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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
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 24,866.0026,487.2625,282.0923,555.3322,259.7822,613.7124,275.8224,217.5624,159.4424,101.4524,043.61
Revenue (%)
EBITDA 9,242.6910,367.117,807.118,560.014,943.902,720.439,508.847,505.027,487.017,469.047,451.12
EBITDA (%)
EBIT 8,225.679,217.576,593.577,132.553,483.661,160.088,108.126,173.066,158.246,143.466,128.72
EBIT (%)
Depreciation 1,017.021,149.551,213.541,427.451,460.241,560.351,400.711,331.971,328.771,325.581,322.40
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 14,966.8517,563.7017,320.7618,648.7537,307.4012,087.0312,259.2918,880.0118,834.7018,789.4918,744.40
Total Cash (%)
Account Receivables 2,140.962,412.991,964.422,218.913,632.802,903.602,471.282,569.482,563.322,557.162,551.03
Account Receivables (%)
Inventories 1,302.981,456.801,491.641,557.012,034.541,693.771,400.711,578.981,575.201,571.411,567.64
Inventories (%)
Accounts Payable 1,554.132,182.551,299.501,858.521,969.991,824.931,369.161,731.561,727.401,723.251,719.12
Accounts Payable (%)
Capital Expenditure -1,044.37-1,146.90-728.12-539.42-690.05-784.70-886.07-828.24-826.25-824.27-822.29
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 83.6
Diluted Shares Outstanding 1,210.00
Cost of Debt
Tax Rate 41.37
After-tax Cost of Debt -2.02
Risk-Free Rate
Market Risk Premium
Cost of Equity 12.18
Total Debt 13,437.00
Total Equity 101,156.00
Total Capital 114,593.00
Debt Weighting 11.73
Equity Weighting 88.27
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 24,866.0026,487.2625,282.0923,555.3322,259.7822,613.7124,275.8224,217.5624,159.4424,101.4524,043.61
EBITDA 9,242.6910,367.117,807.118,560.014,943.902,720.439,508.847,505.027,487.017,469.047,451.12
EBIT 8,225.679,217.576,593.577,132.553,483.661,160.088,108.126,173.066,158.246,143.466,128.72
Tax Rate 16.45%13.51%18.78%16.54%18.17%1,366.33%41.37%213.02%213.02%213.02%213.02%
EBIAT 6,872.787,972.685,355.125,952.492,850.58-14,690.454,753.67-6,976.88-6,960.14-6,943.44-6,926.77
Depreciation 1,017.021,149.551,213.541,427.451,460.241,560.351,400.711,331.971,328.771,325.581,322.40
Accounts Receivable --272.03448.57-254.49-1,413.88729.20432.32-98.206.176.156.14
Inventories --153.82-34.84-65.36-477.54340.78293.05-178.273.793.783.77
Accounts Payable -628.43-883.05559.02111.48-145.06-455.77362.40-4.16-4.15-4.14
Capital Expenditure -102.53-418.77-188.71150.6494.64101.37-57.83-1.99-1.98-1.98
UFCF 7,889.809,427.335,680.567,430.392,681.51-12,110.556,525.36-5,616.82-5,627.56-5,614.05-5,600.58
WACC
PV UFCF -4,551.35-4,104.83-3,686.18-3,310.23
SUM PV UFCF 13,702.31

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 11.09
Free cash flow (t + 1) -5,824.60
Terminal Value -82,152.35
Present Value of Terminal Value -48,556.25

Intrinsic Value

Enterprise Value -34,853.94
Net Debt 1,177.71
Equity Value -36,031.65
Shares Outstanding 1,210.00
Equity Value Per Share -29.78