🔹 Assuming the Company generates FCF of $5B for 2022 (guidance), growing at a 3% level and with a discount rate of 9%, it yields an enterprise value of $83.3B. Note that in 2021 a FCF of $5.4B was generated.

🔹Adding cash and cash equivalents, plus investments of 15.1B and deducting $9.2B of Debt results to an equity value of $89.2B.

🔹That is $12.9B (or 12.6%) below the current market cap.

💭Remarks: Is the 12.6% value assigned to growth opportunities enough or does the market ignore these?