Intrinsic Valuation of EBAY
	EBAY Free Cash Flow Average and Growth over past 5Y					Key Statistics
	Year		FCF	FCF Growth
	2021		$2,213,000,000	13.14%		EPS (FY)	(3.34)		Market Cap	27B
	2020		$1,956,000,000	-24.51%		P/E Ratio	-		Total Asset	23B
	2019		$2,591,000,000	29.10%		Net Income	-2B		Total Debt	9B
	2018		$2,007,000,000	-19.07%		EBITDA	3B		Total Liab	17B
	2017		$2,480,000,000	12.73%		Opr Margin	0.2725		Debt/Equity	1.27
	2016		$2,200,000,000			PreTax Margin	-0.1918		BV/Share	16.46
	5Y Average FCF		$2,249,400,000	2.28%
						Overall Market Assumptions:
	Assumptions:					P/E for No-Growth Company:			7.00
	Perpetual Growth Rate (g):	2.50%				Historical US Bond Yield:			4.40%
	Discount Rete (WACC):	8.48%				Current US Bond Yield:			1.48%
	Forcasting Future Free Cash Flow for next 6Y					Modified Benjamin Graham's Intrinsic Value
	Year		FCF Projection
	2022		$2,263,385,566			MBG Intrinsic Value			($70.36)
	2023		$2,314,918,309
	2024		$2,367,624,350
	2025		$2,421,530,402
	2026		$2,476,663,786
	2027		$2,533,052,446
	Terminal Value		$43,399,585,330			Net Worth/Share			$9.40
	DCF Valuation			DCF Valuation "What If" Scenario Table
	Enterprise Value	$35,404,254,554				Growth Rate
	(+) Cash & Cash Equivalents	$7,323,000,000			51.07	1.50%	2.00%	2.50%	3.00%	3.50%
	(-) Total Debt	$9,432,000,000		WACC	8.38%	46.1	48.8	52.0	55.8	60.4
	Equity Value	$33,295,254,554			8.43%	45.7	48.4	51.6	55.3	59.7
	Shares Outstanding	652000000			8.48%	45.4	48.0	51.1	54.7	59.1
					8.98%	42.0	44.3	46.8	49.8	53.4
	DCF Intrinsic Value	$51.07			9.48%	39.1	41.0	43.2	45.7	48.6
© Swarnadeep Seth (2022)