Financials Alphabet Inc.

Equities

GOOGL

US02079K3059

Internet Services

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163.24 ^USD	+0.72%		162.98	-0.16%

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Projected Income Statement: Alphabet Inc.

Fiscal Period: Dezember	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	161,857	182,527	257,637	282,836	307,394	347,313	386,891	429,480
Change	-	12.77%	41.15%	9.78%	8.68%	12.99%	11.4%	11.01%
EBITDA ¹	58,503	67,912	106,531	110,132	118,699	146,921	168,586	191,307
Change	-	16.08%	56.87%	3.38%	7.78%	23.78%	14.75%	13.48%
EBIT ¹	34,231	41,224	78,714	74,842	84,293	108,699	124,016	140,123
Change	-	20.43%	90.94%	-4.92%	12.63%	28.95%	14.09%	12.99%
Interest Paid ¹	-100	-135	-346	-3,514	1,424	-4,329	-4,577	-6,069
Earnings before Tax (EBT) ¹	39,625	48,082	90,734	71,328	85,717	112,810	126,995	143,355
Change	-	21.34%	88.71%	-21.39%	20.17%	31.61%	12.57%	12.88%
Net income ¹	34,343	40,269	76,033	59,972	73,795	95,318	106,981	120,886
Change	-	17.26%	88.81%	-21.12%	23.05%	29.17%	12.24%	13%
Announcement Date	2/3/20	2/2/21	2/1/22	2/2/23	1/30/24	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2019 Q3	2019 Q4	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2
Net sales ¹	40,499	46,075	41,159	38,297	46,173	56,898	55,314	61,880	65,118	75,325	68,011	69,685	69,092	76,048	69,787	74,604	76,693	86,310	80,539	84,742	86,212	95,675	89,712	94,446	96,037	107,009	101,733	103,089
Change	-	13.77%	-10.67%	-6.95%	20.57%	23.23%	-2.78%	11.87%	5.23%	15.67%	-9.71%	2.46%	-0.85%	10.07%	-8.23%	6.9%	2.8%	12.54%	-6.69%	5.22%	1.74%	10.98%	-6.23%	5.28%	1.69%	11.42%	-4.93%	1.33%
EBITDA ¹	14,718	15,324	14,276	13,098	17,808	22,599	22,935	26,109	28,209	29,278	28,380	28,134	26,157	27,461	25,885	31,009	30,886	32,672	34,149	36,998	36,424	39,585	39,303	42,086	41,521	45,086	-	-
Change	-	4.12%	-6.84%	-8.25%	35.96%	26.9%	1.49%	13.84%	8.04%	3.79%	-3.07%	-0.87%	-7.03%	4.99%	-5.74%	19.8%	-0.4%	5.78%	4.52%	8.34%	-1.55%	8.68%	-0.71%	7.08%	-1.34%	8.58%	-100%	-
EBIT ¹	9,177	9,266	7,977	6,383	11,213	15,651	16,437	19,361	21,031	21,885	20,094	19,453	17,135	18,160	17,415	21,838	21,343	23,697	25,472	27,425	26,505	29,240	28,748	30,775	30,549	33,840	33,180	34,463
Change	-	0.97%	-13.91%	-19.98%	75.67%	39.58%	5.02%	17.79%	8.63%	4.06%	-8.18%	-3.19%	-11.92%	5.98%	-4.1%	25.4%	-2.27%	11.03%	7.49%	7.67%	-3.35%	10.32%	-1.68%	7.05%	-0.73%	10.77%	-1.95%	3.87%
Charge d'intérêts	-23	-17	-21	-13	-48	-53	-76	-76	-77	-	-	-	-902	-1,013	790	65	-146	715	2,843	-	-	-36	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	8,628	10,704	7,757	8,277	13,359	18,689	21,283	21,985	23,064	24,402	18,934	19,014	16,233	17,147	18,205	21,903	21,197	24,412	28,315	27,551	27,186	29,879	29,616	31,669	31,389	35,094	34,198	35,337
Change	-	24.06%	-27.53%	6.7%	61.4%	39.9%	13.88%	3.3%	4.91%	5.8%	-22.41%	0.42%	-14.63%	5.63%	6.17%	20.31%	-3.22%	15.17%	15.99%	-2.7%	-1.32%	9.9%	-0.88%	6.93%	-0.88%	11.8%	-2.55%	3.33%
Net income ¹	7,068	10,671	6,836	6,959	11,247	15,227	17,930	18,525	18,936	20,642	16,436	16,002	13,910	13,624	15,051	18,368	19,689	20,687	23,662	23,619	22,893	25,142	24,899	26,633	26,416	29,609	28,384	29,330
Change	-	50.98%	-35.94%	1.8%	61.62%	35.39%	17.75%	3.32%	2.22%	9.01%	-20.38%	-2.64%	-13.07%	-2.06%	10.47%	22.04%	7.19%	5.07%	14.38%	-0.18%	-3.07%	9.82%	-0.97%	6.96%	-0.81%	12.09%	-4.14%	3.33%
Announcement Date	10/28/19	2/3/20	4/28/20	7/30/20	10/29/20	2/2/21	4/27/21	7/27/21	10/26/21	2/1/22	4/26/22	7/26/22	10/25/22	2/2/23	4/25/23	7/25/23	10/24/23	1/30/24	4/25/24	7/23/24	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Alphabet Inc.

