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Discounted Cash Flow (DCF) Analysis Levered


NVIDIA Corporation

NVIDIA Corporation (NVDA)

Technology

Free Cash Flow

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 4,280.164,129.934,682.105,010.316,910.229,714.3911,716.5313,981.3316,683.9219,908.9223,757.32
Revenue (%)
Operating Cash Flow 824.36835.07905.991,174.921,672.273,502.043,743.433,484.154,157.634,961.305,920.32
Operating Cash Flow (%)
Capital Expenditure -183.19-230.04-101.13-79.16-169.30-590.63-599.89-543.87-649.00-774.46-924.16
Capital Expenditure (%)
Free Cash Flow 641.17605.03804.851,095.761,502.972,911.403,143.542,940.273,508.634,186.854,996.16

Weighted Average Cost Of Capital

Share price $ 171.21
Diluted Shares Outstanding 625.00
Cost of Debt
Tax Rate -6.29
After-tax Cost of Debt 0.36
Risk-Free Rate
Market Risk Premium
Cost of Equity 17.49
Total Debt 1,988.00
Total Equity 107,006.25
Total Capital 108,994.25
Debt Weighting 1.82
Equity Weighting 98.18
Wacc

Build Up Free Cash Flow

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 4,280.164,129.934,682.105,010.316,910.229,714.3911,716.5313,981.3316,683.9219,908.9223,757.32
Operating Cash Flow 824.36835.07905.991,174.921,672.273,502.043,743.433,484.154,157.634,961.305,920.32
Capital Expenditure -183.19-230.04-101.13-79.16-169.30-590.63-599.89-543.87-649.00-774.46-924.16
Free Cash Flow 641.17605.03804.851,095.761,502.972,911.403,143.542,940.273,508.634,186.854,996.16
WACC
PV LFCF 1,823.641,855.831,888.591,921.93
SUM PV LFCF 8,273.33

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 17.26
Free cash flow (t + 1) 5,458.19
Terminal Value 41,162.80
Present Value of Terminal Value 18,567.59

Intrinsic Value

Enterprise Value 27,442.79
Net Debt -5,434.42
Equity Value 32,877.21
Shares Outstanding 625.00
Equity Value Per Share 50.21

Results Levered DCF

Wacc / Long-term Growth -4 (%)-3 (%)-2 (%)-1 (%)0 (%)1 (%)2 (%)3 (%)4 (%)
19.26 (%) 41.52 Sell 42.81 Sell 44.24 Sell 45.86 Sell 47.68 Sell 49.77 Sell 52.16 Sell 54.95 Sell 58.23 Sell
18.76 (%) 40.62 Sell 41.82 Sell 43.15 Sell 44.65 Sell 46.33 Sell 48.25 Sell 50.44 Sell 52.97 Sell 55.94 Sell
18.26 (%) 39.77 Sell 40.89 Sell 42.13 Sell 43.52 Sell 45.08 Sell 46.84 Sell 48.85 Sell 51.17 Sell 53.86 Sell
17.76 (%) 38.97 Sell 40.02 Sell 41.18 Sell 42.47 Sell 43.91 Sell 45.54 Sell 47.39 Sell 49.51 Sell 51.96 Sell
17.26 (%) 38.21 Sell 39.20 Sell 40.28 Sell 41.48 Sell 42.82 Sell 44.33 Sell 46.03 Sell 47.98 Sell 50.21 Sell
16.76 (%) 37.51 Sell 38.43 Sell 39.44 Sell 40.56 Sell 41.81 Sell 43.20 Sell 44.78 Sell 46.57 Sell 48.61 Sell
16.26 (%) 36.84 Sell 37.70 Sell 38.65 Sell 39.70 Sell 40.86 Sell 42.16 Sell 43.61 Sell 45.26 Sell 47.14 Sell
15.76 (%) 36.21 Sell 37.02 Sell 37.91 Sell 38.89 Sell 39.97 Sell 41.18 Sell 42.53 Sell 44.05 Sell 45.77 Sell
15.26 (%) 35.61 Sell 36.37 Sell 37.21 Sell 38.12 Sell 39.14 Sell 40.26 Sell 41.51 Sell 42.92 Sell 44.51 Sell