| | | | | | | | | | | | | | | | | | | | | | | | | | | | . | Analysis by: | | | | | | | | | | | | | | | | | | | | | | | | | | | . | Silicon Alley Insider | | | | | | | | | | | | | | | | | | | | | | | | | | | . | | | | | | | | | | | | | | | | | | | | | | | | | | | | . | | | | | | | | | | | | | | | | | | | | | | | | | | | | . | | | | | | | | | | | | | | | | | | | | | | | | | | | | . | GOOGLE FREE CASH FLOW | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | 2031 | 2032 | . | Free Cash Flow | $3,000 | $3,300 | $3,630 | $3,993 | $4,392 | $4,832 | $5,315 | $5,846 | $6,431 | $7,074 | $7,781 | $8,559 | $9,415 | $10,357 | $11,392 | $12,532 | $13,785 | $15,163 | $16,680 | $18,348 | $20,182 | $22,201 | $24,421 | $26,863 | $29,549 | $32,504 | . | Growth | | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | . | | | | | | | | | | | | | | | | | | | | | | | | | | | | . | Market Cap At Following FCF Multiple: | | | | | | | | | | | | | | | | | | | | | | | | | | | . | 30 | $90,000 | $99,000 | $108,900 | $119,790 | $131,769 | $144,946 | $159,440 | $175,385 | $192,923 | $212,215 | $233,437 | $256,781 | $282,459 | $310,704 | $341,775 | $375,952 | $413,548 | $454,902 | $500,393 | $550,432 | $605,475 | $666,022 | $732,625 | $805,887 | $886,476 | $975,124 | . | 40 | $120,000 | $132,000 | $145,200 | $159,720 | $175,692 | $193,261 | $212,587 | $233,846 | $257,231 | $282,954 | $311,249 | $342,374 | $376,611 | $414,273 | $455,700 | $501,270 | $551,397 | $606,536 | $667,190 | $733,909 | $807,300 | $888,030 | $976,833 | $1,074,516 | $1,181,968 | $1,300,165 | . | 50 | $150,000 | $165,000 | $181,500 | $199,650 | $219,615 | $241,577 | $265,734 | $292,308 | $321,538 | $353,692 | $389,061 | $427,968 | $470,764 | $517,841 | $569,625 | $626,587 | $689,246 | $758,171 | $833,988 | $917,386 | $1,009,125 | $1,110,037 | $1,221,041 | $1,343,145 | $1,477,460 | $1,625,206 | . | | | | | | | | | | | | | | | | | | | | | | | | | | | | . | Share Count | 325 | 328 | 332 | 335 | 338 | 342 | 345 | 348 | 352 | 355 | 359 | 363 | 366 | 370 | 374 | 377 | 381 | 385 | 389 | 393 | 397 | 401 | 405 | 409 | 413 | 417 | . | Increase | | 1% | 1% | 1% | 1% | 1% | 1% | 1% | 1% | 1% | 1% | 1% | 1% | 1% | 1% | 1% | 1% | 1% | 1% | 1% | 1% | 1% | 1% | 1% | 1% | 1% | . | | | | | | | | | | | | | | | | | | | | | | | | | | | | . | Price Per Share (40X) | $369 | $402 | $438 | $477 | $519 | $566 | $616 | $671 | $731 | $796 | $867 | $944 | $1,028 | $1,120 | $1,220 | $1,329 | $1,447 | $1,576 | $1,716 | $1,869 | $2,036 | $2,217 | $2,415 | $2,630 | $2,864 | $3,119 | . | | | | | | | | | | | | | | | | | | | | | | | | | | | | . | RETURN: | | | | | | | | | | | | | | | | | | | | | | | | | | |
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