balance-sheet-analysis-chart ALPHABET-INC

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-115,121	-122,762	-124,832	-99,061	-97,663	-92,668	-110,397	-143,448
Change	-	-206.64%	-201.69%	-179.36%	-198.59%	-194.89%	-219.13%	-229.94%
Announcement Date	2/3/20	2/2/21	2/1/22	2/2/23	1/30/24	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Alphabet Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
CAPEX ¹	23,548	22,281	24,640	31,485	32,251	50,273	54,446	57,781
Change	-	-5.38%	10.59%	27.78%	2.43%	55.88%	8.3%	6.13%
Free Cash Flow (FCF) ¹	30,972	42,843	67,012	60,010	69,495	76,012	91,891	106,416
Change	-	38.33%	56.41%	-10.45%	15.81%	9.38%	20.89%	15.81%
Announcement Date	2/3/20	2/2/21	2/1/22	2/2/23	1/30/24	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Alphabet Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Profitability
EBITDA Margin (%)	36.14%	37.21%	41.35%	38.94%	38.61%	42.3%	43.57%	44.54%
EBIT Margin (%)	21.15%	22.59%	30.55%	26.46%	27.42%	31.3%	32.05%	32.63%
EBT Margin (%)	24.48%	26.34%	35.22%	25.22%	27.89%	32.48%	32.82%	33.38%
Net margin (%)	21.22%	22.06%	29.51%	21.2%	24.01%	27.44%	27.65%	28.15%
FCF margin (%)	19.14%	23.47%	26.01%	21.22%	22.61%	21.89%	23.75%	24.78%
FCF / Net Income (%)	90.18%	106.39%	88.14%	100.06%	94.17%	79.75%	85.89%	88.03%
Profitability
ROA	14.39%	13.52%	22.4%	16.55%	19.23%	21.8%	21.37%	20.66%
ROE	19.31%	19%	32.07%	23.62%	29.73%	29.87%	28.15%	26.05%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	14.55%	12.21%	9.56%	11.13%	10.49%	14.47%	14.07%	13.45%
CAPEX / EBITDA (%)	40.25%	32.81%	23.13%	28.59%	27.17%	34.22%	32.3%	30.2%
CAPEX / FCF (%)	76.03%	52.01%	36.77%	52.47%	46.41%	66.14%	59.25%	54.3%
Items per share
Cash flow per share ¹	3.902	4.74	6.762	7.121	7.998	10.57	11.86	13.32
Change	-	21.45%	42.68%	5.3%	12.31%	32.13%	12.21%	12.37%
Dividend per Share ¹	-	-	-	-	-	0.6002	0.8125	0.895
Change	-	-	-	-	-	-	35.37%	10.15%
Book Value Per Share ¹	14.63	16.48	19	19.93	22.27	26.1	30.96	36.25
Change	-	12.62%	15.31%	4.91%	11.74%	17.18%	18.62%	17.09%
EPS ¹	2.458	2.93	5.61	4.56	5.8	7.653	8.706	10.06
Change	-	19.22%	91.43%	-18.72%	27.19%	31.94%	13.76%	15.58%
Nbr of stocks (in thousands)	13,793,749	13,528,525	13,275,280	12,943,000	12,516,000	12,310,000	12,310,000	12,310,000
Announcement Date	2/3/20	2/2/21	2/1/22	2/2/23	1/30/24	-	-	-