Using only the information in the Discounted Cash Flow Analysis , answer the following questions: What
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22 January 2021 Figure 13: Amazon.com Inc. - Discounted Cash Flow Analysis US$ in millions, unless otherwise stated 2021E 2022E 2023E 2024E EBITDA 65982 92417 125257 164923 Net Income 19170 35584 57314 84358 116524 CAGR 2025E 2026E '21-'26 210970 265213 32.1% 155162 51.9% Depreciation & Amortization 30746 35121 39488 44044 48685 53419 11.7% Other Non-Cash Charges (Benefits) 9790 11146 12596 14167 15821 17586 12.4% Interest Expense (Income) 1475 1661 1522 1255 799 247 Changes in Operating Assets & Liabilities 250 1149 2284 3751 5221 4742 Unlevered Cash Flows 61432 84662 113204 147575 187051 231155 30.3% Capital Expenditures 39876 40531 41203 41890 42595 43316 1.7% Unlevered Free Cash Flows 21556 44130 72001 105685 144456 187839 54.2% Y/Y % Change 148.6% 104.7% 63.2% 46.8% 36.7% 30.0% Weighted Average Cost of Capital 10.5% Perpetual UFCF Growth Rate ("G") 3.0% 2021E NPV of Unlevered Free Cash Flows 409700 Present Value of Terminal Value 1565851 Enterprise Value 1975551 Off Balance Sheet Assets 0 Adjusted Enterprise Value 1975551 Year End Net Debt (Cash) (62223) Equity Value 2037774 Diluted Shares Outstanding 527.6 Equity Value Per Share $3862 22 January 2021 Figure 13: Amazon.com Inc. - Discounted Cash Flow Analysis US$ in millions, unless otherwise stated 2021E 2022E 2023E 2024E EBITDA 65982 92417 125257 164923 Net Income 19170 35584 57314 84358 116524 CAGR 2025E 2026E '21-'26 210970 265213 32.1% 155162 51.9% Depreciation & Amortization 30746 35121 39488 44044 48685 53419 11.7% Other Non-Cash Charges (Benefits) 9790 11146 12596 14167 15821 17586 12.4% Interest Expense (Income) 1475 1661 1522 1255 799 247 Changes in Operating Assets & Liabilities 250 1149 2284 3751 5221 4742 Unlevered Cash Flows 61432 84662 113204 147575 187051 231155 30.3% Capital Expenditures 39876 40531 41203 41890 42595 43316 1.7% Unlevered Free Cash Flows 21556 44130 72001 105685 144456 187839 54.2% Y/Y % Change 148.6% 104.7% 63.2% 46.8% 36.7% 30.0% Weighted Average Cost of Capital 10.5% Perpetual UFCF Growth Rate ("G") 3.0% 2021E NPV of Unlevered Free Cash Flows 409700 Present Value of Terminal Value 1565851 Enterprise Value 1975551 Off Balance Sheet Assets 0 Adjusted Enterprise Value 1975551 Year End Net Debt (Cash) (62223) Equity Value 2037774 Diluted Shares Outstanding 527.6 Equity Value Per Share $3862
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Auditing Cases An Interactive Learning Approach
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7th Edition
Authors: Mark S Beasley, Frank A. Buckless, Steven M. Glover, Douglas F Prawitt
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