Trillion Dollar Club

	B	C	D	E	F	G	H	I	J	K	L	M
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4	Microsoft	MSFT
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6	Year	0	1	2	3	4	5	6	7	8	9	10
7	Cash flow	65,000	71,500	78,650	86,515	95,167	104,683	115,151	126,667	139,333	153,267	168,593
8	Discounted value		66,512	68,058	69,641	71,261	72,918	74,614	76,349	78,124	79,941	81,800
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10											Terminal	3,456,162
11											Discounted	1,676,909
12	Inputs
13	Discount rate	8%
14	Starting free cash flow ($ million)	65,000
15	Forecast period growth	10.0%
16	Terminal growth	2.5%
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18	Present value of forecast period	739,219
19	Present value of terminal period	1,676,909
20	Calculated Present Value ($ million)	2,416,127
21	Current Market Value	3,966,863
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23	Upside / Downside	-39.09%
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