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No. of Recommendations: 0
As promised:

Market growth 7.5% 7.0% 6.5% 6.0% 5.5% 5.0% 4.5% 4.0% 3.5% 3.0%
WDC TTM 1 2 3 4 5 6 7 8 9 10 Term
Rev (constant market share) $9,894 $10,636 $11,381 $12,120 $12,848 $13,554 $14,232 $14,872 $15,467 $16,009 $16,489
Gross margin 0 0 0 0 0 0 0 0 0 0 0
Gross income 2,112 2,303 2,504 2,727 2,955 3,117 3,273 3,421 3,557 3,682 3,792
SG&A (grows w/ Rev) 250 269 288 306 325 342 360 376 391 405 417
R&D (grows w/ Rev) 651 700 749 797 845 892 936 979 1,018 1,053 1,085
EBIT 1,211 1,334 1,467 1,623 1,785 1,883 1,977 2,066 2,149 2,224 2,291
Other non-operating 3 3 3 3 3 3 3 3 3 3 3
Interest -5 -5 -5 -5 -5 -5 -5 -5 -5 -5 -5
Tax (7.8% effective rate) -95 -104 -114 -127 -139 -147 -154 -161 -168 -173 -179
Adj net $1,114 $1,228 $1,351 $1,495 $1,644 $1,734 $1,821 $1,903 $1,979 $2,049 $2,110
Net, reported* $1,087
*The difference is because of a $27 million legal settlement

CFFO (grows by NetInc change) $1,846 $1,987 $2,110 $2,254 $2,403 $2,493 $2,580 $2,662 $2,738 $2,808 $2,869
capex (grows w/ Rev) -812 -873 -934 -995 -1,054 -1,112 -1,168 -1,221 -1,269 -1,314 -1,353
FCF $1,034 $1,114 $1,176 $1,259 $1,348 $1,381 $1,412 $1,442 $1,469 $1,494 $1,516 $11,894
Discount rate 15% Growth in FCF 7.8% 5.5% 7.1% 7.1% 2.4% 2.3% 2.1% 1.9% 1.7% 1.5% 2.0%
Discounted FCF $969 $889 $828 $771 $687 $610 $542 $480 $425 $375 $2,940
Average 6.0% 1.9%
Sum discounted FCF $9,515
# shares 230
Share price $41.37

Cheers,
Jim
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