| Microsoft Corp (MSFT US) - Adjusted |
| In Millions of USD except Per Share | | FY 2012 | FY 2013 | FY 2014 | FY 2015 | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
| 12 Months Ending | | 06/30/2012 | 06/30/2013 | 06/30/2014 | 06/30/2015 | 06/30/2016 | 06/30/2017 | 06/30/2018 | 06/30/2019 | 06/30/2020 | 06/30/2021 | 06/30/2022 | 06/30/2023 | 06/30/2024 |
| Revenue | SALES_REV_TURN | 73,723.0 | 77,849.0 | 86,451.0 | 93,580.0 | 91,154.0 | 96,571.0 | 110,360.0 | 125,843.0 | 143,015.0 | 168,088.0 | 192,557.0 | 199,324.6 | 227,428.2 |
| + Sales & Services Revenue | IS_SALES_AND_SERVICES_REVENUES | 73,723.0 | 77,849.0 | 86,451.0 | 93,580.0 | 91,154.0 | 96,571.0 | 110,360.0 | 125,843.0 | 143,015.0 | 168,088.0 | 192,557.0 |
| - Cost of Revenue | IS_COGS_TO_FE_AND_PP_AND_G | 17,530.0 | 20,385.0 | 27,078.0 | 33,038.0 | 32,780.0 | 34,261.0 | 38,353.0 | 42,910.0 | 46,078.0 | 52,232.0 | 60,212.0 |
| + Cost of Goods & Services | IS_COG_AND_SERVICES_SOLD | 17,530.0 | 20,385.0 | 27,078.0 | 33,038.0 | 32,780.0 | 34,261.0 | 38,353.0 | 42,910.0 | 46,078.0 | 52,232.0 | 60,212.0 |
| Gross Profit | GROSS_PROFIT | 56,193.0 | 57,464.0 | 59,373.0 | 60,542.0 | 58,374.0 | 62,310.0 | 72,007.0 | 82,933.0 | 96,937.0 | 115,856.0 | 132,345.0 | 136,443.7 | 155,911.1 |
| + Other Operating Income | IS_OTHER_OPER_INC | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| - Operating Expenses | IS_OPERATING_EXPN | 28,237.0 | 29,967.0 | 31,869.0 | 32,381.0 | 31,186.0 | 32,979.0 | 36,949.0 | 39,974.0 | 43,528.0 | 45,940.0 | 50,401.0 |
| + Selling, General & Admin | IS_SG&A_EXPENSE | 18,426.0 | 19,556.0 | 20,488.0 | 20,324.0 | 19,198.0 | 19,942.0 | 22,223.0 | 23,098.0 | 24,709.0 | 25,224.0 | 27,051.0 |
| + Selling & Marketing | IS_SELLING_EXPENSES | 13,857.0 | 15,276.0 | 15,811.0 | 15,713.0 | 14,635.0 | 15,461.0 | 17,469.0 | 18,213.0 | 19,598.0 | 20,117.0 | 21,378.0 |
| + Research & Development | IS_OPEX_R&D | 4,569.0 | 4,280.0 | 4,677.0 | 4,611.0 | 4,563.0 | 4,481.0 | 4,754.0 | 4,885.0 | 5,111.0 | 5,107.0 | 5,673.0 |
| + Depreciation & Amortization | IS_DEPRECIATION_AND_AMORTIZATION | 9,811.0 | 10,411.0 | 11,381.0 | 12,046.0 | 11,988.0 | 13,037.0 | 14,726.0 | 16,876.0 | 19,269.0 | 20,716.0 | 23,350.0 |
| + Other Operating Expense | IS_OTHER_OPERATING_EXPENSES | 0.0 | 0.0 | 0.0 | 11.0 | 0.0 | 0.0 | 0.0 | 0.0 | -450.0 | 0.0 | 0.0 |
| Operating Income (Loss) | IS_OPER_INC | 27,956.0 | 27,497.0 | 27,504.0 | 28,161.0 | 27,188.0 | 29,331.0 | 35,058.0 | 42,959.0 | 53,409.0 | 69,916.0 | 81,944.0 | 84,392.6 | 97,342.7 |
