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Discounted Cash Flow (DCF) Analysis Unlevered


NVIDIA Corporation

NVIDIA Corporation (NVDA)

Technology

Operating Data

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 4,280.164,130.354,681.765,010.416,910.369,714.59-----
Revenue (%)
EBITDA 874.44740.161,007.05973.022,145.673,411.76-----
EBITDA (%)
EBIT 648.02496.47758.91747.051,933.523,209.70-----
EBIT (%)
Depreciation 226.42243.69248.13225.97212.15202.06-----
Depreciation (%)

Balance Sheet Data

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
Total Cash 3,728.024,671.844,623.235,036.976,797.737,108.17-----
Total Cash (%)
Account Receivables 454.12426.25473.79505.05825.791,264.84-----
Account Receivables (%)
Inventories 419.88387.84482.69417.87794.00795.62-----
Inventories (%)
Accounts Payable 356.54324.23293.08296.12485.11596.48-----
Accounts Payable (%)
Capital Expenditure -----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 250.05
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 18.68
Total Debt 1,988.00
Total Equity 152,030.40
Total Capital 154,018.40
Debt Weighting 1.29
Equity Weighting 98.71
Wacc

Build Up Free Cash

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 4,280.164,130.354,681.765,010.416,910.369,714.59-----
EBITDA 874.44740.161,007.05973.022,145.673,411.76-----
EBIT 648.02496.47758.91747.051,933.523,209.70-----
Tax Rate 15.03%13.77%16.46%17.36%12.55%4.66%-6.29%10.51%10.51%10.51%10.51%
EBIAT 550.62428.10633.99617.351,690.943,060.06-----
Depreciation 226.42243.69248.13225.97212.15202.06-----
Accounts Receivable -27.87-47.54-31.26-320.74-439.05-----
Inventories -32.04-94.8564.82-376.13-1.62-----
Accounts Payable --32.30-31.153.04188.99111.37-----
Capital Expenditure -----------
UFCF 777.04699.40708.58879.921,395.212,932.82-----
WACC
PV UFCF ----
SUM PV UFCF -

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 18.51
Free cash flow (t + 1) -
Terminal Value -
Present Value of Terminal Value -

Intrinsic Value

Enterprise Value -
Net Debt -
Equity Value -
Shares Outstanding 608.00
Equity Value Per Share -