Intrinsic Valuation of MSFT
	MSFT Free Cash Flow Average and Growth over past 5Y					Key Statistics
	Year		FCF	FCF Growth
	2021		$56,118,000,000	24.06%		EPS (FY)	8.05		Market Cap	1981B
	2020		$45,234,000,000	18.23%		P/E Ratio	27.36		Total Asset	345B
	2019		$38,260,000,000	18.63%		Net Income	61B		Total Debt	82B
	2018		$32,252,000,000	2.79%		EBITDA	96B		Total Liab	192B
	2017		$31,378,000,000	25.60%		Opr Margin	0.4256		Debt/Equity	0.48
	2016		$24,982,000,000			PreTax Margin	0.4291		BV/Share	18.88
	5Y Average FCF		$40,648,400,000	17.86%
						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):	9.03%				Current US Bond Yield:			1.48%
	Forcasting Future Free Cash Flow for next 6Y					Modified Benjamin Graham's Intrinsic Value
	Year		FCF Projection
	2022		$66,141,301,953			MBG Intrinsic Value			$169.76
	2023		$77,954,877,651
	2024		$91,878,489,994
	2025		$108,289,015,105
	2026		$127,630,643,399
	2027		$150,426,902,660
	Terminal Value		$2,361,049,231,564			Net Worth/Share			$20.25
	DCF Valuation			DCF Valuation "What If" Scenario Table
	Enterprise Value	$1,735,186,155,188				Growth Rate
	(+) Cash & Cash Equivalents	$130,334,000,000			236.28	1.50%	2.00%	2.50%	3.00%	3.50%
	(-) Total Debt	$82,278,000,000		WACC	8.93%	215.3	226.9	240.3	255.9	274.5
	Equity Value	$1,783,242,155,188			8.98%	213.7	225.1	238.3	253.6	271.8
	Shares Outstanding	7547000000			9.03%	212.2	223.4	236.3	251.4	269.2
					9.53%	197.7	207.3	218.2	230.7	245.4
	DCF Intrinsic Value	$236.28			10.03%	185.0	193.2	202.5	213.1	225.3
Swarnadeep Seth (2022)