Discounted Cash Flow (DCF) Analysis Levered
NVIDIA Corp (NVDA)
$514.38
-13.63 (-2.58%)
Free Cash Flow
Year A/P | 2013 Actual | 2014 Actual | 2015 Actual | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
| Revenue | 4,280.00 | 4,130.00 | 4,681.51 | 5,010.00 | 6,910.00 | 9,714.00 | 11,716.00 | 10,918.00 | 12,620.69 | 14,588.93 | 16,864.12 | 19,494.13 | 22,534.29 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | |||||||||||||
| Operating Cash Flow | 824.20 | 835.10 | 905.66 | 1,175.00 | 1,672.00 | 3,502.00 | 3,743.00 | 4,761.00 | 3,440.38 | 3,976.91 | 4,597.12 | 5,314.06 | 6,142.80 |
| Operating Cash Flow (%) | |||||||||||||
| Capital Expenditure | -183.30 | -255.20 | -122.38 | -86.00 | -176.00 | -593.00 | -600.00 | -489.00 | -521.30 | -602.60 | -696.58 | -805.21 | -930.79 |
| Capital Expenditure (%) | |||||||||||||
| Free Cash Flow | 640.90 | 579.90 | 783.28 | 1,089.00 | 1,496.00 | 2,909.00 | 3,143.00 | 4,272.00 | 2,919.07 | 3,374.31 | 3,900.55 | 4,508.85 | 5,212.02 |
Weighted Average Cost Of Capital
| Share price | $ 514.38 |
|---|---|
| Beta | 1.539 |
| Diluted Shares Outstanding | 618.00 |
| Cost of Debt | |
| Tax Rate | 5.86 |
| After-tax Cost of Debt | 4.71% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 14.712 |
| Total Debt | 1,991.00 |
| Total Equity | 317,886.84 |
| Total Capital | 319,877.84 |
| Debt Weighting | 0.62 |
| Equity Weighting | 99.38 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2013 Actual | 2014 Actual | 2015 Actual | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
| Revenue | 4,280.00 | 4,130.00 | 4,681.51 | 5,010.00 | 6,910.00 | 9,714.00 | 11,716.00 | 10,918.00 | 12,620.69 | 14,588.93 | 16,864.12 | 19,494.13 | 22,534.29 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 824.20 | 835.10 | 905.66 | 1,175.00 | 1,672.00 | 3,502.00 | 3,743.00 | 4,761.00 | 3,440.38 | 3,976.91 | 4,597.12 | 5,314.06 | 6,142.80 |
| Capital Expenditure | -183.30 | -255.20 | -122.38 | -86.00 | -176.00 | -593.00 | -600.00 | -489.00 | -521.30 | -602.60 | -696.58 | -805.21 | -930.79 |
| Free Cash Flow | 640.90 | 579.90 | 783.28 | 1,089.00 | 1,496.00 | 2,909.00 | 3,143.00 | 4,272.00 | 2,919.07 | 3,374.31 | 3,900.55 | 4,508.85 | 5,212.02 |
| WACC | |||||||||||||
| PV LFCF | 2,546.07 | 2,567.07 | 2,588.23 | 2,609.57 | 2,631.09 | ||||||||
| SUM PV LFCF | 12,942.03 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 14.65 |
| Free cash flow (t + 1) | 5,420.50 |
| Terminal Value | 50,896.68 |
| Present Value of Terminal Value | 25,693.26 |
Intrinsic Value
| Enterprise Value | 38,635.29 |
|---|---|
| Net Debt | -8,905.00 |
| Equity Value | 47,540.29 |
| Shares Outstanding | 618.00 |
| Equity Value Per Share | 76.93 |