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General information
Alphabet Inc. operates as a holding company. The Company, through its subsidiaries, provides web-based search, advertisements, maps, software applications, mobile operating systems, consumer content, enterprise solutions, commerce, and hardware products.
  • Bad financial results growth rate -9.4% (average between last period year over year growth for revenue and EBITDA), there is slowdown compared to average historical growth rates (20.4%)
  • Dividend yield for the last twelve months 0.0%
  • Free cash flow yield 2.4% (LTM)
  • Share price is 55.4% higher than minimum and 12.2% lower than maximum for the last 3 years
  • The company is undervalued by EV / LTM EBITDA multiple compared to target level (19.8x vs 20.2x)
  • Fundamental value created in LTM (estimate) -11.6%
Key Financials
Ticker: GOOG
Share price, USD: 1516.62
Common stocks: 690 259 790

Dividend Yield:  0.0%
FCF Yield LTM: 2.4%
EV / LTM EBITDA: 19.8x
Last revenue growth (y/y):  -1.7%
Last growth of EBITDA (y/y):  -17.1%
Historical revenue growth:  18.9%
Historical growth of EBITDA:  21.9%
Target EV / EBITDA (hist 75% percentile): 20.2x
Fundamental value created in LTM: -11.6%
EV / LTM EBITDA mutiple calculation
Market Cap ($m): 1 046 862
Net Debt ($m): -104 937
EV (Enterprise Value): 941 925
EBITDA LTM ($m): 47 692
EV / LTM EBITDA: 19.8x

Revenue and EBITDA

Quarterly values ($m)

Change (y/y)

Cash Flow

Free Cash Flow ($m)

Net Debt / Cash and Equivalents ($m)

Share price and dividends

Share price

Payment USD per share

Multiple and potential

EV / LTM EBITDA and 75% percentile

Potential dynamics

Value Creation

Fundamental Value Creation is calculated as ratio of value created in the last period to current market cap of the company.

The fundamental value can be created in two ways:
• cash generation in form of dividend payments or debt reduction or share buybacks
growth of the company enterprise value through improving financial results

The growth of enterprise value in the last period is estimated as product of:
• annualized increase of EBITDA in the last reporting period year over year
• relevant EV/EBITDA multiple (average between actual EV/EBITDA for the company and average general level of 10.0x is applied)

Parameter
#
Formula
Value
    
    
            EBITDA (pre LTM Q)
(1)
12 442
            EBITDA (last Q)
(2)
10 313
            EBITDA LTM
(3)
47 692
    
    
        EBITDA LTM / last Q
(4)
(3) / (2)
4.624
    Gain of EBITDA (mln $)
(5)
( (2)-(1) ) * (4)
-9 845
    
    
            EV
(6)
941 925
        Mult
(7)
(6) / (3)
19.8x
        Mult common
(8)
const
10.0x
    Mult avg
(9)
avgerage
14.9x
    
    
    Equity+
(10)
(5) * (9)
-146 452
    FCF LTM
(11)
25 249
    
    
Value+
(12)
(10) + (11)
-121 203
Cap
(13)
1 046 862
    
    
Fundamental value creation
(14)
(12) / (13)
-11.6%

Potential

EBITDA LTM       47 692
 
EBITDA E       44 831
Mult aim       20.2x
 
EV E       903 795
NetDebt corr       -113 307
 
Cap E       1 017 102
Cap       1 046 862
Growth potential            -2.8%

Website traffic (visits bln/month) google.com

Three months progress: 7.8%