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Enter Financial Data Here (in Millions).
Get it from Morningstar.com or other Finance Sites. Then Press F9 to Update the Values.

MSFT 2010 2011 2012 2013 2014 TTM

Revenues $62,484 $69,943 $73,723 $77,849 $86,833 $91,505
Cost of Revenues 12,395 15,577 17,530 20,249 26,934 30,093

Gross Income 50,089 54,366 56,193 57,600 59,899 61,412

Operating Income 24,098 27,161 21,763 26,764 27,759 27,077
Net Income From Total Operations 18,760 23,150 16,978 21,863 22,074 21,370
Total Basic EPS 2.13 2.73 2.02 2.61 2.66 2.58
Fully Diluted EPS 2.10 2.69 2.00 2.58 2.63 2.55

Total Current Assets $ 55,676.0 $ 74,918.0 $ 85,084.0 $ 101,466.0 $ 114,246.0 $ 112,439.0

Total Assets $ 86,113.0 $ 108,704.0 $ 121,271.0 $ 142,431.0 $ 172,384.0 $ 169,656.0

Total Current Liabilities $ 26,147.0 $ 28,774.0 $ 32,688.0 $ 37,417.0 $ 45,625.0 $ 44,694.0

Total Liabilities $ 39,938.0 $ 51,621.0 $ 54,908.0 $ 63,487.0 $ 82,600.0 $ 79,486.0

Total Equity $ 46,175.0 $ 57,083.0 $ 66,363.0 $ 78,944.0 $ 89,784.0 $ 90,170.0
Total Liabilities & Equity $ 86,113.0 $ 108,704.0 $ 121,271.0 $ 142,431.0 $ 172,384.0 $ 169,656.0

Cash from Operations $ 24,073.0 $ 26,994.0 $ 31,626.0 $ 28,833.0 $ 32,231.0 $ 32,380.0

Free Cash Flow $ 22,096.0 $ 24,639.0 $ 29,321.0 $ 24,576.0 $ 26,746.0 $ 26,844.0

 Press F9 to refresh values
Jae Jun:
Ticker MSFT Enter ticker and
Depending on the moat use
data into yellow
12/8/2017 Price Shares Out boxes only either 25% or 50%. 25% if the
$46.67 8,242.9 company has a wide moat and
50% is little of no moat.
Click for Stats from Desired MOS Growth Discount %
Yahoo 25% 10.0% 9.0%

Fair Value Buy under MOS A discussion on discount rates can be found at
http://www.oldschoolvalue.com/blog/investing-strategy/explaining-
$53.04 $39.78 12% discount-rates/
all figures in $Mil
Income Sheet Data 2010 2011 2012 2013 2014
Revenue $ 62,484.0 $ 69,943.0 $ 73,723.0 $ 77,849.0 $ 86,833.0
Gross Profit $ 50,089.0 $ 54,366.0 $ 56,193.0 $ 57,600.0 $ 59,899.0
Operating Income $ 24,098.0 $ 27,161.0 $ 21,763.0 $ 26,764.0 $ 27,759.0
Net Income $ 18,760.0 $ 23,150.0 $ 16,978.0 $ 21,863.0 $ 22,074.0
Diluted EPS $ 2.10 $ 2.69 $ 2.00 $ 2.58 $ 2.63

Cash Flow Data 2010 2011 2012 2013 2014

Cash from Operations $ 24,073.0 $ 26,994.0 $ 31,626.0 $ 28,833.0 $ 32,231.0
Free Cash Flow $ 22,096.0 $ 24,639.0 $ 29,321.0 $ 24,576.0 $ 26,746.0

Multi-Year Performance over 5 Years

2010-2014 2010-2013 2011-2014 2010-2012 2011-2013 2012-2014 2013-2014 Median
Shareholder Equity 18.1% 19.6% 16.3% 19.9% 17.6% 16.3% 13.7% 17.6%
Free Cash Flow 4.9% 3.6% 2.8% 15.2% -0.1% -4.5% 8.8% 3.6%
Revenue Growth 8.6% 7.6% 7.5% 8.6% 5.5% 8.5% 11.5% 8.5%
Earnings Growth 5.8% 7.1% -0.8% -2.5% -2.1% 14.7% 1.8% 1.8%
Cash from Ops Growth 7.6% 6.2% 6.1% 14.6% 3.4% 1.0% 11.8% 6.2%
 Projection of future Free Cash Flow
2015 2016 2017 2018 2019 2020 2021 2022 2023
Growing at 10.0% $ 29,421 $ 32,363 $ 35,599 $37,754.16 $41,152.04 $44,855.72 $48,892.73 $49,872.87 $53,912.58
2025 2026 2027 2028 2029 2030 2031 2032 2033
Growing at 2% $59,445.08 $60,633.99 $61,846.67 $63,083.60 $64,345.27 $65,632.18 $66,944.82 $68,283.72 $69,649.39

Company Valuation For more detailed instructions, refer to the following links.
Total Value $437,181.65 http://www.youtube.com/watch?v=uvyp1oMl_Wg
Shares Outstanding 8,242.9 http://www.oldschoolvalue.com/blog/valuation-methods/how-value-stocks-dcf/
Per Share Value $ 53.04
Margn of Safety 25%
Purchase Price $ 39.78
Current Price $ 46.67
Actual Discount 12%
Projection of future Free Cash Flow
2024
$58,279.49
2034
$71,042.38