Discounted Cash Flow (DCF) Analysis Levered
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 | 4,280.16 | 4,129.93 | 4,682.10 | 5,010.31 | 6,910.22 | 9,714.39 | 11,716.53 | 13,981.33 | 16,683.92 | 19,908.92 | 23,757.32 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | |||||||||||
| Operating Cash Flow | 824.36 | 835.07 | 905.99 | 1,174.92 | 1,672.27 | 3,502.04 | 3,743.43 | 3,484.15 | 4,157.63 | 4,961.30 | 5,920.32 |
| 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 | 641.17 | 605.03 | 804.85 | 1,095.76 | 1,502.97 | 2,911.40 | 3,143.54 | 2,940.27 | 3,508.63 | 4,186.85 | 4,996.16 |
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 | 4,280.16 | 4,129.93 | 4,682.10 | 5,010.31 | 6,910.22 | 9,714.39 | 11,716.53 | 13,981.33 | 16,683.92 | 19,908.92 | 23,757.32 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 824.36 | 835.07 | 905.99 | 1,174.92 | 1,672.27 | 3,502.04 | 3,743.43 | 3,484.15 | 4,157.63 | 4,961.30 | 5,920.32 |
| 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 | 641.17 | 605.03 | 804.85 | 1,095.76 | 1,502.97 | 2,911.40 | 3,143.54 | 2,940.27 | 3,508.63 | 4,186.85 | 4,996.16 |
| WACC | |||||||||||
| PV LFCF | 1,823.64 | 1,855.83 | 1,888.59 | 1,921.93 | |||||||
| 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 |