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Adobe Inc.
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== Valuation (DCF) == Balance sheet (historic and forecasted) {| class="wikitable" |+ |Annual As Reported in Millions of U.S. Dollars | | | | | | | | | | |- | |2018 |2019 |2020 |2021 |2022 |2023 |2024 |2025 |2026 |2027 |- | | | | | | | | | | | |- |Total cash and cash equivalents |1,643.00 |2,650.00 |4,478.00 |3,844.00 |4,236.00 |11,486.45 |19,429.99 |28,124.06 |37,630.47 |48,018.48 |- |ST Investments |1,586.00 |1,527.00 |1,514.00 |1,954.00 |1,860.00 |1,934.40 |2,011.78 |2,092.25 |2,175.94 |2,262.97 |- |Trade receivables |1,331.00 |1,544.00 |1,408.00 |1,894.00 |2,088.00 |2,244.54 |2,413.92 |2,597.18 |2,795.44 |3,009.94 |- |Doubtful Account |(15.00) |(10.00) |(10.00) |(16.00) |(23.00) |(24.15) |(25.36) |(26.63) |(27.96) |(29.35) |- |Prepaid expenses and other current assets |268.00 |690.00 |675.00 |993.00 |835.00 |860.05 |885.85 |912.43 |939.80 |967.99 |- |Total current assets |4,813.00 |6,401.00 |8,065.00 |8,669.00 |8,996.00 |16,501.29 |24,716.18 |33,699.29 |43,513.70 |54,230.03 |- |PPE |2,525.00 |2,954.00 |3,056.00 |3,124.00 |3,477.00 |3,768.69 |4,079.83 |4,411.74 |4,765.82 |5,140.76 |- |accumulated depreciation and amortizatio |(1,406.00) |(1,569.00) |(1,458.00) |(1,451.00) |(1,569.00) |(1,830.21) |(2,103.85) |(2,390.53) |(2,690.85) |(3,005.49) |- |Operating lease right-of-use assets, net | -- | -- |487.00 |443.00 |407.00 |415.14 |423.44 |431.91 |440.55 |449.36 |- |Goodwill |10,581.00 |10,691.00 |10,742.00 |12,668.00 |12,787.00 |13,042.74 |13,303.59 |13,569.67 |13,841.06 |14,117.88 |- |other intangibles |2,068.00 |1,719.00 |1,359.00 |1,820.00 |1,449.00 |1,492.47 |1,537.24 |1,583.36 |1,630.86 |1,679.79 |- |Deferred income taxes | -- | -- |1,370.00 |1,085.00 |777.00 |777.00 |777.00 |777.00 |777.00 |777.00 |- |other assets |231.00 |656.00 |744.00 |883.00 |841.00 |724.24 |606.19 |486.79 |365.94 |243.56 |- |Total Assets |18,812.00 |20,852.00 |24,365.00 |27,241.00 |27,165.00 |34,891.36 |43,339.63 |52,569.23 |62,644.07 |73,632.90 |- | | | | | | | | | | | |- |Liabilities ($ Millions) | | | | | | | | | | |- |Trade payables |186.00 |209.00 |306.00 |312.00 |379.00 |397.95 |417.85 |438.74 |460.68 |483.71 |- |Accrued expenses |1,163.00 |1,367.00 |1,418.00 |1,736.00 |1,790.00 |1,879.50 |1,973.48 |2,072.15 |2,175.76 |2,284.54 |- |Debt |0.00 |0.00 |0.00 |0.00 |500.00 |520.00 |540.80 |562.43 |584.93 |608.33 |- |Deferred Revenue |2,916.00 |3,378.00 |3,629.00 |4,733.00 |5,297.00 |5,667.79 |6,064.54 |6,489.05 |6,943.29 |7,429.32 |- |Income taxes payable |36.00 |56.00 |63.00 |59.00 |75.00 |80.25 |85.87 |91.88 |98.31 |105.19 |- |Operating lease liabilities |0.00 |0.00 |92.00 |97.00 |87.00 |92.22 |97.75 |103.62 |109.84 |116.43 |- |Total current liabilities |4,301.00 |5,010.00 |5,508.00 |6,937.00 |8,128.00 |8,637.71 |9,180.28 |9,757.87 |10,372.79 |11,027.51 |- |Long-term liabilities: | | | | | | | | | | |- |Debt |4,115.00 |4,138.00 |4,117.00 |4,123.00 |3,629.00 |3,774.16 |3,925.13 |4,082.13 |4,245.42 |4,415.23 |- |Deferred revenue |138.00 |123.00 |130.00 |145.00 |117.00 |125.19 |133.95 |143.33 |153.36 |164.10 |- |Income taxes payable |644.00 |616.00 |529.00 |534.00 |530.00 |561.80 |595.51 |631.24 |669.11 |709.26 |- |Operating lease liabilities |252.00 |261.00 |499.00 |453.00 |417.00 |446.19 |477.42 |510.84 |546.60 |584.86 |- |Other liabilities | -- |173.00 |223.00 |252.00 |293.00 |319.37 |347.06 |376.14 |406.68 |438.77 |- |Total liabilities |9,450.00 |10,321.00 |11,006.00 |12,444.00 |13,114.00 |13,864.42 |14,659.35 |15,501.55 |16,393.97 |17,339.74 |- | | | | | | | | | | | |- |Stockholders’ equity: | | | | | | | | | | |- |Common stock | | | | | | | | | | |- |Additional paid-in-capital |5,685.00 |6,505.00 |7,357.00 |8,428.00 |9,868.00 |10,972.46 |12,107.50 |13,273.98 |14,472.79 |15,704.85 |- |Retained earnings |11,816.00 |14,829.00 |19,706.00 |23,905.00 |28,319.00 |34,451.27 |41,243.23 |48,751.30 |57,036.24 |66,163.44 |- |Accumulated other comprehensive income (loss) |(148.00) |(188.00) |(158.00) |(137.00) |(293.00) |(301.79) |(310.84) |(320.17) |(329.77) |(339.67) |- |Treasury stock |(7,991.00) |(10,615.00) |(13,546.00) |(17,399.00) |(23,843.00) |(24,095.00) |(24,359.60) |(24,637.43) |(24,929.15) |(25,235.46) |- |Total equity |9,362.00 |10,531.00 |13,359.00 |14,797.00 |14,051.00 |21,026.94 |28,680.28 |37,067.68 |46,250.10 |56,293.16 |- |Total equity and liabilities |18,812.00 |20,852.00 |24,365.00 |27,241.00 |27,165.00 |34,891.36 |43,339.63 |52,569.23 |62,644.07 |73,632.90 |- | | | | | | | | | | | |- |Check |0 |0 |0 |0 |0 |0 |0 |0 |0 |0 |} Income statement (historic and forecasted) {| class="wikitable" |+ |Annual As Reported in Millions of U.S. Dollars | | | | | | | | | | |- | |2018 |2019 |2020 |2021 |2022 |2023 |2024 |2025 |2026 |2027 |- |Revenue: | | | | | | | | | | |- |Product |622.00 |648.00 |507.00 |555.00 |532.00 |563.92 |597.76 |633.62 |671.64 |711.94 |- |Subscription |7,922.00 |9,994.00 |11,626.00 |14,573.00 |16,388.00 |17,535.16 |18,762.62 |20,076.00 |21,481.33 |22,985.02 |- |Service and Other |486.00 |529.00 |735.00 |657.00 |686.00 |720.30 |756.32 |794.13 |833.84 |875.53 |- |Total Revenue |9,030.00 |11,171.00 |12,868.00 |15,785.00 |17,606.00 |18,819.38 |20,116.69 |21,503.76 |22,986.80 |24,572.48 |- |Cost of revenue | | | | | | | | | | |- |Subscription | -- | -- |1,108.00 |1,374.00 |1,646.00 |1,695.38 |1,746.24 |1,798.63 |1,852.59 |1,908.17 |- |Products |46.00 |40.00 |36.00 |41.00 |35.00 |36.05 |37.13 |38.25 |39.39 |40.57 |- |Stock-based Compensation & Service and Support |341.00 |411.00 |578.00 |450.00 |484.00 |508.20 |533.61 |560.29 |588.31 |617.72 |- |Total cost of revenue |387.00 |451.00 |1,722.00 |1,865.00 |2,165.00 |2,239.63 |2,316.98 |2,397.16 |2,480.29 |2,566.46 |- |Gross profit |8,643.00 |10,720.00 |11,146.00 |13,920.00 |15,441.00 |16,579.75 |17,799.71 |19,106.59 |20,506.51 |22,006.02 |- |Operating expenses: | | | | | | | | | | |- |Research & Development |1,538.00 |1,930.00 |2,188.00 |2,540.00 |2,987.00 |3,136.35 |3,293.17 |3,457.83 |3,630.72 |3,812.25 |- |Sales and marketing |2,621.00 |3,245.00 |3,591.00 |4,321.00 |4,968.00 |5,141.88 |5,321.85 |5,508.11 |5,700.89 |5,900.43 |- |General and Administrative |588.00 |707.00 |776.00 |878.00 |1,030.00 |1,060.90 |1,092.73 |1,125.51 |1,159.27 |1,194.05 |- |Depreciation |157.00 |173.00 |192.00 |207.00 |189.00 |198.45 |208.37 |218.79 |229.73 |241.22 |- |Amortization of intangibles |91.00 |175.00 |162.00 |172.00 |169.00 |177.45 |186.32 |195.64 |205.42 |215.69 |- |Total operating expenses |4,995.00 |6,230.00 |6,909.00 |8,118.00 |9,343.00 |9,715.03 |10,102.44 |10,505.87 |10,926.04 |11,363.64 |- |Operating income |3,648.00 |4,490.00 |4,237.00 |5,802.00 |6,098.00 |6,864.72 |7,697.27 |8,600.72 |9,580.48 |10,642.38 |- |Interest expense |(99.00) |(157.00) |(116.00) |(113.00) |(113.00) |113.22 |117.75 |122.46 |127.36 |132.46 |- |Investment gains (losses), net |3.00 |52.00 |14.00 |16.00 |(19.00) |(19.95) |(20.95) |(21.99) |(23.09) |(24.25) |- |Other income (expense), net |50.00 |42.00 |41.00 |0.00 |42.00 |44.10 |46.31 |48.62 |51.05 |53.60 |- |Other items |(810.00) |(1,222.00) |0.00 |0.00 |0.00 |0.00 |0.00 |0.00 |0.00 |0.00 |- |Total non-operating income (expense), net |(856.00) |(1,285.00) |(61.00) |(97.00) |(90.00) |(94.50) |(99.23) |(104.19) |(109.40) |(114.87) |- |Net Income Before Taxes |2,792.00 |3,205.00 |4,176.00 |5,705.00 |6,008.00 |6,770.22 |7,598.05 |8,496.53 |9,471.08 |10,527.52 |- |Tax |15.00 |251.00 |(1,084.00) |883.00 |1,252.00 |1,354.04 |1,519.61 |1,699.31 |1,894.22 |2,105.50 |- |Net Income |2,591.00 |2,951.00 |5,260.00 |4,822.00 |4,756.00 |5,416.18 |6,078.44 |6,797.22 |7,576.87 |8,422.01 |- | | | | | | | | | | | |- |Basic Weighted Average Shares |491.00 |486.00 |481.00 |477.00 |470.00 |493.50 |518.18 |544.08 |571.29 |599.85 |- |Basic EPS |5.28 |6.07 |10.94 |10.11 |10.12 |10.98 |11.73 |12.49 |13.26 |14.04 |- |Diluted Weighted Average Shares |498.00 |492.00 |485.00 |481.00 |471.00 |494.55 |519.28 |545.24 |572.50 |601.13 |- |Diluted EPS |5.20 |6.00 |10.85 |10.02 |10.10 |10.95 |11.71 |12.47 |13.23 |14.01 |} Cash flow statement (historic and forecasted) {| class="wikitable" |+ |Annual As Reported in Millions of U.S. Dollars | | | | | | | | | | |- | |2018 |2019 |2020 |2021 |2022 |2023 |2024 |2025 |2026 |2027 |- | | | | | | | | | | | |- |Net Income |2,590.80 |2,951.50 |5,260.00 |4,822.00 |4,756.00 |5,416.18 |6,078.44 |6,797.22 |7,576.87 |8,422.01 |- |Depreciation |346.50 |736.70 |757.00 |788.00 |856.00 |898.45 |908.37 |918.79 |929.73 |941.22 |- |Reduction of operating lease right-of-use assets | -- | -- |87.00 |73.00 |83.00 |77.08 |77.23 |77.40 |77.58 |77.78 |- |Stock-based compensation |609.60 |787.70 |909.00 |1,069.00 |1,440.00 |848.72 |874.18 |900.41 |927.42 |955.24 |- |Other non-cash items |7.20 |13.80 |40.00 |7.00 |10.00 |10.50 |11.03 |11.58 |12.16 |12.76 |- |Trade receivables, net |(2.00) |(187.80) |106.00 |(430.00) |(198.00) |(167.04) |(180.40) |(194.84) |(210.42) |(227.26) |- |Prepaid expenses and other assets |(77.20) |(531.10) |(288.00) |(475.00) |(94.00) |(125.59) |(128.55) |(131.52) |(134.50) |(137.48) |- |Trade payables |54.90 |23.10 |96.00 |(20.00) |66.00 |18.95 |19.90 |20.89 |21.94 |23.03 |- |Accrued Expenses |43.80 |171.70 |86.00 |162.00 |7.00 |89.50 |93.98 |98.67 |103.61 |108.79 |- |Income taxes payable |479.20 |4.20 |(72.00) |2.00 |19.00 |37.05 |39.33 |41.74 |44.31 |47.03 |- |Deferred revenue |444.70 |497.00 |258.00 |1,053.00 |536.00 |378.98 |405.51 |433.89 |464.27 |496.77 |- |Cash from Operating Activities |4,029.40 |4,421.90 |5,727.00 |7,230.00 |7,838.00 |7,482.78 |8,199.00 |8,974.24 |9,812.94 |10,719.90 |- | | | | | | | | | | | |- |Cash Flow-Investing Activities ($ Millions) | | | | | | | | | | |- |Purchases