Google Inc

www.InvestingSidekick.com

GOOGL

Value Report

I.S.Q. Score: 7/10

TTM EPS:
Next year EPS estimate:
Net cash* / (debt) p.s:
Net debt EBITDA:
Net debt Equity:

21.36
32.75
88.22
-

Op. profit p.s.

Jun

Sep

Dec

Mar

TTM

12M ending 2015

12M ending 2014
12M ending 2013
12M ending 2012
12M ending 2011

6.30
4.69
4.90
4.46
3.71

5.49
5.15
4.16
4.72
3.99

6.47
5.84
5.20
5.40
4.64

6.52
6.10
5.25
5.20
3.56

24.77
21.78
19.51
19.78
15.90

Operational Performance (Rolling 12 months)

Gross Margin**

SG&A %

R&D %

Net Debt / EBITDA**

Op Margin

66%

35%

1.2

64%

30%

1.0

62%

25%

ROE

ROIC
70%

60%
50%

0.8
40%

20%

60%

0.6
58%

15%

56%

10%

54%

5%

52%

0%

30%
0.4

2009

$ millions

2010

2011

20%
0.2

10%

0%

2012

2013

2014

TTM

Income Statement
Revenue

CAGR/average
5 year

10 year

67,839
23%
21,760
17%
16,828
15%
13,864
16%
21.36
16%
13,864
16%
- #DIV/0!

35%
39%
38%
43%
40%
43%
#DIV/0!

23,651
9,676
8,312
6,520
10.26
6,520
-

29,321
11,613
10,381
8,505
13.24
8,505
-

37,905
13,423
11,742
9,737
14.98
9,737
-

50,175
15,719
12,760
10,788
16.27
10,788
-

59,825
17,733
13,966
12,214
19.24
12,214
-

66,001
21,593
16,496
13,928
21.24
13,928
-

24,485
36,004
30,327
47.72

31,510
46,241
38,941
60.60

40,422
58,145
49,221
75.75

42,551
71,715
53,705
81.38

53,472
87,309
69,751
103.85

59,158
104,500
84,294
123.93

19%
24%
23%
21%

39%
43%
41%
38%

1,524
9,316
(810)
-

1,396
11,081
(4,018)
-

1,851
14,565
(3,438)
-

2,962
16,619
(3,273)
-

3,939
4,979
5,070
27%
18,659
22,376
24,602
19%
(7,358) (10,959) (11,541)
68%
- #DIV/0!

42%
37%
25%
#DIV/0!

8,506
636
49

7,063
643
53

11,127
650
52

13,346
660
57
9

11,301
672
54
6

11,417
680
52

13,061
682
46

6%
1%
54
7

33%
2%
50
7

Gross Margin

62.6%

64.5%

65.2%

58.9%

56.8%

61.1%

61.5%

61.3%

60.8%

Operating Margin

35.1%

35.4%

31.0%

25.4%

23.3%

25.0%

24.8%

28.0%

30.3%

Adjusted Net Profit Margin

27.6%

29.0%

25.7%

21.5%

20.4%

21.1%

20.4%

23.5%

24.3%

ROIC

55.1%

54.6%

51.6%

35.3%

34.3%

29.6%

27.6%

41.1%

48.5%

4.4

7.0

EBITDA
Operating Profit
Net profit (continuing)
EPS (continuing)
Adjusted net income
Dividend per share

Balance Sheet
Net cash* / (debt)
Shareholders equity
Tangible book value
TBV per share

60,201
108,448
88,495
129.68

Cash Flow
Depreciation & amortization
Net cash from operations
Net Cap Ex
Net Disposals (acquisitions)

Other Information
Free cash flow
Shares outstanding (mil)
Accts Receivable days
Inventory days

Ratios

Quick Ratio

10.1
Report updated on:

23-May-15

3.9

5.6

3.9

Share price at report date:

4.2
$554.46

4.4

5.2

Market Cap: $378,368m

*Net cash/debt is total debt offset by cash, cash equivalents and short term investments. **Plotted against Left hand axis
Investing Sidekick Ltd. All rights reserved. This report is for information purposes only and accuracy is not guaranteed. Certain financial information included in Investing Sidekick is proprietary to
Mergent, Inc. (Mergent) Copyright 2015. Reproduction of such information in any form is prohibited. Because of the possibility of human or mechanical error by Mergents sources, Mergent or
others, Mergent does not guarantee the accuracy, adequacy, completeness, timeliness or availability or for the results obtained from the use of such information.

Google Inc

www.InvestingSidekick.com

GOOGL

Value Report

EV/OP trading range

Conservative model value

Aggressive model value

Current EV/OP (TTM)

Current EV/OP 18.9

(Enterprise Value / Operating Profit)

Return on Invested Capital

70.2

Free Cash ROIC

41.1%
40.4%

(5 year average)

60.2

Free Cash Flow Operating Profit

15 years

50.2

82%
83%

10 years
5 years

40.2

% spending of FCF on
30.2

Net Acquisitions/(divestitures)

20.2

Share buybacks / (issues)

0%
0%
1%
78%
23%

Dividends
Decrease/(increase) of net debt

10.2

Other spending/(asset sales)

(cumulative last 10 years)

P/B trading range

P/B = 1

Book value p.s. 158.92

Current P/B

Tangible Book (TBV) p.s.

Net Net Curr. Assets p.s.
Net cash* / (debt) p.s.

25.9

129.68
81.13
88.22

20.9

Average annual change in

Book Value p.s.
TBV p.s.
15.9

15 years
10 years
5 years

10.9

15 years
10 years
5 years

44.2%
21.3%

Compounded annual growth in

Book Value p.s.
TBV p.s.
#N/A
#N/A
15 years
15 years
28.7%
26.1%
10 years
10 years
20.9%
19.6%
5 years
5 years

0.9

Book Value per share

Quick Ratio (Acid test)

Accounts receivable days

18,000

180

16,000

160

14,000

140

12,000

120

10,000

100

8,000

80

6,000

60

4,000

40

2,000

20

Quick Ratio

Free Cash Flow

Tangible Book Value per share

Book Value per share ($)

Operating Income

Inventory days

700%

60.0

600%

50.0

500%

40.0

400%
30.0
300%
20.0

200%

10.0

100%
0%

0.0

Inventory/Accounts receivable days

5.9

Operating Profit / FCF ($mil)

45.5%
22.1%

(Seasonally adjusted data)

Report updated on: 23-May-15

Share price at report date:

$554.46

Market Cap: $378,368m

*Net cash/debt is total debt offset by cash, cash equivalents and short term investments.
Investing Sidekick Ltd. All rights reserved. This report is for information purposes only and accuracy is not guaranteed. Certain financial information included in Investing Sidekick is proprietary to
Mergent, Inc. (Mergent) Copyright 2015. Reproduction of such information in any form is prohibited. Because of the possibility of human or mechanical error by Mergents sources, Mergent or
others, Mergent does not guarantee the accuracy, adequacy, completeness, timeliness or availability or for the results obtained from the use of such information.