Spotify
 

Target Price based on these Assumptions

Sustainable Free Cash Flow Calculation

Historical Numbers

Cash Flow Items ($mn) Sustainable Level
Revenue
-

Cost of goods sold

-

R&D and Cost of labor

-

Selling, general, and administrative costs

Selling & Admin. Costs

-

Other

+

Depreciation and amortization

Depreciation 

=

Earnings before interest, taxes, depreciation and amortization (EBITDA)

EBITDA

-

Maintenance capital expenditure

Maintenance Cap-Ex

=

Unlevered cash flow

-

Increases in working capital

Increases in working cap.

-

Debt service charges

-

Cash taxes

=

Discretionary cash flow

POSSIBLY WIDENING THE MOAT:
-

Growth capital expenditure

Growth Cap-Ex

-

Cash spent on acquisitions

Acquisitions

-

Other

POSSIBLE SHENANIGANS:
-

Dividends

-

Share Buybacks

=

FREE CASH FLOW

* Click on the orange dot above to read additional notes on the items

Last 12 months ending

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