Discounted Cash Flow (DCF) Analysis Levered
Advanced Micro Devices, Inc. (AMD)
$124.92
+3.87 (+3.20%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
Revenue | 6,475 | 6,731 | 9,763 | 16,434 | 23,601 | 33,096.82 | 46,413.25 | 65,087.53 | 91,275.37 | 127,999.83 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 34 | 493 | 1,071 | 3,521 | 3,565 | 3,663.80 | 5,137.93 | 7,205.16 | 10,104.14 | 14,169.53 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -163 | -217 | -294 | -301 | -450 | -826.82 | -1,159.49 | -1,626 | -2,280.22 | -3,197.67 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | -129 | 276 | 777 | 3,220 | 3,115 | 2,836.99 | 3,978.44 | 5,579.16 | 7,823.92 | 10,971.86 |
Weighted Average Cost Of Capital
Share price | $ 124.92 |
---|---|
Beta | 1.937 |
Diluted Shares Outstanding | 1,571 |
Cost of Debt | |
Tax Rate | -11.49 |
After-tax Cost of Debt | 3.07% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 12.886 |
Total Debt | 2,863 |
Total Equity | 196,249.32 |
Total Capital | 199,112.32 |
Debt Weighting | 1.44 |
Equity Weighting | 98.56 |
Wacc |
Build Up Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
Revenue | 6,475 | 6,731 | 9,763 | 16,434 | 23,601 | 33,096.82 | 46,413.25 | 65,087.53 | 91,275.37 | 127,999.83 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 34 | 493 | 1,071 | 3,521 | 3,565 | 3,663.80 | 5,137.93 | 7,205.16 | 10,104.14 | 14,169.53 |
Capital Expenditure | -163 | -217 | -294 | -301 | -450 | -826.82 | -1,159.49 | -1,626 | -2,280.22 | -3,197.67 |
Free Cash Flow | -129 | 276 | 777 | 3,220 | 3,115 | 2,836.99 | 3,978.44 | 5,579.16 | 7,823.92 | 10,971.86 |
WACC | ||||||||||
PV LFCF | 1,979.81 | 2,462.64 | 3,063.22 | 3,810.28 | 4,739.52 | |||||
SUM PV LFCF | 20,406.99 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 12.74 |
Free cash flow (t + 1) | 11,191.30 |
Terminal Value | 104,202.03 |
Present Value of Terminal Value | 57,211.86 |
Intrinsic Value
Enterprise Value | 77,618.84 |
---|---|
Net Debt | -1,972 |
Equity Value | 79,590.84 |
Shares Outstanding | 1,571 |
Equity Value Per Share | 50.66 |