$2,234 22 23 Trip 24 Facebook Accenture Alphabet P&G Pinterest Snapchat Advisor Twitter Yelp 25 (FB) (ACN) (GOOGL) (PG) (PINS) (SNAP) (TRIP) (TWTR) (YELP) 26 Price Per Share $276.95 $241.78 $1,772.26 $144.47 $62.32 $40.43 $25.48 $43.48 $29.09 27 Fully Diluted Shares, Current Year 2,879 664 682 2,626 601 1,469 134 786 73 28 Market Value $797,339 29 Cash, 2020E $65,260 $8,215 $23,573 $16,181 $1,650 $863 $1,079 $8,000 $356 30 Debt, 2020E , $0 $0 $13,960 $34,720 $0 $1,881 $1,192 $4,300 $161 31 Enterprise Value $732,079 32 Revenue, 2021E $105,414 $46,546 $164,513 $74,707 $3,344 $1,137 $4,386 $982 33 Revenue, 2022E $126,750 $50,207 $189,902 $77,343 $2,761 $4,076 $1,404 $5,120 $1,033 34 EBITDA, 2021E $53,500 $8,138 $78,328 $20,807 $613 $343 $227 $1,357 $101 35 EBITDA, 2022E $66,500 $8,783 $92,427 $22,020 $1,003 $802 $326 $1,678 $122 36 EPS, 2021E $11.05 $8.00 $39.48 $5.55 $0.08 ($0.44) ($0.43) ($1.65) $0.46 37 EPS, 2022E $13.68 $8.81 $52.03 $5.95 $0.25 na na ($0.75) na 38 Non GAAP EPS, 2021E $12.77 $8.00 $55.75 $5.55 $0.92 $0.08 $0.22 $0.90 $1.65 39 Non GAAP EPS, 2022E $15.59 $8.81 $70.49 $5.95 $1.47 $0.35 $0.77 $1.14 40 $1.77 Equity, 2021E $164,528 $18,802 $259,170 $52,519 $2,787 $2,090 $876 $8,150 $766 41 Equity, 2022 $210,617 $21,106 $311,841 $54,372 $3,744 $2,612 $1,003 $8,928 $916 42 Non GAAP Net Income, 2021E $32,173 $6,878 $38,365 $14,465 $57 $132 $30 $691 $127 43 Non GAAP Net Income, 2022E $39,572 $7,523 $48,903 $15,367 $410 $585 $106 $900 $136 44 Free Cash Flow, 2021E $ 26,640 $6,277 $48,173 $15,199 $267 $208 $133 $643 $131 45 Free Cash Flow, 2022E $34,972 $7,404 $56,925 $16,179 $615 $890 $245 $976 $167 46 Source: Analyst Reports, FactSet, Businessinsider 47 48 Define the 'Comps' and Calculate the selected 'Comps' Average Multiples 49 (1) Calculate the multiples in rows 67 to 70 for columns G to N. 50 (2) In row 73, enter TRUE if the company is a comparable with FB and FALSE if not. 51 Hint. There are two companies that are not strong comparables for Facebook 52 (3) In row 74, enter TRUE if any of the multples you calculated in Step (1) are NOT anomolous, and enter FALSE if the mulitple is anomolous. 53 Hint In Part I Review (Workbook 1), we discussed Data Integrity and the challenges of encountering erroneous, outlier and irregular data. 54 Your goal is to determine if any of the companies below should be eliminated from the potential comp' group because the data is anomolous. 55 While it is not always posible to precisely define 'anomolous', if you cannot determine in this case which company is an anomoly you have made a mistake calculating the ratios. 56 In Strategic Forecasting (Workbook 9), we removed an outlier and saw a significant improvement in the relationship between capacity utilization and profitability. 57 In this exercise, you are doing something similar and 'scrubbing' the data to remove outliers that are anomalous. 58 (4) In row 75, enter an IF function with an embedded AND function that results in TRUE when row 73 and row 74 ARE both TRUE and results in FALSE if either row is FALSE. 59 Hint Look at the TRUE and FALSE in row 75 and confirm you used the correct logic. Do your answers make sense? 60 (5) In column P, calculate the average multiples for the Selected 'Comps' for rows 67 to 70. 61 Hint: Use the AVERAGEIF function to make sure you only include the correct 'comps' you have selected in row 75. 62 63 [HINT: USE FALSE IF YOU WANT TO REMOVE THE COMPANY FROM THE ANALYSIS!] 64 Trip 65 Facebook Accenture Alphabet P&G Pinterest Snapchat Advisor Twitter Yelp Selected 'Comps' 66 (ACN) (GOOGL) ( (PG) (PINS) (SNAP) (TRIP) (TWTR) (YELP) Average Multiple 67 2022E Price/Sales 6.3 68 2022E P/E (Non-GAAP) 17.8 69 2022E EV/EBITDA 11.0 70 2022 E Price/Book 3.8 71 2022E Price / Free Cash Flow 22.8 72 73 Strong Comparable? 74 Not Anomolous? 75 Selected 'Comps' (include in Relative Valuation?) 76 (FB)