Alphabet

Google's Cash & Cash Equivalents remain unchanged yoy at USD mil in 4Q2019

By Helgi Analytics - October 12, 2020

Alphabet's total assets reached USD 275,909 mil at the end of 4Q2019, up 18.5% compared to the previous year. Curr...

Google's Cash & Cash Equivalents rose 9.65% yoy to USD 119,675 mil in 2019

By Helgi Analytics - April 2, 2020

Alphabet's total assets reached USD 275,909 mil at the end of 2019, up 18.5% compared to the previous year. Curren...

Profit Statement 2017 2018 2019
Sales 110,855 136,819 161,857
Gross Profit USD mil 65,272 77,270 89,961
EBITDA 35,797 42,833 49,529
EBIT 28,882 33,798 35,928
Financing Cost USD mil -1,203 -1,764 -2,327
Pre-Tax Profit USD mil 27,193 34,913 39,625
Net Profit USD mil 12,662 30,736 34,343
Dividends USD mil 0 0 0
Balance Sheet 2017 2018 2019
Total Assets USD mil 197,295 232,792 275,909
Non-Current Assets USD mil 72,987 97,116 123,331
Current Assets USD mil 124,308 135,676 152,578
Working Capital USD mil 15,948 17,567 20,764
Shareholders' Equity USD mil 152,502 177,628 201,442
Liabilities USD mil 44,793 55,164 74,467
Total Debt USD mil 3,969 4,012 15,967
Net Debt USD mil -97,902 -105,128 -103,708
Ratios 2017 2018 2019
ROE % 8.69 18.6 18.1
ROCE % 15.5 30.2 26.5
Gross Margin % 58.9 56.5 55.6
EBITDA Margin % 32.3 31.3 30.6
EBIT Margin % 26.1 24.7 22.2
Net Margin % 11.4 22.5 21.2
Net Debt/EBITDA -2.73 -2.45 -2.09
Net Debt/Equity % -0.642 -0.592 -0.515
Cost of Financing % -30.4 -44.2 -23.3
Valuation 2017 2018 2019
Market Capitalisation USD mil 729,275 723,341 921,949
Enterprise Value (EV) USD mil 631,373 618,213 818,241
Number Of Shares mil 751 750 745
Share Price USD 971 964 1,237
EV/EBITDA 17.6 14.4 16.5
EV/Sales 5.70 4.52 5.06
Price/Earnings (P/E) 57.6 23.5 26.8
Price/Book Value (P/BV) 4.78 4.07 4.58
Dividend Yield % 0 0 0

