Discounted Cash Flow (DCF) Analysis Unlevered

NVIDIA Corp

NVIDIA Corp (NVDA)

$523.25
18.1695 (+3.60%)

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
2024
Projected
2025
Projected
Revenue 4,280.004,130.004,681.515,010.006,910.009,714.0011,716.0010,918.0012,620.6914,588.9316,864.1219,494.1322,534.29
Revenue (%)
EBITDA 892.49759.54928.83987.002,150.003,589.004,584.003,403.003,425.583,959.804,577.355,291.206,116.38
EBITDA (%)
EBIT 666.29520.44708.70790.001,963.003,390.004,322.003,022.002,949.313,409.273,940.954,555.565,266.01
EBIT (%)
Depreciation 226.20239.10220.13197.00187.00199.00262.00381.00476.26550.54636.39735.64850.37
Depreciation (%)

Balance Sheet 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
2024
Projected
2025
Projected
Total Cash 3,728.004,672.004,623.005,037.006,798.007,108.007,422.0010,897.0011,583.0313,389.4315,477.5617,891.3320,681.53
Total Cash (%)
Account Receivables 454.00426.00474.00505.00826.001,265.001,424.001,657.001,474.011,703.881,969.612,276.772,631.84
Account Receivables (%)
Inventories 412.00388.00483.00418.00794.00796.001,575.00979.001,258.541,454.811,681.701,943.962,247.13
Inventories (%)
Accounts Payable 356.00324.00293.00296.00485.00596.00511.00687.00822.52950.791,099.071,270.481,468.61
Accounts Payable (%)
Capital Expenditure -183.30-255.20-122.38-86.00-176.00-593.00-600.00-489.00-521.30-602.60-696.58-805.21-930.79
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 523.25
Beta 1.539
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 14.712
Total Debt 1,991.00
Total Equity 323,368.50
Total Capital 325,359.50
Debt Weighting 0.61
Equity Weighting 99.39
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
2024
Projected
2025
Projected
Revenue 4,280.004,130.004,681.515,010.006,910.009,714.0011,716.0010,918.0012,620.6914,588.9316,864.1219,494.1322,534.29
EBITDA 892.49759.54928.83987.002,150.003,589.004,584.003,403.003,425.583,959.804,577.355,291.206,116.38
EBIT 666.29520.44708.70790.001,963.003,390.004,322.003,022.002,949.313,409.273,940.954,555.565,266.01
Tax Rate 14.95%13.73%16.46%17.36%12.55%4.66%-6.29%5.86%9.91%9.91%9.91%9.91%9.91%
EBIAT 566.65449.01592.05652.841,716.723,231.964,593.792,844.952,657.033,071.413,550.404,104.104,744.14
Depreciation 226.20239.10220.13197.00187.00199.00262.00381.00476.26550.54636.39735.64850.37
Accounts Receivable -28.00-48.00-31.00-321.00-439.00-159.00-233.00182.99-229.88-265.73-307.17-355.07
Inventories -24.00-95.0065.00-376.00-2.00-779.00596.00-279.54-196.27-226.88-262.27-303.17
Accounts Payable --32.00-31.003.00189.00111.00-85.00176.00135.52128.27148.28171.40198.13
Capital Expenditure -183.30-255.20-122.38-86.00-176.00-593.00-600.00-489.00-521.30-602.60-696.58-805.21-930.79
UFCF 609.55452.91515.79800.841,219.722,507.963,232.793,275.952,650.972,721.473,145.893,636.504,203.62
WACC
PV UFCF 2,016.771,805.851,820.741,835.751,850.88
SUM PV UFCF 10,696.83

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 14.65
Free cash flow (t + 1) 4,371.77
Terminal Value 41,049.45
Present Value of Terminal Value 20,722.26

Intrinsic Value

Enterprise Value 31,419.09
Net Debt -8,905.00
Equity Value 40,324.09
Shares Outstanding 618.00
Equity Value Per Share 65.25