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Discounted Cash Flow (DCF) Analysis Unlevered


QUALCOMM Incorporated

QUALCOMM Incorporated (QCOM)

Technology

Operating Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 24,866.0026,487.2625,282.0923,555.3322,292.7622,734.1622,359.0421,990.1221,627.2821,270.4320,919.47
Revenue (%)
EBITDA 9,242.6910,367.117,807.118,560.014,975.742,841.776,647.346,537.666,429.796,323.706,219.36
EBITDA (%)
EBIT 8,225.679,217.576,593.577,132.553,515.571,279.935,428.785,339.205,251.105,164.465,079.25
EBIT (%)
Depreciation 1,017.021,149.551,213.541,427.451,460.181,561.841,218.571,198.461,178.691,159.241,140.11
Depreciation (%)

Balance Sheet Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Total Cash 14,966.8517,563.7017,320.7618,648.7537,306.9312,087.7518,435.0318,130.8517,831.6917,537.4717,248.10
Total Cash (%)
Account Receivables 2,140.962,412.991,964.422,218.913,631.492,903.152,383.472,344.152,305.472,267.432,230.02
Account Receivables (%)
Inventories 1,302.981,456.801,491.641,557.012,035.331,693.691,484.641,460.141,436.051,412.361,389.05
Inventories (%)
Accounts Payable 1,554.132,182.551,299.501,858.521,970.681,825.551,654.571,627.271,600.421,574.011,548.04
Accounts Payable (%)
Capital Expenditure -1,044.37-1,146.90-728.12-539.42-691.08-784.33-753.50-741.07-728.84-716.81-704.99
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 76.11
Diluted Shares Outstanding 1,463.00
Cost of Debt
Tax Rate 1,048.15
After-tax Cost of Debt -52.36
Risk-Free Rate
Market Risk Premium
Cost of Equity 12.18
Total Debt 15,365.00
Total Equity 111,348.93
Total Capital 126,713.93
Debt Weighting 12.13
Equity Weighting 87.87
Wacc

Build Up Free Cash

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 24,866.0026,487.2625,282.0923,555.3322,292.7622,734.1622,359.0421,990.1221,627.2821,270.4320,919.47
EBITDA 9,242.6910,367.117,807.118,560.014,975.742,841.776,647.346,537.666,429.796,323.706,219.36
EBIT 8,225.679,217.576,593.577,132.553,515.571,279.935,428.785,339.205,251.105,164.465,079.25
Tax Rate 16.45%13.51%18.78%16.54%18.37%1,048.15%188.63%188.63%188.63%188.63%188.63%
EBIAT 6,872.787,972.685,355.125,952.492,869.71-12,135.66-4,811.70-4,732.31-4,654.23-4,577.43-4,501.90
Depreciation 1,017.021,149.551,213.541,427.451,460.181,561.841,218.571,198.461,178.691,159.241,140.11
Accounts Receivable --272.03448.57-254.49-1,412.58728.34519.6839.3338.6838.0437.41
Inventories --153.82-34.84-65.36-478.32341.63209.0524.5024.0923.6923.30
Accounts Payable -628.43-883.05559.02112.16-145.13-170.98-27.30-26.85-26.41-25.97
Capital Expenditure -102.53-418.77-188.71151.6693.25-30.83-12.43-12.23-12.03-11.83
UFCF 7,889.809,427.335,680.567,430.392,702.81-9,555.73-3,066.22-3,509.76-3,451.85-3,394.89-3,338.88
WACC
PV UFCF -2,921.60-3,186.49-2,986.10-2,798.31-2,622.33
SUM PV UFCF 11,224.99

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.95
Free cash flow (t + 1) -3,472.43
Terminal Value -365,519.06
Present Value of Terminal Value -287,076.61

Intrinsic Value

Enterprise Value -275,851.62
Net Debt 3,277.25
Equity Value -279,128.87
Shares Outstanding 1,463.00
Equity Value Per Share -190.79