Discounted Cash Flow (DCF) Analysis Levered
NVIDIA Corporation (NVDA)
$ 224.82
5.41 2.47%
Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 6,910 | 9,714 | 11,716 | 10,918 | 16,675 | 21,140 | 26,800.59 | 33,976.88 | 43,074.75 | 54,608.71 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 1,672 | 3,502 | 3,743 | 4,761 | 5,822 | 7,217.92 | 9,150.63 | 11,600.87 | 14,707.19 | 18,645.28 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -176 | -593 | -600 | -489 | -1,128 | -1,057.69 | -1,340.90 | -1,699.95 | -2,155.14 | -2,732.21 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 1,496 | 2,909 | 3,143 | 4,272 | 4,694 | 6,160.23 | 7,809.73 | 9,900.92 | 12,552.05 | 15,913.06 |
Weighted Average Cost Of Capital
| Share price | $ 224.82 |
|---|---|
| Beta | 1.360 |
| Diluted Shares Outstanding | 2,512 |
| Cost of Debt | |
| Tax Rate | 1.75 |
| After-tax Cost of Debt | 4.91% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 13.283 |
| Total Debt | 7,084 |
| Total Equity | 564,747.84 |
| Total Capital | 571,831.84 |
| Debt Weighting | 1.24 |
| Equity Weighting | 98.76 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 6,910 | 9,714 | 11,716 | 10,918 | 16,675 | 21,140 | 26,800.59 | 33,976.88 | 43,074.75 | 54,608.71 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 1,672 | 3,502 | 3,743 | 4,761 | 5,822 | 7,217.92 | 9,150.63 | 11,600.87 | 14,707.19 | 18,645.28 |
| Capital Expenditure | -176 | -593 | -600 | -489 | -1,128 | -1,057.69 | -1,340.90 | -1,699.95 | -2,155.14 | -2,732.21 |
| Free Cash Flow | 1,496 | 2,909 | 3,143 | 4,272 | 4,694 | 6,160.23 | 7,809.73 | 9,900.92 | 12,552.05 | 15,913.06 |
| WACC | ||||||||||
| PV LFCF | 5,442.86 | 6,096.73 | 6,829.14 | 7,649.55 | 8,568.51 | |||||
| SUM PV LFCF | 34,586.79 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 13.18 |
| Free cash flow (t + 1) | 16,549.59 |
| Terminal Value | 180,278.73 |
| Present Value of Terminal Value | 97,072.46 |
Intrinsic Value
| Enterprise Value | 131,659.26 |
|---|---|
| Net Debt | 6,237 |
| Equity Value | 125,422.26 |
| Shares Outstanding | 2,512 |
| Equity Value Per Share | 49.93 |