517.1	-15,517.1
UFCF % Chg.	1.3%	14.1%	-111.6%	1,403.4%	-20.3%	-7.9%	-0%	—
PV of UFCF	—	—	—	-19,609.6	-14,506.4	-12,387.9	-11,492	-10,660.8
Sum of PV of UFCF	—	—	—	-19,609.6	-34,116.1	-46,504	-57,996	-68,656.8

Cost of Debt
Tax Rate
After Tax Cost of Debt	3.2%
Risk Free Rate
Market Risk Premium
Beta	1
Cost of Equity	8.7%
Total Debt	108,952
Market Cap	545,808.5
Total Capital	654,760.5
Debt Weighting	16.6%
Equity Weighting	83.4%
WACC	7.8%

Exit Multiple EV/FCF
Terminal Value	658,278.5
PV of Terminal Value	419,551.6
Cumulative PV of UFCF	-68,656.8
Net Debt	111,964
Equity Value	238,930.8
Shares Outstanding	2,873.1
Implied Share Price	83.2
Current Share Price	184.9
Implied Upside / (Downside)	-55%