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Major Indexes

Discounted Cash Flow (DCF) Analysis Unlevered


NVIDIA Corporation

NVIDIA Corporation (NVDA)

$252.73
-4.51 (-1.75%)

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 4,280.164,130.354,681.765,010.416,910.369,714.5911,716.7713,981.6216,684.2619,909.3323,757.81
Revenue (%)
EBITDA 874.44740.161,007.05973.022,145.673,411.764,065.723,598.874,294.535,124.666,115.26
EBITDA (%)
EBIT 648.02496.47758.91747.051,933.523,209.703,803.263,032.613,618.824,318.335,153.07
EBIT (%)
Depreciation 226.42243.69248.13225.97212.15202.06262.46566.26675.71806.33962.19
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 3,728.024,671.844,623.235,036.976,797.737,108.177,422.5712,671.5415,120.9518,043.8321,531.70
Total Cash (%)
Account Receivables 454.12426.25473.79505.05825.791,264.841,423.591,563.141,865.302,225.862,656.12
Account Receivables (%)
Inventories 419.88387.84482.69417.87794.00795.621,574.731,417.741,691.782,018.812,409.04
Inventories (%)
Accounts Payable 356.54324.23293.08296.12485.11596.48510.85915.801,092.821,304.061,556.14
Accounts Payable (%)
Capital Expenditure -----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 252.73
Diluted Shares Outstanding 625.00
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 157,956.25
Total Capital 159,944.25
Debt Weighting 1.24
Equity Weighting 98.76
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 4,280.164,130.354,681.765,010.416,910.369,714.5911,716.7713,981.6216,684.2619,909.3323,757.81
EBITDA 874.44740.161,007.05973.022,145.673,411.764,065.723,598.874,294.535,124.666,115.26
EBIT 648.02496.47758.91747.051,933.523,209.703,803.263,032.613,618.824,318.335,153.07
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 550.62428.10633.99617.351,690.943,060.064,042.432,714.013,238.623,864.654,611.69
Depreciation 226.42243.69248.13225.97212.15202.06262.46566.26675.71806.33962.19
Accounts Receivable -27.87-47.54-31.26-320.74-439.05-158.75-139.56-302.16-360.56-430.26
Inventories -32.04-94.8564.82-376.13-1.62-779.11157.00-274.05-327.02-390.24
Accounts Payable --32.30-31.153.04188.99111.37-85.62404.94177.02211.24252.08
Capital Expenditure -----------
UFCF 777.04699.40708.58879.921,395.212,932.823,281.413,702.653,515.164,194.635,005.46
WACC
PV UFCF 3,124.072,502.432,519.532,536.75
SUM PV UFCF 7,930.63

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 18.52
Free cash flow (t + 1) 5,205.68
Terminal Value 35,851.76
Present Value of Terminal Value 15,330.36

Intrinsic Value

Enterprise Value 23,260.98
Net Debt -5,434.57
Equity Value 28,695.56
Shares Outstanding 625.00
Equity Value Per Share 45.91