| - Non-Operating (Income) Loss | IS_NONOP_INCOME_LOSS | 60.0 | -172.0 | 376.0 | 370.0 | 1,107.0 | 1,707.0 | 983.0 | -81.0 | -45.0 | 46.0 | 310.0 |
| + Interest Expense, Net | IS_NET_INTEREST_EXPENSE | — | — | — | — | 1,243.0 | 2,222.0 | 2,733.0 | 2,686.0 | 2,591.0 | 2,346.0 |
| + Interest Expense | IS_INT_EXPENSE | 380.0 | 429.0 | 597.0 | 781.0 | 1,243.0 | 2,222.0 | 2,733.0 | 2,686.0 | 2,591.0 | 2,346.0 | 2,120.0 |
| - Interest Income | IS_INT_INC | — | — | — | — | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| + Foreign Exch (Gain) Loss | IS_FOREIGN_EXCH_LOSS | -800.0 | -677.0 | -883.0 | -766.0 | -903.0 | -1,387.0 | -2,214.0 | -2,762.0 | -2,680.0 | -2,131.0 | -2,039.0 |
| + (Income) Loss from Affiliates | INCOME_LOSS_FROM_AFFILIATES | 117.0 | 74.0 | 165.0 | -335.0 | 129.0 | 111.0 | 218.0 | 82.0 | 191.0 | -54.0 | 94.0 |
| + Other Non-Op (Income) Loss | IS_OTHER_NON_OPERATING_INC_LOSS | 363.0 | 2.0 | 497.0 | 690.0 | 638.0 | 761.0 | 246.0 | -87.0 | -147.0 | -115.0 | 135.0 |
| Pretax Income (Loss), Adjusted | PRETAX_INC | 27,896.0 | 27,669.0 | 27,128.0 | 27,791.0 | 26,081.0 | 27,624.0 | 34,075.0 | 43,040.0 | 53,454.0 | 69,870.0 | 81,634.0 | 84,608.8 | 97,627.0 |
| - Abnormal Losses (Gains) | IS_ABNORMAL_ITEM | 5,629.0 | 617.0 | -692.0 | 9,284.0 | 442.0 | -2,277.0 | -2,399.0 | -648.0 | 418.0 | -1,232.0 | -1,000.0 |
| + Merger/Acquisition Expense | IS_MERGER_ACQUISITION_EXPENSE | — | — | 127.0 | — | — | — | — | — | — | — |
| + Disposal of Assets | IS_GAIN_LOSS_DISPOSAL_ASSETS | — | — | — | 200.0 | — | — | — | — | — | — |
| + Early Extinguishment of Debt | IS_G_L_ON_EXT_DBT_OR_SETTLE_DBT | 6,193.0 | — | — | 5,100.0 | — | — | — | — | — | — |
| + Asset Write-Down | IS_IMPAIRMENT_ASSETS | — | — | — | 2,200.0 | — | — | — | — | — | — |
| + Gain/Loss on Sale/Acquisition of Business | IS_SALE_OF_BUSINESS | — | 733.0 | — | — | — | — | — | — | — | — |
| + Legal Settlement | IS_LEGAL_LITIGATION_SETTLEMENT | — | — | — | 2,500.0 | — | 306.0 | — | — | 450.0 | — |
| + Restructuring | IS_RESTRUCTURING_EXPENSES | -862.0 | -324.0 | -543.0 | -899.0 | -990.0 | -2,638.0 | -2,446.0 | -195.0 | -96.0 | -188.0 | -152.0 |
| + Sale of Investments | IS_GAIN_LOSS_ON_INVESTMENTS | — | — | — | — | — | 41.0 | 41.0 | -469.0 | 47.0 | -1,046.0 | -896.0 |
| + Other Abnormal Items | IS_OTHER_ONE_TIME_ITEMS | 298.0 | 208.0 | -276.0 | 183.0 | 1,432.0 | 14.0 | 6.0 | 16.0 | 17.0 | 2.0 | 48.0 |
