Discounted Cash Flow (DCF) Analysis Unlevered

NVIDIA Corporation (NVDA)

$ 713.01
16.01 (+2.30%)

Operating Data

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 4,2804,1304,681.515,0106,9109,71411,71610,91816,67520,049.5324,106.9728,985.5134,851.3341,904.21
Revenue (%)
EBITDA 874.20735.10979.111,0752,1213,4094,0663,2275,6305,444.756,546.617,871.469,464.4111,379.73
EBITDA (%)
EBIT 648496758.998781,9343,2103,8042,8464,5324,625.535,561.606,687.118,040.389,667.52
EBIT (%)
Depreciation 226.20239.10220.131971871992623811,098819.22985.011,184.351,424.021,712.20
Depreciation (%)

Balance Sheet Data

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
Total Cash 3,7284,6724,6235,0376,7987,1087,42210,89711,56117,901.0121,523.6525,879.4131,116.6437,413.74
Total Cash (%)
Account Receivables 4544264745058261,2651,4241,6572,4292,405.972,892.863,478.294,182.205,028.55
Account Receivables (%)
Inventories 4123884834187947961,5759791,8262,021.142,430.172,921.963,513.284,224.26
Inventories (%)
Accounts Payable 3563242932964855965116871,2011,321.941,589.461,911.122,297.872,762.90
Accounts Payable (%)
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 (%)

Weighted Average Cost Of Capital

Share price $ 713.01
Beta 1.376
Diluted Shares Outstanding 628
Cost of Debt
Tax Rate 1.75
After-tax Cost of Debt 4.91%
Risk-Free Rate
Market Risk Premium
Cost of Equity 13.410
Total Debt 6,963
Total Equity 447,770.28
Total Capital 454,733.28
Debt Weighting 1.53
Equity Weighting 98.47
Wacc

Build Up Free Cash

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 4,2804,1304,681.515,0106,9109,71411,71610,91816,67520,049.5324,106.9728,985.5134,851.3341,904.21
EBITDA 874.20735.10979.111,0752,1213,4094,0663,2275,6305,444.756,546.617,871.469,464.4111,379.73
EBIT 648496758.998781,9343,2103,8042,8464,5324,625.535,561.606,687.118,040.389,667.52
Tax Rate 14.95%13.73%16.46%17.36%12.55%4.66%-6.29%5.86%1.75%9.00%9.00%9.00%9.00%9.00%
EBIAT 551.09427.92634.06725.561,691.363,060.354,043.212,679.264,452.854,209.095,060.896,085.077,316.518,797.15
Depreciation 226.20239.10220.131971871992623811,098819.22985.011,184.351,424.021,712.20
Accounts Receivable -28-48-31-321-439-159-233-77223.03-486.90-585.43-703.90-846.35
Inventories -24-9565-376-2-779596-847-195.14-409.02-491.79-591.32-710.98
Accounts Payable --32-313189111-85176514120.94267.52321.66386.75465.02
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
UFCF -182,531.71-254,498.98-121,700.82873.561,194.362,336.352,682.213,110.263,317.85-286,913.46-345,543.19-415,470.99-499,550.13-600,644.41
WACC
PV UFCF -197,374.57-209,840.53-222,727.84-236,406.62-250,925.48
SUM PV UFCF -1,433,727.37

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 13.28
Free cash flow (t + 1) -624,670.19
Terminal Value -6,731,359.75
Present Value of Terminal Value -3,608,582.18

Intrinsic Value

Enterprise Value -5,042,309.55
Net Debt 6,116
Equity Value -5,048,425.55
Shares Outstanding 628
Equity Value Per Share -8,038.89