Meta Platforms, Inc. engages in the development of products that enable people to connect and share with friends and family through mobile devices, personal computers, virtual reality headsets, and wearables worldwide. It operates in two segments, Family of Apps and Reality Labs. The Family of Apps segment offers Facebook, which enables people to share, discuss, discover, and connect with interests; Instagram, a community for sharing photos, videos, and private messages, as well as feed, stories, reels, video, live, and shops; Messenger, a messaging application for people to connect with friends, family, communities, and businesses across platforms and devices through text, audio, and video calls; and WhatsApp, a messaging application that is used by people and businesses to communicate and transact privately. The Reality Labs segment provides augmented and virtual reality related products comprising consumer hardware, software, and content that help people feel connected, anytime, and anywhere. The company was formerly known as Facebook, Inc. and changed its name to Meta Platforms, Inc. in October 2021. Meta Platforms, Inc. was incorporated in 2004 and is headquartered in Menlo Park, 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	116,609	134,902	164,501	199,452.5	235,050.3	271,660.9	271,660.9	271,660.9
Revenue % Chg.	-1.1%	15.7%	21.9%
EBIT	33,555	49,006	68,219	82,328.2	86,033.7	98,412.6	98,412.6	98,412.6
EBIT Margin	28.8%	36.3%	41.5%
Tax Rate	19.5%	17.6%	11.8%
NOPAT	27,012.6	40,398.9	60,203.2	59,663.6	74,255.3	84,247.8	84,247.8	84,247.8
NOPAT Margin	23.2%	29.9%	36.6%	29.9%	31.6%	31%	31%	31%
D&A	8,686	11,178	15,498	18,961.5	28,592.4	39,484.9	39,484.9	39,484.9
D&A / Revenue	7.4%	8.3%	9.4%
Capex	-31,186	-27,045	-37,256	-70,428.5	-107,998	-120,444.1	-120,444.1	-120,444.1
Capex / Revenue	-26.7%	-20%	-22.6%
Chg. NWC	5,683	3,836	1,048	5,554.2	6,545.5	7,565	7,565	7,565
Chg. NWC / Revenue	4.9%	2.8%	0.6%
Unlevered FCF (UFCF)	10,195.6	28,367.9	39,493.2	13,750.8	1,395.2	10,853.6	10,853.6	10,853.6
UFCF % Chg.	-64.7%	178.2%	39.2%	-65.2%	-89.9%	677.9%	—	—
PV of UFCF	—	—	—	12,673.4	1,185.2	8,497	7,831.2	7,217.6
Sum of PV of UFCF	—	—	—	12,673.4	13,858.5	22,355.5	30,186.7	37,404.3

Cost of Debt
Tax Rate
After Tax Cost of Debt	1.4%
Risk Free Rate
Market Risk Premium
Beta	1
Cost of Equity	8.7%
Total Debt	49,769
Market Cap	1,623,799.5
Total Capital	1,673,568.5
Debt Weighting	3%
Equity Weighting	97%
WACC	8.5%

Exit Multiple EV/FCF
Terminal Value	1,630,411.5
PV of Terminal Value	999,263.9
Cumulative PV of UFCF	37,404.3
Net Debt	6,612
Equity Value	1,030,056.1
Shares Outstanding	2,520.5
Implied Share Price	408.7
Current Share Price	647.5
Implied Upside / (Downside)	-36.9%