Amazon.com, Inc. engages in the retail sale of consumer products and subscriptions through online and physical stores in North America and internationally. The company operates through three segments: North America, International, and Amazon Web Services (AWS). Its products offered through its stores include merchandise and content purchased for resale; and products offered by third-party sellers The company also manufactures and sells electronic devices, including Kindle, Fire tablets, Fire TVs, Rings, Blink, eero, and Echo; and develops and produces media content. In addition, it offers programs that enable sellers to sell their products in its stores; and programs that allow authors, musicians, filmmakers, Twitch streamers, skill and app developers, and others to publish and sell content. Further, the company provides compute, storage, database, analytics, machine learning, and other services, as well as fulfillment, advertising, and digital content subscriptions. Additionally, it offers Amazon Prime, a membership program. The company serves consumers, sellers, developers, enterprises, content creators, and advertisers. Amazon.com, Inc. was incorporated in 1994 and is headquartered in Seattle, Washington.

BUILD UP FREE CASH	2022-12-31 (A)	2023-12-31 (A)	2024-12-31 (A)	2025-12-31 (E)	2026-12-31 (E)	2027-12-31 (E)	2028-12-31 (E)	2029-12-31 (E)
Revenue	513,983	574,785	637,959	714,722.4	793,799.1	883,549.2	883,549.2	883,549.2
Revenue % Chg.	9.4%	11.8%	11%
EBIT	13,348	36,852	68,593	79,935.3	100,409.2	124,198	124,198	124,198
EBIT Margin	2.6%	6.4%	10.8%
Tax Rate	54.2%	19%	13.5%
NOPAT	6,117.7	29,863.4	59,317.2	64,579.8	82,059.4	101,924.9	101,924.9	101,924.9
NOPAT Margin	1.2%	5.2%	9.3%	9%	10.3%	11.5%	11.5%	11.5%
D&A	41,921	48,663	51,875	64,154.1	78,051.7	97,661.8	97,661.8	97,661.8
D&A / Revenue	8.2%	8.5%	8.1%
Capex	-63,645	-52,729	-82,999	-124,020.6	-137,309.7	-148,435	-148,435	-148,435
Capex / Revenue	-12.4%	-9.2%	-13%
Chg. NWC	-20,886	-11,541	-15,541	-20,268.3	-22,510.8	-25,056	-25,056	-25,056
Chg. NWC / Revenue	-4.1%	-2%	-2.4%
Unlevered FCF (UFCF)	-36,492.3	14,256.4	12,652.2	-15,555	290.6	26,095.8	26,095.8	26,095.8
UFCF % Chg.	49.1%	-139.1%	-11.3%	-222.9%	-101.9%	8,881.4%	—	—
PV of UFCF	—	—	—	-14,368.4	247.9	20,567.6	18,998.6	17,549.2
Sum of PV of UFCF	—	—	—	-14,368.4	-14,120.5	6,447.1	25,445.6	42,994.9

Cost of Debt
Tax Rate
After Tax Cost of Debt	1.1%
Risk Free Rate
Market Risk Premium
Beta	1
Cost of Equity	8.7%
Total Debt	155,401
Market Cap	2,418,020
Total Capital	2,573,421
Debt Weighting	6%
Equity Weighting	94%
WACC	8.3%

Exit Multiple EV/FCF
Terminal Value	2,484,261
PV of Terminal Value	1,543,200.3
Cumulative PV of UFCF	42,994.9
Net Debt	66,241
Equity Value	1,519,954.2
Shares Outstanding	10,690.2
Implied Share Price	142.2
Current Share Price	226.2
Implied Upside / (Downside)	-37.1%