As of 4/30/2017

Market Cap: 730,770,638 Shares Outstanding $47.50 Stock Price $ 34,711,605,305.00

All figures in millions besides per share data

12/31/2012 12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021
Revenue 36,670.0 37,773.0 40,362.0 40,704.0 39,639.0 40,471.4 41,305.1 42,156.0 43,024.4 43,910.7
Operating Expense 36,385.0 31,067.0 30,785.0 31,708.6 32,659.8 33,639.6 34,648.8 35,688.3
Growth % 2.92% 6.41% 0.84% -2.69% 2.06% 2.06% 2.06% 2.06% 2.06%
EBITDA 3,977.0 9,637.0 8,854.0 8,762.9 8,645.3 8,516.4 8,375.6 8,222.5
% of Revenue 0.00% 0.00% 9.85% 23.68% 22.34% 21.65% 20.93% 35.00% 35.00% 35.00%
Depreciation 1,771 1,835 1,902 1971 2043 2117 2194 2273
EBIT 2,206.0 7,802.0 6,952.0 6,791.8 6,602.6 6,399.5 6,181.9 5,949.0
Taxes (38.4%) 2263.0 2608.0 2535.4 2457.4 2373.8 2284.4
EBIT(1-T) 2,206.0 7,802.0 4,689.0 4,183.7 4,067.2 3,942.1 3,808.0 3,664.6
+Dep&Amort 1771 1835 1902 1971 2043 2117 2194 2273
-NWC -682 -80 -80 -80 -80 -80
-CapEx 1,968 2,521 2249.0 2945.0 3391.0 3030 3000 2700 2900 3000
FCF Unlevered $ 2,518.00 $ 3,044.83 $ 3,029.91 $ 3,279.00 $ 3,021.81 $ 2,858.06

Terminal Value 2.00% Long Term Growth Rate

$ 72,265.66 Average Depreciation IncreaseAverage Capex Increase
1.03651226 1.15
1.03613778 1.31
3.63% 0.89
1.28
WACC Column1
Cost of Debt
Interest Rate 4.995%
Tax Rate 35%
Weight of Debt 18.98%
Weighted Cost of Debt 0.6%

Cost of Equity
Risk Free Rate 2.4%
Expected Market Return 6.3%
Beta 1.07
Weight of Equity 81.0%
Weighted Cost of Equity 5.34%

WACC 5.955%

FCF Unlevered $ 3,044.83 $ 3,029.91 $ 3,279.00 $ 3,021.81 $ 2,858.06

Discount Factor 0.943797435 0.890753598 0.84069096 0.793441972 0.748848497
PV FCF $ 2,873.70 $ 2,698.91 $ 2,756.62 $ 2,397.63 $ 2,140.26
Sum of PV FCF $ 12,867.11

Terminal Value $ 72,265.66

Discount Factor 0.7067613
PV TV $ 51,074.57

Enterprise Value $ 63,941.68

Debt 8187.00
Cash 3,249
Equity Value $ 59,003.68
Shares Outstanding 730,770,638
Implied Value Per
$ 80.74
Share