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summary Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
income statement                                          
Sales                             55,519 66,001 74,989 90,272 110,855    
Gross Profit USD mil                             33,565 40,688 46,825 55,134 65,272    
EBIT                             15,544 16,877 19,360 23,716 28,882    
Net Profit USD mil                             12,733 14,136 16,348 19,478 12,662    
ROE % ... ... ...                       16.0 14.8 14.6 15.0 8.69    
EBIT Margin %                             28.0 25.6 25.8 26.3 26.1    
Net Margin %                             22.9 21.4 21.8 21.6 11.4    
balance sheet                                          
Total Assets USD mil ... ... ...                       110,920 129,187 147,461 167,497 197,295    
Non-Current Assets USD mil ... ... ...                       38,034 50,531 57,347 62,089 72,987    
Current Assets USD mil ... ... ...                       72,886 78,656 90,114 105,408 124,308    
Shareholders' Equity USD mil ... ... ...                       87,309 103,860 120,331 139,036 152,502    
Liabilities USD mil ... ... ...                       23,611 25,327 27,130 28,461 44,793    
Non-Current Liabilities USD mil ... ... ...                       7,703 8,548 7,820 11,705 20,610    
Current Liabilities USD mil ... ... ...                       15,908 16,779 19,310 16,756 24,183    
Net Debt/EBITDA ... ... ...                       -2.74 -2.71 -2.78 -2.76 -2.73    
Net Debt/Equity % ... ... ...                       -0.612 -0.570 -0.564 -0.593 -0.642    
Cost of Financing % ... ... ... ...       ... ... ... ... ...     -12.7 -12.3 -17.1 -23.9 -30.4    
cash flow                                          
Total Cash From Operations USD mil ... ...                         18,659 22,376 26,572 36,036 37,091    
Total Cash From Investing USD mil ... ...                         -13,679 -21,055 -23,711 -31,165 -31,401    
Total Cash From Financing USD mil ... ...                         -857 -1,439 -4,225 -8,332 -8,298    
Net Change In Cash USD mil ... ...                         4,123 -118 -1,364 -3,461 -2,608    
valuation                                          
Market Capitalisation USD mil                             376,371 359,377 527,687 540,170 729,275    
Number Of Shares mil                             737 742 745 748 751    
Share Price USD                             511 484 709 723 971    
Earnings Per Share (EPS) USD                             17.3 19.1 22.0 26.1 16.9    
Book Value Per Share USD ... ... ...                       118 140 162 186 203    
Dividend Per Share USD   ... ...                       0 0 0 0 0    
Price/Earnings (P/E)                             29.6 25.4 32.3 27.7 57.6    
Price/Book Value (P/BV) ... ... ...                       4.31 3.46 4.39 3.89 4.78    
Dividend Yield % ... ... ... ... ...                   0 0 0 0 0    
Earnings Per Share Growth % ...                           6.95 10.3 15.2 18.7 -35.3    
Book Value Per Share Growth % ... ... ... ...                     9.79 18.1 15.4 15.1 9.22    
income statement Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
income statement                                          
Sales                             55,519 66,001 74,989 90,272 110,855    
Cost of Goods & Services USD mil                             21,954 25,313 28,164 35,138 45,583    
Gross Profit USD mil                             33,565 40,688 46,825 55,134 65,272    
EBITDA                             19,483 21,856 24,423 29,860 35,797    
Depreciation USD mil                             2,781 3,523 4,132 5,267 6,103    
EBIT                             15,544 16,877 19,360 23,716 28,882    
Financing Cost USD mil                     ... ...     -685 -645 -895 -1,096 -1,203    
Extraordinary Cost USD mil                     ... ...     330 263 604 662 2,892    
Pre-Tax Profit USD mil                             15,899 17,259 19,651 24,150 27,193    
Tax USD mil                             2,739 3,639 3,303 4,672 14,531    
Minorities USD mil                             0 0 0 0 0    
Net Profit USD mil                             12,733 14,136 16,348 19,478 12,662    
Dividends USD mil   ... ...                       0 0 0 0 0    
growth rates                                          
Total Revenue Growth % ...                           20.6 18.9 13.6 20.4 22.8    
EBITDA Growth % ...                           16.0 12.2 11.7 22.3 19.9    
EBIT Growth % ...                           12.4 8.58 14.7 22.5 21.8    
Pre-Tax Profit Growth % ...                           9.88 8.55 13.9 22.9 12.6    
Net Profit Growth % ...                           18.6 11.0 15.6 19.1 -35.0    
ratios                                          
ROE % ... ... ...                       16.0 14.8 14.6 15.0 8.69    
ROCE % ... ... ... ...                     30.1 27.4 26.0 27.5 15.5    
Gross Margin %                             60.5 61.6 62.4 61.1 58.9    
EBITDA Margin %                             35.1 33.1 32.6 33.1 32.3    
EBIT Margin %                             28.0 25.6 25.8 26.3 26.1    
Net Margin %                             22.9 21.4 21.8 21.6 11.4    
Payout Ratio %   ... ...                       0 0 0 0 0    
Cost of Financing % ... ... ... ...       ... ... ... ... ...     -12.7 -12.3 -17.1 -23.9 -30.4    
Net Debt/EBITDA ... ... ...                       -2.74 -2.71 -2.78 -2.76 -2.73    
balance sheet Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
balance sheet                                          
Non-Current Assets USD mil ... ... ...                       38,034 50,531 57,347 62,089 72,987    
Property, Plant & Equipment USD mil ... ... ...                       16,524 23,883 29,016 34,234 42,383    
Intangible Assets USD mil ... ... ...                       17,558 20,206 19,716 19,775 19,439    
Goodwill USD mil ... ... ... ...                     11,492 15,599 15,869 16,468 16,747    
Current Assets USD mil ... ... ...                       72,886 78,656 90,114 105,408 124,308    
Inventories USD mil ... ... ...                       426 0 491 268 749    
Receivables USD mil ... ... ...                       8,882 9,383 11,556 14,137 18,336    
