Discounted Cash Flow (DCF) Analysis Levered
NVIDIA Corp (NVDA)
$ 608.36
32.36 (+5.62%)
Free Cash Flow
Year A/P | 2013 Actual | 2014 Actual | 2015 Actual | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 4,280 | 4,130 | 4,681.51 | 5,010 | 6,910 | 9,714 | 11,716 | 10,918 | 16,675 | 20,049.53 | 24,106.97 | 28,985.51 | 34,851.33 | 41,904.21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||||||
| Operating Cash Flow | 824.20 | 835.10 | 905.66 | 1,175 | 1,672 | 3,502 | 3,743 | 4,761 | 5,822 | 5,635.99 | 6,776.55 | 8,147.92 | 9,796.82 | 11,779.41 |
| Operating Cash Flow (%) | ||||||||||||||
| Capital Expenditure | -183,309 | -255,186 | -122,381 | -86 | -176 | -593 | -600 | -489 | -1,128 | -291,890.60 | -350,960.70 | -421,984.84 | -507,382.19 | -610,061.45 |
| Capital Expenditure (%) | ||||||||||||||
| Free Cash Flow | -182,484.80 | -254,350.90 | -121,475.34 | 1,089 | 1,496 | 2,909 | 3,143 | 4,272 | 4,694 | -286,254.62 | -344,184.15 | -413,836.92 | -497,585.37 | -598,282.04 |
Weighted Average Cost Of Capital
| Share price | $ 608.36 |
|---|---|
| Beta | 1.539 |
| Diluted Shares Outstanding | 618 |
| Cost of Debt | |
| Tax Rate | 1.75 |
| After-tax Cost of Debt | 4.91% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 14.712 |
| Total Debt | 6,963 |
| Total Equity | 375,966.48 |
| Total Capital | 382,929.48 |
| 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 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 4,280 | 4,130 | 4,681.51 | 5,010 | 6,910 | 9,714 | 11,716 | 10,918 | 16,675 | 20,049.53 | 24,106.97 | 28,985.51 | 34,851.33 | 41,904.21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 824.20 | 835.10 | 905.66 | 1,175 | 1,672 | 3,502 | 3,743 | 4,761 | 5,822 | 5,635.99 | 6,776.55 | 8,147.92 | 9,796.82 | 11,779.41 |
| Capital Expenditure | -183,309 | -255,186 | -122,381 | -86 | -176 | -593 | -600 | -489 | -1,128 | -291,890.60 | -350,960.70 | -421,984.84 | -507,382.19 | -610,061.45 |
| Free Cash Flow | -182,484.80 | -254,350.90 | -121,475.34 | 1,089 | 1,496 | 2,909 | 3,143 | 4,272 | 4,694 | -286,254.62 | -344,184.15 | -413,836.92 | -497,585.37 | -598,282.04 |
| WACC | ||||||||||||||
| PV LFCF | -190,543.75 | -200,038.61 | -210,006.59 | -220,471.29 | -231,457.44 | |||||||||
| SUM PV LFCF | -1,380,600.16 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 14.53 |
| Free cash flow (t + 1) | -622,213.32 |
| Terminal Value | -5,908,958.42 |
| Present Value of Terminal Value | -2,998,573.03 |
Intrinsic Value
| Enterprise Value | -4,379,173.20 |
|---|---|
| Net Debt | 6,116 |
| Equity Value | -4,385,289.20 |
| Shares Outstanding | 618 |
| Equity Value Per Share | -7,095.94 |