Discounted Cash Flow (DCF) Analysis Levered
Advanced Micro Devices, Inc. (AMD)
$98.75
+6.10 (+6.58%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
Revenue | 5,253 | 6,475 | 6,731 | 9,763 | 16,434 | 22,210.19 | 30,016.59 | 40,566.77 | 54,825.11 | 74,094.94 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 68 | 34 | 493 | 1,071 | 3,521 | 1,845.18 | 2,493.72 | 3,370.21 | 4,554.76 | 6,155.66 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -113 | -163 | -217 | -294 | -301 | -565.71 | -764.54 | -1,033.26 | -1,396.43 | -1,887.25 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | -45 | -129 | 276 | 777 | 3,220 | 1,279.47 | 1,729.17 | 2,336.94 | 3,158.33 | 4,268.41 |
Weighted Average Cost Of Capital
Share price | $ 98.75 |
---|---|
Beta | 1.869 |
Diluted Shares Outstanding | 1,207 |
Cost of Debt | |
Tax Rate | 13.82 |
After-tax Cost of Debt | 4.43% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 11.579 |
Total Debt | 661 |
Total Equity | 119,191.25 |
Total Capital | 119,852.25 |
Debt Weighting | 0.55 |
Equity Weighting | 99.45 |
Wacc |
Build Up Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
Revenue | 5,253 | 6,475 | 6,731 | 9,763 | 16,434 | 22,210.19 | 30,016.59 | 40,566.77 | 54,825.11 | 74,094.94 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 68 | 34 | 493 | 1,071 | 3,521 | 1,845.18 | 2,493.72 | 3,370.21 | 4,554.76 | 6,155.66 |
Capital Expenditure | -113 | -163 | -217 | -294 | -301 | -565.71 | -764.54 | -1,033.26 | -1,396.43 | -1,887.25 |
Free Cash Flow | -45 | -129 | 276 | 777 | 3,220 | 1,279.47 | 1,729.17 | 2,336.94 | 3,158.33 | 4,268.41 |
WACC | ||||||||||
PV LFCF | 1,147.09 | 1,389.88 | 1,684.05 | 2,040.49 | 2,472.37 | |||||
SUM PV LFCF | 8,733.88 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 11.54 |
Free cash flow (t + 1) | 4,353.78 |
Terminal Value | 45,637.07 |
Present Value of Terminal Value | 26,434.10 |
Intrinsic Value
Enterprise Value | 35,167.99 |
---|---|
Net Debt | -1,874 |
Equity Value | 37,041.99 |
Shares Outstanding | 1,207 |
Equity Value Per Share | 30.69 |