| Pretax Income (Loss), GAAP | PRETAX_INC | 22,267.0 | 27,052.0 | 27,820.0 | 18,507.0 | 25,639.0 | 29,901.0 | 36,474.0 | 43,688.0 | 53,036.0 | 71,102.0 | 82,634.0 | 84,608.8 | 97,627.0 |
| - Income Tax Expense (Benefit) | IS_INC_TAX_EXP | 5,289.0 | 5,189.0 | 5,746.0 | 6,314.0 | 5,100.0 | 4,412.0 | 19,903.0 | 4,448.0 | 8,755.0 | 9,831.0 | 10,178.0 |
| + Current Income Tax | IS_CURRENT_INCOME_TAX_BENEFIT | 5,289.0 | 5,189.0 | 5,746.0 | 6,314.0 | 5,100.0 | 4,412.0 | 19,903.0 | 4,448.0 | 8,755.0 | 9,831.0 | 10,178.0 |
| + Deferred Income Tax | IS_DEFERRED_INCOME_TAX_BENEFIT | 954.0 | -19.0 | -331.0 | 224.0 | 2,479.0 | -829.0 | -5,143.0 | -6,463.0 | 11.0 | -150.0 |
| + Tax Allowance/Credit | IS_TAX_VALN_ALLOWNCE_CREDITS |
| Income (Loss) from Cont Ops | IS_INC_BEF_XO_ITEM | 16,978.0 | 21,863.0 | 22,074.0 | 12,193.0 | 20,539.0 | 25,489.0 | 16,571.0 | 39,240.0 | 44,281.0 | 61,271.0 | 72,456.0 | 71,925.3 | 81,265.3 |
| - Net Extraordinary Losses (Gains) | XO_GL_NET_OF_TAX | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| + Discontinued Operations | IS_DISCONTINUED_OPERATIONS | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| + XO & Accounting Changes | IS_EXTRAORD_ITEMS_&_ACCTG_CHNG | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Income (Loss) Incl. MI | NI_INCLUDING_MINORITY_INT_RATIO | 16,978.0 | 21,863.0 | 22,074.0 | 12,193.0 | 20,539.0 | 25,489.0 | 16,571.0 | 39,240.0 | 44,281.0 | 61,271.0 | 72,456.0 |
| - Minority Interest | MIN_NONCONTROL_INTEREST_CREDITS | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 71,925.3 | 81,265.3 |
| Net Income, GAAP | NET_INCOME | 16,978.0 | 21,863.0 | 22,074.0 | 12,193.0 | 20,539.0 | 25,489.0 | 16,571.0 | 39,240.0 | 44,281.0 | 61,271.0 | 72,456.0 | 71,925.3 | 81,265.3 |
| - Preferred Dividends | IS_TOT_CASH_PFD_DVD | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| - Other Adjustments | OTHER_ADJUSTMENTS | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 71,925.3 | 81,265.3 |
| Net Income Avail to Common, GAAP | EARN_FOR_COMMON | 16,978.0 | 21,863.0 | 22,074.0 | 12,193.0 | 20,539.0 | 25,489.0 | 16,571.0 | 39,240.0 | 44,281.0 | 61,271.0 | 72,456.0 | 71,925.3 | 81,265.3 |
| Net Income Avail to Common, Adj | EARN_FOR_COMMON | 22,804.4 | 22,549.9 | 22,083.6 | 20,012.6 | 20,790.5 | 24,009.0 | 28,539.7 | 36,318.1 | 44,611.2 | 59,677.7 | 68,375.0 | 71,925.3 | 81,255.7 |
| Net Abnormal Losses (Gains) | IS_NET_ABNORMAL_ITEMS | 5,826.4 | 686.9 | 9.6 | 7,819.6 | 251.5 | -1,480.1 | 11,968.7 | -2,921.9 | 330.2 | -1,593.3 | -4,081.0 |
