Discounted Cash Flow (DCF) Analysis Levered

NVR, Inc. (NVR)

$ 5281.09
67.81 (+1.30%)

Free Cash Flow

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 4,216.254,449.515,165.495,830.116,313.697,175.277,400.817,545.858,209.188,930.819,715.8810,569.9611,499.12
Revenue (%)
Operating Cash Flow 270.22184.55203.39384.46568.90723.13866.53925.27658.25716.12779.07847.55922.06
Operating Cash Flow (%)
Capital Expenditure -19.02-31.67-18.28-22.37-20.27-19.66-22.70-16.12-30.95-33.67-36.63-39.85-43.35
Capital Expenditure (%)
Free Cash Flow 251.21152.88185.11362.10548.63703.46843.84909.15627.31682.45742.44807.71878.71

Weighted Average Cost Of Capital

Share price $ 5,281.09
Beta 1.011
Diluted Shares Outstanding 3.69
Cost of Debt
Tax Rate 16.40
After-tax Cost of Debt 4.18%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.507
Total Debt 1,607.73
Total Equity 19,497.78
Total Capital 21,105.52
Debt Weighting 7.62
Equity Weighting 92.38
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
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 4,216.254,449.515,165.495,830.116,313.697,175.277,400.817,545.858,209.188,930.819,715.8810,569.9611,499.12
Operating Cash Flow 270.22184.55203.39384.46568.90723.13866.53925.27658.25716.12779.07847.55922.06
Capital Expenditure -19.02-31.67-18.28-22.37-20.27-19.66-22.70-16.12-30.95-33.67-36.63-39.85-43.35
Free Cash Flow 251.21152.88185.11362.10548.63703.46843.84909.15627.31682.45742.44807.71878.71
WACC
PV LFCF 570.17563.80557.50551.27545.11
SUM PV LFCF 2,787.87

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.02
Free cash flow (t + 1) 913.86
Terminal Value 15,180.34
Present Value of Terminal Value 9,417.23

Intrinsic Value

Enterprise Value 12,205.10
Net Debt -1,170.53
Equity Value 13,375.63
Shares Outstanding 3.69
Equity Value Per Share 3,622.87