FOR YEAR BEFORE

LONG TERM DEBT UNDERBALANCE SHEET

NET CASH OPERATIONS UNDER BALANCE SHEET
OPERATING CASH FLOW UNDER CASH FLOW

DISCOUNT FACTOR = 1/ (1+Dr) for 1st year 1/(1+Dr)^2 for 2nd.....

intrinsic value is at the total cash flow projected

FINVIZ EPS NEST/PAST 5 YRS

Name of stock AMZN

Morningstar Operating cash flow current 30723
Morningstar Total debt (Short term + LT debt) 23495
Morningstar Cash and short term investments 41250
REUTERS Cash flow growth rate (yr 1-5) 50%
Estimate Cash flow growth rate (yr 6-10) 20%
No of shares oustanding 492.8

Year 2020 2021

Year 1 2
CASH FLOW PROJECTED 45930.885 68666.673075
DISCOUNT FACTOR 0.9174311927 0.8416799933
DISCOUNTED VALUE 42138.4266055046 57795.3649314031

Name of stock INARI

Morningstar Operating cash flow current 277.8
Morningstar Total debt (Short term + LT debt) 23
Morningstar Cash and short term investments 303
REUTERS Cash flow growth rate (yr 1-5) 25%
Estimate Cash flow growth rate (yr 6-10) 20%
No of shares oustanding 3178

Year 2020 2021

Year 1 2
CASH FLOW PROJECTED 347.25 434.0625
DISCOUNT FACTOR 0.9174311927 0.8416799933
DISCOUNTED VALUE 318.5779816514 365.3417220773
 Name of stock GDEX
Morningstar Operating cash flow current 27
Morningstar Total debt (Short term + LT debt) 0
Morningstar Cash and short term investments 529
REUTERS Cash flow growth rate (yr 1-5) 45%
Estimate Cash flow growth rate (yr 6-10) 40%
No of shares oustanding 5425

Year 2020 2021

Year 1 2
CASH FLOW PROJECTED 39.15 56.7675
DISCOUNT FACTOR 0.9615384615 0.924556213
DISCOUNTED VALUE 37.6442307692 52.4847448225
 PV of 10yr cash flows 1441149.2
Intrinsic value before cash/debt 2924.4098
Less debt per share 47.6765422
plus cash per share 83.7053571
Final intrinsic value per share 2960.43862

Current year 2019

Discount rate 9%

2022 2023 2024 2025 2026 2027

3 4 5 6 7 8
102656.676247125 153471.730989452 229440.238 275328.3 330393.9 396472.7
0.7721834801 0.7084252111 0.64993139 0.596267 0.547034 0.501866
79269.789516007 108723.243418744 149120.412 164169.3 180736.8 198976.3

PV of 10yr cash flows 5844.5

Intrinsic value before cash/debt 1.83904947
Less debt per share 0.00723726
plus cash per share 0.09534298
Final intrinsic value per share 1.9271552

Current year 2019

Discount rate 9%

2022 2023 2024 2025 2026 2027

3 4 5 6 7 8
542.578125 678.22265625 847.77832 1017.334 1220.801 1464.961
0.7721834801 0.7084252111 0.64993139 0.596267 0.547034 0.501866
418.9698647675 480.4700284031 550.997739 606.603 667.8198 735.2145
 PV of 10yr cash flows 2299.7
Intrinsic value before cash/debt 0.42391171
Less debt per share 0
plus cash per share 0.09751152
Final intrinsic value per share 0.52142323

Current year 2019

Discount rate 4%

2022 2023 2024 2025 2026 2027

3 4 5 6 7 8
82.312875 119.35366875 173.06282 242.2879 339.2031 474.8844
0.8889963587 0.854804191 0.82192711 0.790315 0.759918 0.73069
73.1758461467 102.0240162623 142.245023 191.4837 257.7665 346.9934
 2028 2029
9 10
475767.3 570920.7
0.460428 0.422411
219056.5 241163.1

EPS GROWTH RATE

YEAR 2018 2017 2016 2015 2014 2013
EPS 7.84 7.17 4.66 4.8 3.12 1.32
GROWTH RATE 0.093445 0.538627 -0.02917 0.538462 1.363636
AVRG 0.501001

2028 2029
9 10
1757.953 2109.544
0.460428 0.422411
809.4105 891.0941
 2028 2029
9 10
664.8381 930.7734
0.702587 0.675564
467.1065 628.7971