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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 $ 186.11
Diluted Shares Outstanding 608.00
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 113,154.88
Total Capital 115,142.88
Debt Weighting 1.73
Equity Weighting 98.27
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 2,137.672,175.032,213.052,251.73
SUM PV LFCF 8,264.00

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 17.28
Free cash flow (t + 1) 5,458.19
Terminal Value 41,100.81
Present Value of Terminal Value 18,523.82

Intrinsic Value

Enterprise Value 27,388.97
Net Debt -5,434.42
Equity Value 32,823.39
Shares Outstanding 608.00
Equity Value Per Share 51.53