Intrinsic Valuation of PYPL
	PYPL Free Cash Flow Average and Growth over past 5Y					Key Statistics
	Year		FCF	FCF Growth
	2021		$5,432,000,000	8.90%		EPS (FY)	3.52		Market Cap	96B
	2020		$4,988,000,000	29.32%		P/E Ratio	26.52		Total Asset	76B
	2019		$3,857,000,000	-17.23%		Net Income	4B		Total Debt	10B
	2018		$4,660,000,000	150.00%		EBITDA	5B		Total Liab	54B
	2017		$1,864,000,000	-25.11%		Opr Margin	0.1565		Debt/Equity	0.44
	2016		$2,489,000,000			PreTax Margin	0.1489		BV/Share	18.60
	5Y Average FCF		$4,160,200,000	29.18%
						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):	9.88%				Current US Bond Yield:			1.48%
	Forcasting Future Free Cash Flow for next 6Y					Modified Benjamin Graham's Intrinsic Value
	Year		FCF Projection
	2022		$7,016,866,673			MBG Intrinsic Value			$74.19
	2023		$9,064,141,736
	2024		$11,708,739,704
	2025		$15,124,938,405
	2026		$19,537,863,812
	2027		$25,238,325,746
	Terminal Value		$350,496,467,992			Net Worth/Share			$18.51
	DCF Valuation			DCF Valuation "What If" Scenario Table
	Enterprise Value	$240,861,985,474				Growth Rate
	(+) Cash & Cash Equivalents	$9,500,000,000			204.90	1.50%	2.00%	2.50%	3.00%	3.50%
	(-) Total Debt	$9,810,000,000		WACC	9.78%	187.9	197.4	208.2	220.7	235.1
	Equity Value	$240,551,985,474			9.83%	186.5	195.9	206.6	218.8	233.0
	Shares Outstanding	1174000000			9.88%	185.2	194.4	204.9	217.0	230.9
					10.38%	172.7	180.7	189.7	199.9	211.6
	DCF Intrinsic Value	$204.90			10.88%	161.6	168.6	176.4	185.1	195.1
Swarnadeep Seth (2022)