| Intrinsic Valuation of: ZM | |||||||||||
| Free Cash Flow Average and Growth over past 5Y | Key Statistics | ||||||||||
| Year | FCF | FCF (FCF/Revenue) | |||||||||
| 2020 | - | - | EPS (FY) | 3 | Market Cap | $23B | |||||
| 2021 | - | - (-) | P/E Ratio | 23 | Total Asset | $11B | |||||
| 2022 | $1B | - (-) | Net Income | $1B | Total Debt | $0 | |||||
| 2023 | $1B | -19.5% (-24.9%) | EBITDA | $936M | Total Liab | $2B | |||||
| 2024 | $1B | 25.2% (21.5%) | Opr Margin | 0.17 | Debt/Equity | - | |||||
| 2025 | $2B | 22.9% (19.2%) | PreTax Margin | 17.43 | BV/Share | 33 | |||||
| 5Y Average FCF | $1B | 9.5% (5.3%) | |||||||||
| Overall Market Assumptions: | |||||||||||
| Assumptions: | P/E for No-Growth Company: | 7.0 | |||||||||
| Perpetual Growth Rate (g): | 2.5% | Historical US Bond Yield: | 4.4% | ||||||||
| Discount Rate (WACC): | 7.4% | Current US Bond Yield: | 3.5% | ||||||||
| Forcasting Future Free Cash Flow for next 6Y | Modified Benjamin Graham's Intrinsic Value | ||||||||||
| Year | FCF Projection (9.5%) | ||||||||||
| 2026 | $2B | MBG Intrinsic Value | $30 | ||||||||
| 2027 | $2B | ||||||||||
| 2028 | $2B | ||||||||||
| 2029 | $3B | ||||||||||
| 2030 | $3B | ||||||||||
| 2031 | $3B | ||||||||||
| Terminal Value | $65B | Net Worth/Share | $34 | ||||||||
| DCF Valuation | DCF Valuation "What If" Scenario Table | ||||||||||
| Enterprise Value | $54B | Growth Rate | |||||||||
| (+) Cash & Cash Equivalents | $1B | $212 | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | ||||
| (-) Total Debt | $0 | WACC | 7.3% | 187 | 200 | 217 | 237 | 262 | |||
| Equity Value | $55B | 7.4% | 185 | 198 | 214 | 234 | 259 | ||||
| Shares Outstanding | 260,280,000 | 7.4% | 184 | 197 | 212 | 232 | 256 | ||||
| 7.9% | 169 | 180 | 193 | 208 | 227 | ||||||
| DCF Intrinsic Value | $212 | 8.4% | 157 | 166 | 176 | 189 | 204 | ||||
| Analyzed by QuantJuice (2025) | |||||||||||