Discounted Cash Flow (DCF) Analysis Levered

NVIDIA Corporation (NVDA)
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 | $ 211.97 |
---|---|
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 | 128,877.76 |
Total Capital | 130,865.76 |
Debt Weighting | 1.52 |
Equity Weighting | 98.48 |
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 | 2,136.94 | 2,173.92 | 2,211.54 | 2,249.81 | |||||||
SUM PV LFCF | 8,254.69 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 17.30 |
Free cash flow (t + 1) | 5,458.19 |
Terminal Value | 41,039.01 |
Present Value of Terminal Value | 18,480.20 |
Intrinsic Value
Enterprise Value | 27,335.32 |
---|---|
Net Debt | -5,434.42 |
Equity Value | 32,769.74 |
Shares Outstanding | 608.00 |
Equity Value Per Share | 51.45 |