| Net Extraordinary Losses (Gains) | XO_GL_NET_OF_TAX | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Basic Weighted Avg Shares | IS_AVG_NUM_SH_FOR_EPS | 8,396.0 | 8,375.0 | 8,299.0 | 8,177.0 | 7,925.0 | 7,746.0 | 7,700.0 | 7,673.0 | 7,610.0 | 7,547.0 | 7,493.0 |
| Basic EPS, GAAP | IS_EPS | 2.02 | 2.61 | 2.66 | 1.49 | 2.59 | 3.29 | 2.15 | 5.11 | 5.82 | 8.12 | 9.65 | 9.49 | 10.74 |
| Basic EPS from Cont Ops | IS_EARN_BEF_XO_ITEMS_PER_SH | 2.02 | 2.61 | 2.66 | 1.49 | 2.59 | 3.29 | 2.15 | 5.11 | 5.82 | 8.12 | 9.65 | 9.49 | 10.74 |
| Basic EPS from Cont Ops, Adjusted | IS_BASIC_EPS_CONT_OPS | 2.72 | 2.69 | 2.66 | 2.45 | 2.62 | 3.10 | 3.71 | 4.73 | 5.86 | 7.91 | 9.11 | 9.49 | 10.74 |
| Diluted Weighted Avg Shares | IS_SH_FOR_DILUTED_EPS | 8,506.0 | 8,470.0 | 8,399.0 | 8,254.0 | 8,013.0 | 7,832.0 | 7,794.0 | 7,753.0 | 7,683.0 | 7,608.0 | 7,534.0 |
| Diluted EPS, GAAP | IS_DILUTED_EPS | 2.00 | 2.58 | 2.63 | 1.48 | 2.56 | 3.25 | 2.13 | 5.06 | 5.76 | 8.05 | 9.58 | 9.49 | 10.74 |
| Diluted EPS from Cont Ops | IS_DIL_EPS_BEF_XO | 2.00 | 2.58 | 2.63 | 1.48 | 2.56 | 3.25 | 2.13 | 5.06 | 5.76 | 8.05 | 9.58 | 9.49 | 10.74 |
| Diluted EPS from Cont Ops, Adjusted | IS_DIL_EPS_CONT_OPS | 2.69 | 2.66 | 2.63 | 2.43 | 2.59 | 3.06 | 3.67 | 4.68 | 5.80 | 7.84 | 9.04 | 9.49 | 10.74 |
| | ACCOUNTING_STANDARD | US GAAP | US GAAP | US GAAP | US GAAP | US GAAP | US GAAP | US GAAP | US GAAP | US GAAP | US GAAP |
| EBITDA | EBITDA | 30,923.0 | 31,252.0 | 32,716.0 | 34,118.0 | 34,810.0 | 39,521.0 | 46,904.0 | 56,348.0 | 68,248.0 | 83,729.0 | 98,143.0 | 99,033.5 | 114,582.4 |
| EBITDA Margin (T12M) | EBITDA_MARGIN | 41.94 | 40.14 | 37.84 | 36.46 | 38.19 | 40.92 | 42.50 | 44.78 | 47.72 | 49.81 | 50.97 | 49.68 | 50.38 |
| EBITA | EBITA | 28,723.0 | 28,652.0 | 29,316.0 | 30,018.0 | 29,910.0 | 33,421.0 | 39,204.0 | 46,648.0 | 57,548.0 | 74,429.0 | 83,731.0 |
| EBIT | EBIT | 27,956.0 | 27,497.0 | 27,504.0 | 28,161.0 | 27,188.0 | 29,331.0 | 35,058.0 | 42,959.0 | 53,409.0 | 69,916.0 | 81,944.0 | 84,392.6 | 97,342.7 |
| Gross Margin | GROSS_MARGIN | 76.22 | 73.81 | 68.68 | 64.70 | 64.04 | 64.52 | 65.25 | 65.90 | 67.78 | 68.93 | 68.73 | 68.45 | 68.55 |
| Operating Margin | OPER_MARGIN | 37.92 | 35.32 | 31.81 | 30.09 | 29.83 | 30.37 | 31.77 | 34.14 | 37.35 | 41.59 | 42.56 | 42.34 | 42.80 |
| Profit Margin | PROF_MARGIN | 30.93 | 28.97 | 25.54 | 21.39 | 22.81 | 24.86 | 25.86 | 28.86 | 31.19 | 35.50 | 35.51 | 36.08 | 35.73 |
| Current Profit | CUR_PROFIT_JAPAN | 0.80 | 0.92 | 1.12 | 1.24 | 1.44 | 1.56 | 1.68 | 1.84 | 2.04 | 2.24 | 2.42 | 2.42 | 2.62 |
