Discounted Cash Flow (DCF) Analysis Unlevered

NVIDIA Corporation (NVDA)

$ 224.82
5.41 2.47%

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 6,9109,71411,71610,91816,67521,14026,800.5933,976.8843,074.7554,608.71
Revenue (%)
EBITDA 2,1503,5894,5843,4035,6917,292.659,245.3811,720.9814,859.4618,838.33
EBITDA (%)
EBIT 1,9633,3904,3223,0224,5936,571.138,330.6510,561.3213,389.2916,974.49
EBIT (%)
Depreciation 1871992623811,098721.53914.731,159.661,470.181,863.84
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 6,7987,1087,42210,89711,56117,082.8221,657.0327,456.0534,807.8544,128.23
Total Cash (%)
Account Receivables 8261,2651,4241,6572,4292,827.433,584.524,544.345,761.167,303.80
Account Receivables (%)
Inventories 7947961,5759791,8262,242.762,843.303,604.644,569.845,793.49
Inventories (%)
Accounts Payable 4855965116871,2011,311.131,662.202,107.292,671.553,386.90
Accounts Payable (%)
Capital Expenditure -176-593-600-489-1,128-1,057.69-1,340.90-1,699.95-2,155.14-2,732.21
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 224.82
Beta 1.360
Diluted Shares Outstanding 2,512
Cost of Debt
Tax Rate 1.75
After-tax Cost of Debt 4.91%
Risk-Free Rate
Market Risk Premium
Cost of Equity 13.283
Total Debt 7,084
Total Equity 564,747.84
Total Capital 571,831.84
Debt Weighting 1.24
Equity Weighting 98.76
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 6,9109,71411,71610,91816,67521,14026,800.5933,976.8843,074.7554,608.71
EBITDA 2,1503,5894,5843,4035,6917,292.659,245.3811,720.9814,859.4618,838.33
EBIT 1,9633,3904,3223,0224,5936,571.138,330.6510,561.3213,389.2916,974.49
Tax Rate 12.55%4.66%-6.29%5.86%1.75%3.70%3.70%3.70%3.70%3.70%
EBIAT 1,716.723,231.964,593.792,844.954,512.796,327.678,022.0110,170.0312,893.2216,345.60
Depreciation 1871992623811,098721.53914.731,159.661,470.181,863.84
Accounts Receivable --439-159-233-772-398.43-757.09-959.81-1,216.82-1,542.64
Inventories --2-779596-847-416.76-600.54-761.34-965.20-1,223.65
Accounts Payable -111-85176514110.13351.08445.08564.26715.35
Capital Expenditure -176-593-600-489-1,128-1,057.69-1,340.90-1,699.95-2,155.14-2,732.21
UFCF 1,727.722,507.963,232.793,275.953,377.795,286.446,589.288,353.6710,590.5013,426.28
WACC
PV UFCF 5,983.206,589.287,380.878,267.569,260.76
SUM PV UFCF 29,260.35

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 13.18
Free cash flow (t + 1) 13,963.33
Terminal Value 152,106.03
Present Value of Terminal Value 81,902.65

Intrinsic Value

Enterprise Value 111,163.01
Net Debt 6,237
Equity Value 104,926.01
Shares Outstanding 2,512
Equity Value Per Share 41.77