Cash & Cash Equivalents USD mil ... ... ...                       58,717 64,395 73,066 86,333 101,871    
Total Assets USD mil ... ... ...                       110,920 129,187 147,461 167,497 197,295    
Shareholders' Equity USD mil ... ... ...                       87,309 103,860 120,331 139,036 152,502    
Of Which Minority Interest USD mil ... ... ...                       0 0 0 0 0    
Liabilities USD mil ... ... ...                       23,611 25,327 27,130 28,461 44,793    
Non-Current Liabilities USD mil ... ... ...                       7,703 8,548 7,820 11,705 20,610    
Long-Term Debt USD mil ... ... ...                       2,236 3,228 1,995 3,935 3,969    
Deferred Tax Liabilities USD mil ... ... ... ... ... ... ... ... ... ...   ...     1,947 758 189 226 430    
Current Liabilities USD mil ... ... ...                       15,908 16,779 19,310 16,756 24,183    
Short-Term Debt USD mil ... ... ...                       3,009 2,009 3,225 0 0    
Trade Payables USD mil ... ... ...                       2,453 1,715 1,931 2,041 3,137    
Equity And Liabilities USD mil ... ... ...                       110,920 129,187 147,461 167,497 197,295    
growth rates                                          
Total Asset Growth % ... ... ... ...                     18.3 16.5 14.1 13.6 17.8    
Shareholders' Equity Growth % ... ... ... ...                     21.7 19.0 15.9 15.5 9.69    
Net Debt Growth % ... ... ... ...                     25.7 10.6 14.7 21.4 18.8    
Total Debt Growth % ... ... ... ...       ... ... ... ... ...     -5.27 -0.153 -0.325 -24.6 0.864    
ratios                                          
Total Debt USD mil ... ... ...                       5,245 5,237 5,220 3,935 3,969    
Net Debt USD mil ... ... ...                       -53,472 -59,158 -67,846 -82,398 -97,902    
Working Capital USD mil ... ... ...                       6,855 7,668 10,116 12,364 15,948    
Capital Employed USD mil ... ... ...                       44,889 58,199 67,463 74,453 88,935    
Net Debt/Equity % ... ... ...                       -0.612 -0.570 -0.564 -0.593 -0.642    
Cost of Financing % ... ... ... ...       ... ... ... ... ...     -12.7 -12.3 -17.1 -23.9 -30.4    
cash flow Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
cash flow                                          
Net Profit USD mil                             12,733 14,136 16,348 19,478 12,662    
Depreciation USD mil                             2,781 3,523 4,132 5,267 6,103    
Non-Cash Items USD mil ... ... ... ...                     3,622 5,530 8,540 13,539 21,910    
Change in Working Capital USD mil ... ... ... ...                     -477 -813 -2,448 -2,248 -3,584    
Total Cash From Operations USD mil ... ...                         18,659 22,376 26,572 36,036 37,091    
Capital Expenditures USD mil ... ...                         -7,358 -10,959 -9,915 -9,972 -13,085    
Other Investments USD mil ... ...                         -6,321 -10,096 -13,796 -21,193 -18,316    
Total Cash From Investing USD mil ... ...                         -13,679 -21,055 -23,711 -31,165 -31,401    
Dividends Paid USD mil ...                           0 0 0 0 0    
Issuance Of Shares USD mil ... ...                         481 648 -1,780 -3,693 -4,846    
Issuance Of Debt USD mil ... ...                         -1,338 -2,087 -2,445 -4,639 -3,452    
Total Cash From Financing USD mil ... ...                         -857 -1,439 -4,225 -8,332 -8,298    
Net Change In Cash USD mil ... ...                         4,123 -118 -1,364 -3,461 -2,608    
ratios                                          
Days Sales Outstanding days ... ... ...                       58.4 51.9 56.2 57.2 60.4    
Days Sales Of Inventory days ... ... ...                       7.08 0 6.36 2.78 6.00    
Days Payable Outstanding days ... ... ...                       40.8 24.7 25.0 21.2 25.1    
Cash Conversion Cycle days ... ... ...                       24.7 27.2 37.6 38.7 41.3    
Cash Earnings USD mil                             15,514 17,659 20,480 24,745 18,765    
Cash Earnings Per Share USD                             21.1 23.8 27.5 33.1 25.0    
Price/Cash Earnings (P/CE)                             24.3 20.4 25.8 21.8 38.9    
Free Cash Flow USD mil ... ...                         4,980 1,321 2,861 4,871 5,690    
Free Cash Flow Yield % ... ... ... ... ...                   1.32 0.368 0.542 0.902 0.780    
other data Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
other data                                          
ROA % ... ... ...                       12.4 11.8 11.8 12.4 6.94    
Gross Margin %                             60.5 61.6 62.4 61.1 58.9    
Effective Tax Rate %                             17.2 21.1 16.8 19.3 53.4    
Enterprise Value (EV) USD mil ... ... ...                       322,899 300,219 459,841 457,772 631,373    
EV/EBITDA ... ... ...                       16.6 13.7 18.8 15.3 17.6    
EV/Capital Employed ... ... ...                       7.19 5.16 6.82 6.15 7.10    
EV/Sales ... ... ...                       5.82 4.55 6.13 5.07 5.70    
EV/EBIT ... ... ...                       20.8 17.8 23.8 19.3 21.9    
Capital Expenditures (As % of Sales) % ... ...                         13.3 16.6 13.2 11.0 11.8    

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Alphabet Logo

Finance

Alphabet has been growing its sales by a year on average in the last 5 years. EBITDA has grown on average by 17.8% a year during that time to total of 49,529 in 2019, or 30.6% of sales. That’s compared to 32.0% average margin seen in last five years.

The company netted USD 34,343 mil in 2019 implying ROE of 18.1% and ROCE of 26.5%. Again, the average figures were 15.0% and 25.1%, respectively when looking at the previous 5 years.

Alphabet’s net debt amounted to USD -103,708 mil at the end of 2019, or -0.515% of equity. When compared to EBITDA, net debt was -2.09x, up when compared to average of -2.56x seen in the last 5 years.

Valuation

Alphabet stock traded at USD 1,237 per share at the end of 2019 resulting in a market capitalization of USD 921,949 mil. Over the previous five years, stock price grew by 155% or 20.6% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 16.5x and price to earnings (PE) of 26.8x as of 2019.

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