| Sales per Employee | ACTUAL_SALES_PER_EMPL | 784,287.23 | 786,353.54 | 675,398.44 | 793,050.85 | 799,596.49 | 778,798.39 | 842,442.75 | 873,909.72 | 877,392.64 | 928,662.98 |
| Dividends per Share | EQY_DPS | 0.80 | 0.92 | 1.12 | 1.24 | 1.44 | 1.56 | 1.68 | 1.84 | 2.04 | 2.24 | 2.42 | 2.42 | 2.62 |
| Total Cash Common Dividends | IS_TOT_CASH_COM_DVD | 6,721.0 | 7,694.0 | 9,271.0 | 10,139.5 | 11,412.0 | 12,048.0 | 12,920.0 | 14,118.3 | 15,483.0 | 16,876.0 | 18,156.0 |
| Capitalized Interest Expense | IS_CAP_INT_EXP | 57 | 82 | 91 | 92 | 77 | 73 | 110 | 139 | 87 | 125 |
| Depreciation Expense | IS_DEPR_EXP | 2,200.0 | 2,600.0 | 3,400.0 | 4,100.0 | 4,900.0 | 6,100.0 | 7,700.0 | 9,700.0 | 10,700.0 | 9,300.0 |
| Rental Expense | BS_CURR_RENTAL_EXPENSE | 639 | 711 | 874 | 989 | 1000 | 1412 | 1585 | 1707 | 2043 | 2127 | 2374 |
| Payout Ratio | | 29.80% | 34.57% | 42.57% | 51.08% | 55.57% | 50.96% | 45.83% | 39.29% | 35.15% | 28.57% |
| Payout ratio average | | 42.62% |
| EPS growth | | | -0.89% | -1.13% | -7.74% | 6.76% | 18.12% | 19.75% | 27.76% | 23.91% | 35.11% |
| EPS growth average | | 13.52% |
| Revenue growth | | | 0.0559662521 | 0.1104959601 | 0.0824628981 | -0.0259243428 | 0.0594269039 | 0.1427861366 | 0.1402953969 | 0.1364557425 | 0.1753172744 |
| Revenue growth average | | 9.75% |
| | | 72.11% |
| | | Lowest (12/31/2012) | | Highest (12/31/2017) |
| P/E | | 12.17 | 23.35 | 46.52 |
| See function HE | | | | |
| | | 2023.00 | 2024.00 | 2025.00 | 2026.00 | 2027.00 | 2028.00 | 2029.00 | 2030.00 | 2031.00 | 2031.00 |
| EPS Projection | | 9.14 | 10.37 | 11.78 | 13.37 | 15.17 | 17.23 | 19.55 | 22.20 | 25.20 | 28.60 |
| Dividend Projection | | 3.89 | 4.42 | 5.02 | 5.70 | 6.47 | 7.34 | 8.33 | 9.46 | 10.74 | 12.19 |
| | | Pessimistic (10Y) | Median (10Y) | Highest (10Y) |
| Future Stock Price | | 348.10 | 667.88 | 1330.61 |
| Future Stock Price w/ Dividends | | 421.67 | 741.45 | 1404.18 |
| Current Stock Price (02/12/2019) | | 277.52 | 277.52 | 277.52 |
| Expected Total Return | | 51.94% | 167.17% | 405.97% |
| Expected Return p.a. | | 4.27% | 10.33% | 17.60% |
| Target Price in 1 year (12 months) | | 289.38 | 306.18 | 326.37 |
| | Using the Bloomberg est Target price of SPX Index | 14.72% | 14.72% | 14.72% | 1-year mean return S&P500 |
| | | 0.87 | 0.87 | 0.87 | beta |
| | | 1.70% | 1.70% | 1.70% | US 10-year yield |
| | | 13.03% | 13.03% | 13.0274000000000000% | 1-year expected return |
| | | -8.76% | -2.70% | 4.57% | alpha |
| | | Buy | Buy | Buy |
azaki
AZPortfolio-Equity.xlsx
