Alphabet Inc. provides various products and platforms in the United States, Europe, the Middle East, Africa, the Asia-Pacific, Canada, and Latin America. It operates through Google Services, Google Cloud, and Other Bets segments. The Google Services segment offers products and services, including ads, Android, Chrome, hardware, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube. It is also involved in the sale of apps and in-app purchases and digital content in the Google Play store; and Fitbit wearable devices, Google Nest home products, Pixel phones, and other devices, as well as in the provision of YouTube non-advertising services. The Google Cloud segment offers infrastructure, platform, and other services; Google Workspace that include cloud-based collaboration tools for enterprises, such as Gmail, Docs, Drive, Calendar, and Meet; and other services for enterprise customers. The Other Bets segment sells health technology and internet services. The company was founded in 1998 and is headquartered in Mountain View, California.

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	282,836	307,394	350,018	400,112.1	454,660	512,848.8	512,848.8	512,848.8
Revenue % Chg.	9.8%	8.7%	13.9%
EBIT	74,842	84,293	114,186	130,186.6	154,297.3	177,307.4	177,307.4	177,307.4
EBIT Margin	26.5%	27.4%	32.6%
Tax Rate	15.9%	13.9%	16.4%
NOPAT	62,926.6	72,569.1	95,414.4	107,023.1	128,981.4	148,654.5	148,654.5	148,654.5
NOPAT Margin	22.2%	23.6%	27.3%	26.7%	28.4%	29%	29%	29%
D&A	13,475	11,946	15,311	21,578.6	29,868.8	39,979.1	39,979.1	39,979.1
D&A / Revenue	4.8%	3.9%	4.4%
Capex	-31,485	-32,251	-52,535	-90,585.6	-117,008.5	-131,958.5	-131,958.5	-131,958.5
Capex / Revenue	-11.1%	-10.5%	-15%
Chg. NWC	-2,235	-3,845	-8,406	-5,925.2	-6,733	-7,594.7	-7,594.7	-7,594.7
Chg. NWC / Revenue	-0.8%	-1.3%	-2.4%
Unlevered FCF (UFCF)	42,681.6	48,419.1	49,784.4	32,090.9	35,108.7	49,080.4	49,080.4	49,080.4
UFCF % Chg.	-14.8%	13.4%	2.8%	-35.5%	9.4%	39.8%	—	—
PV of UFCF	—	—	—	29,534.5	29,737.9	38,260.6	35,212.7	32,407.6
Sum of PV of UFCF	—	—	—	29,534.5	59,272.4	97,533	132,745.6	165,153.2

Cost of Debt
Tax Rate
After Tax Cost of Debt	0.8%
Risk Free Rate
Market Risk Premium
Beta	1
Cost of Equity	8.7%
Total Debt	30,437
Market Cap	3,738,853
Total Capital	3,769,290
Debt Weighting	0.8%
Equity Weighting	99.2%
WACC	8.7%

Exit Multiple EV/FCF
Terminal Value	3,684,552
PV of Terminal Value	2,239,084.4
Cumulative PV of UFCF	165,153.2
Net Debt	-54,301
Equity Value	2,458,538.6
Shares Outstanding	12,067
Implied Share Price	203.7
Current Share Price	309.3
Implied Upside / (Downside)	-34.1%