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Slim Perkins, a business journalist, is a recent hire at his firm. Since he joined the firm, he has been following Facebook Inc.s (FB) initial public offering (IPO) and the stocks performance. His task is to estimate Facebooks fair market value, also referred to as intrinsic value, and compare this value with the current stock price, and recommend a buy, sell, or hold rating to investors. Slim pulls the companys consolidated financial statements to collect relevant data on the companys historical financial performance.

He notices that the company assumes a 45% marginal tax rate after the IPO, and mentions that the company projects that user rates and revenue growth will decline over time.

Slim starts his evaluation by calculating ratios of costs and expenses to revenues, interest expense to revenues, and others that will form the set of assumptions in his analysis which will be used to calculate free cash flows.

Financial Statements

Balance Sheet

2011	2010	2009
(in millions)	(in millions)	(in millions)
Assets
Cash and cash equivalents	$3,908	$1,785	$633
Receivables	547	373
Prepaid expenses and other current assets	149	88
Total current assets	$4,604	$2,246
Property and equipment, net	1,475	574	$148
Goodwill and intangible assets, net	162	96
Other assets	90	74
Total assets	$6,331	$2,990	$1,109
Liabilities and equity
Accounts payable	$63	$29
Platform partners payable	171	75
Accrued expenses and other current liabilities	296	137
Deferred revenue and deposits	90	42
Current portion of capital lease obligations	279	106
Total current liabilities	$899	$389
Capital lease obligations, less current portion	398	117
Long-term debt		250
Other liabilities	135	72
Total liabilities	1,432	828	241
Convertible preferred stock	615	615
Common stock
Additional paid-in capital	2,684	947
Accumulated other comprehensive loss	(6)	(6)
Retained earnings	1,606	606
Total stockholders equity	$4,899	$2,162	$868
Total liabilities and stockholders equity	$6,331	$2,990

Income Statement

2011	2010	2009
(in millions)	(in millions)	(in millions)
Revenue	$3,711	$1,974	$777
Costs and expenses
Cost of revenue	860	493	223
Marketing and sales	427	184	115
Research and development	388	144	87
General and administrative	280	121	90
Total costs and expenses	$1,955	$942	$515
Income from operations	$1,756	$1,032	$262
Interest and other income (expense), net:
Interest expense	$(42)	$(22)	$(10)
Other income (expense), net	(19)	(2)	2
Income before provision for income taxes	$1,695	$1,008	$254
Provision for income taxes	695	402	25
Net income	$1,000	$606	$229
Net income attributable to participating securities	332	234	107
Net income attributable to class A and class B common stockholders	$668	$372	$122

Statement of Stockholder's Equity

Balances at Dec 31
(in millions)	(in millions)	(in millions)
	2011	2010	2009
Convertible preferred stock	$615	$615	$615
Class A and Class B common stock
Additional paid-in capital	2,684	947	253
Accumulated other comprehensive loss	(6)	(6)
Retained earnings (accumulated deficit)	1,606	606
Total stockholders equity	$4,899	$2,162	$868

Statement of Cash Flows

2011	2010	2009
(in millions)	(in millions)	(in millions)
Cash flows from operating activities
Net income	$1,000	$606	$229
Adjustments to reconcile net earnings to net cash from operating activities:
Depreciation and amortization	323	139	78
Loss on write-off of assets	4	3	1
Share-based compensation	217	20	27
Other adjustments			(1)
Changes in assets and liabilities:
Accounts receivable	(174)	(209)	(112)
Prepaid expenses and other current assets	(31)	(38)	(30)
Other assets	(32)	17	(59)
Accounts payable	6	12	(7)
Platform partners payable	96	75
Accrued expenses and other current liabilities	38	20	27
Deferred revenues and deposits	49	37	1
Other liabilities	53	16	1
Net cash provided by operating activities	$1,549	$698	$155
Cash flows from investing activities
Purchases of property and equipment	$(606)	$(293)	$(33)
Purchases of marketable securities	(3,025)
Maturities of marketable securities	516
Sales of marketable securities	113
Investments in non-marketable equity securities	(3)
Acquisitions of business, net of cash acquired	(24)	(22)	3
Change in restricted cash and deposits	6	(9)	(32)
Net cash used in investing activities	$(3,023)	$(324)	$(62)
Cash flows from financing activities
Net proceeds from issuance of convertible preferred stock			$200
Net proceeds from issuance of common stock	$998	$500
Proceeds from exercise of stock options	28	6	9
Proceeds from (repayments of) long-term debt	(250)	250
Proceeds from sale and lease-back transactions	170		31
Principal payments on capital lease obligations	(181)	(90)	(48)
Excess tax benefit from share-based award activity	433	115	51
Net cash provided by financing activities	$1,198	$781	$243
Non-cash financing activities:
Property and equipment acquired under capital leases	473	217	56

Problem:

Please answer the blanks below in this table.

2012	2013	2014	2015	2016	2017	2018
(in millions)	(in millions)	(in millions)	(in millions)	(in millions)	(in millions)	(in millions)
Revenue growth rate	18%	18%	18%	18%	18%	5%	5%
Revenues	$	$	$	$	$	$	$
Total costs and expenses
Income from operations (EBIT)
Taxes
Net operating profit after taxes (NOPAT)
Operating current assets
Operating current liabilities
NOWC
Change in NOWC
Net fixed assets (plant property & equipment)
Change in net fixed assets
+ Depreciation and amortization
Capital expenditure
Free cash flow
Present value of FCF
Horizon value
Present value of horizon value
Total firm value

Please answer the following blanks.

The value of total long-term liabilities that FB reported in 2011 was _____ million, and the value of preferred stock in 2011 was _______million. Thus, using the firms value, the derived equity value will be ____________million. The company issued___________ shares of class A common stock in 2012. Thus, the value of each stock, rounded to two decimal places, is ______.

Please answer whether or not to buy, sell, or hold

According to the SEC filings, FB stocks IPO was priced at $38.00 per share. If Slim strictly follows the theoretical rules of investing, based on his analysis, what strategy would he recommend to investors interested in FBs stock as an asset in their short-term investment portfolio?

Buy, Sell, or Hold