and sales of long-term invest |(18.50) |(48.70) |(15.00) |(42.00) |(46.00) |(48.30) |(50.72) |(53.25) |(55.91) |(55.91) |- |Purchases of short-term investments |(566.10) |(699.90) |(1,071.00) |(1,533.00) |(909.00) |(954.45) |(1,002.17) |(1,052.28) |(1,104.90) |(1,160.14) |- |Proceeds from sales of short-term invest |1,709.50 |86.10 |167.00 |191.00 |270.00 |283.50 |297.68 |312.56 |328.19 |344.60 |- |Maturities of short-term investments |765.90 |699.50 |915.00 |877.00 |683.00 |717.15 |753.01 |790.66 |830.19 |871.70 |- |Purchases of property and equipment |(266.60) |(394.50) |(419.00) |(348.00) |(442.00) |(243.39) |(260.43) |(278.66) |(298.16) |(319.03) |- |Acquisitions, net of cash acquired |(6,314.40) |(100.70) |0.00 |(2,682.00) |(126.00) |0.00 |0.00 |0.00 |0.00 |0.00 |- |Proceeds from sale of long-term investments |4.90 |2.60 |9.00 |0.00 |0.00 |100.00 |100.00 |100.00 |100.00 |100.00 |- |Cash from Investing Activities |(4,685.30) |(455.60) |(414.00) |(3,537.00) |(570.00) |(145.49) |(162.63) |(180.97) |(200.59) |(218.79) |- | | | | | | | | | | | |- |Cash Flow-Financing Activities ($ Millions) | | | | | | | | | | |- |Taxes paid related to net share settlements |(393.20) |(440.00) |(681.00) |(719.00) |(518.00) |(543.90) |(571.10) |(599.65) |(629.63) |(661.11) |- |Repurchases of common stock |(2,050.00) |(2,750.00) |(3,050.00) |(3,950.00) |(6,550.00) |0.00 |0.00 |0.00 |0.00 |0.00 |- |Proceeds from re-issuance of treasury stock |191.00 |232.90 |270.00 |291.00 |278.00 |291.90 |306.50 |321.82 |337.91 |354.81 |- |Long Term Debt Issuance |2,248.30 |0.00 |3,144.00 |0.00 |0.00 |165.16 |171.77 |178.64 |185.78 |193.21 |- |Repayment of debt |(1.70) | -- |(3,150.00) |0.00 |0.00 |0.00 |0.00 |0.00 |0.00 |0.00 |- |Cash from Financing Activities |(5.60) |(2,946.10) |(3,488.00) |(4,301.00) |(6,825.00) |(86.84) |(92.83) |(99.19) |(105.94) |(113.09) |- | | | | | | | | | | | |- |Foreign Exchange Effects |(1.70) |(12.70) |3.00 |(26.00) |(51.00) | | | | | |- |Net Change in Cash |(663.20) |1,007.50 |1,828.00 |(634.00) |392.00 |7,250.45 |7,943.54 |8,694.07 |9,506.41 |10,388.01 |- | | | | | | | | | | | |- |Net Cash - Beginning Balance |2,306.10 |1,642.80 |2,650.00 |4,478.00 |3,844.00 |4,236.00 |11,486.45 |19,429.99 |28,124.06 |37,630.47 |- |Net Cash - Ending Balance |1,642.80 |2,650.20 |4,478.00 |3,844.00 |4,236.00 |11,486.45 |19,429.99 |28,124.06 |37,630.47 |48,018.48 |} Valuation {| class="wikitable" |+ |Valuation |2023 |2024 |2025 |2026 |2027 |- | |Period 1 |Period 2 |Period 3 |Period 4 |Period 5 |- |Free cash flow |7,239.39 |7,938.58 |8,695.58 |9,514.78 |10,400.86 |- |Terminal value | | | | |308,367.80 |- |Present value of cash flows |6,733.83 |6,868.51 |6,998.08 |7,122.61 |221,960.62 |- |Sum of PVs |249,683.65 | | | | |- |Debt |6,000.00 | | | | |- |Number of shares |471.00 | | | | |- |Share price estimate |542.85 | | | | |- |Market value |512.00 | | | | |- | | | | | | |- |WACC | | | | | |- |Equity |13 | | | | |- |Debt |6 | | | | |- |Total |19.00 | | | | |- |Equity |68% | | | | |- |Debt |32% | | | | |- |tax rate |20.84% | | | | |- |Cost of debt |6% | | | | |- |Cost of equity |8.80% | | | | |- |WACC |7.5% | | | | |- |Long term growth rate |4% | | | | |} __INDEX__
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