Discounted Cash Flow (DCF) Analysis Unlevered


NVIDIA Corporation

NVIDIA Corporation (NVDA)

$457.72
0.11 (+0.02%)

Operating Data

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
Revenue 4,280.004,130.204,681.585,010.236,910.119,714.2311,716.3310,918.4512,621.7314,590.7216,866.87
Revenue (%)
EBITDA 891.95759.96928.83987.022,149.733,456.324,215.543,403.283,354.863,878.214,483.21
EBITDA (%)
EBIT 665.54520.82708.79790.111,962.473,257.183,953.093,022.232,879.023,328.143,847.33
EBIT (%)
Depreciation 226.41239.14220.03196.90187.26199.14262.45381.05475.84550.07635.88
Depreciation (%)

Balance Sheet Data

Year
A/P
2013
Projected
2014
Projected
2015
Projected
2016
Projected
2017
Projected
2018
Projected
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Total Cash 3,727.884,672.084,623.065,036.786,798.167,107.907,422.3010,896.6111,584.2213,391.3615,480.41
Total Cash (%)
Account Receivables 454.11425.82473.78505.03825.761,264.791,423.531,657.421,474.221,704.201,970.05
Account Receivables (%)
Inventories 412.16387.83483.14417.85793.97795.601,574.67979.381,258.391,454.691,681.63
Inventories (%)
Accounts Payable 356.10323.81293.07296.10485.09596.45510.83686.77822.94951.311,099.72
Accounts Payable (%)
Capital Expenditure -183.18-255.25-122.19-86.18-176.21-592.57-599.88-489.15-521.28-602.60-696.60
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 457.72
Diluted Shares Outstanding 618.00
Cost of Debt
Tax Rate 5.86
After-tax Cost of Debt 4.71%
Risk-Free Rate
Market Risk Premium
Cost of Equity 18.68
Total Debt 1,991.00
Total Equity 282,870.96
Total Capital 284,861.96
Debt Weighting 0.70
Equity Weighting 99.30
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
Projected
2022
Projected
2023
Projected
Revenue 4,280.004,130.204,681.585,010.236,910.119,714.2311,716.3310,918.4512,621.7314,590.7216,866.87
EBITDA 891.95759.96928.83987.022,149.733,456.324,215.543,403.283,354.863,878.214,483.21
EBIT 665.54520.82708.79790.111,962.473,257.183,953.093,022.232,879.023,328.143,847.33
Tax Rate 14.95%13.73%16.46%17.36%12.55%4.66%-6.29%5.86%9.91%9.91%9.91%
EBIAT 566.01449.33592.12652.931,716.263,105.334,201.682,845.172,593.702,998.323,466.06
Depreciation 226.41239.14220.03196.90187.26199.14262.45381.05475.84550.07635.88
Accounts Receivable -28.28-47.95-31.25-320.73-439.03-158.74-233.89183.20-229.98-265.85
Inventories -24.34-95.3165.29-376.12-1.62-779.08595.29-279.00-196.31-226.93
Accounts Payable --32.29-30.743.04188.99111.36-85.62175.94136.17128.38148.41
Capital Expenditure -72.06-133.06-36.0190.03416.367.31-110.7332.1381.3294.01
UFCF 792.42780.87505.09850.891,485.703,391.543,447.993,652.833,142.043,331.803,851.56
WACC
PV UFCF 2,234.541,998.231,948.01
SUM PV UFCF 7,665.61

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 18.58
Free cash flow (t + 1) 4,005.63
Terminal Value 27,473.43
Present Value of Terminal Value 11,718.06

Intrinsic Value

Enterprise Value 19,383.67
Net Debt -8,905.00
Equity Value 28,288.67
Shares Outstanding 618.00
Equity Value Per Share 45.77