In a previous post, I went through Facebook’s (FB) projected financials going forward, which naturally will feed into a valuation to determine an appropriate buying price.If FB’s EBITDA margin declines from it’s 2015 figure of 45.5% to 32.5% by 2026, FB’s NOPAT margin would slip from its 22.8% projected figure for 2016 to 14.6% by 2026. EBITDA would accelerate from $11.7 billion in 2016 (projected) to approximately $58 billion by 2026. Graphically some of its main financial metrics (EBITDA, NOPAT, FCF, and working capital) are illustrated below:With these assumptions, FB’s median fair value would come in at $94 per share. Adjusting the cost of capital by +/- 50 basis points would provide a valuation range between $86-$103. This range could expand further from $82-$110 if long-term growth rate assumptions are included among the WACC sensitivity adjustments, as well:The financial assumptions, however, might be overly stringent/conservative. For example, it would place FB’s terminal EBITDA multiple at just 6.0x. Its median projection for 2016 comes to 21.6x.