Discounted Cash Flow (DCF) Analysis Levered
Marvell Technology, Inc. (MRVL)
$60.01
+0.29 (+0.49%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Actual | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
| Revenue | 2,865.79 | 2,699.16 | 2,968.90 | 4,462.38 | 5,919.60 | 7,209.17 | 8,779.66 | 10,692.29 | 13,021.57 | 15,858.28 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 596.74 | 360.30 | 817.29 | 819.37 | 1,288.80 | 1,468.26 | 1,788.12 | 2,177.66 | 2,652.06 | 3,229.80 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -87.46 | -86.63 | -119.51 | -187.12 | -217.30 | -261.71 | -318.72 | -388.15 | -472.71 | -575.69 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 509.28 | 273.66 | 697.78 | 632.25 | 1,071.50 | 1,206.56 | 1,469.40 | 1,789.51 | 2,179.35 | 2,654.11 |
Weighted Average Cost Of Capital
| Share price | $ 60.01 |
|---|---|
| Beta | 1.434 |
| Diluted Shares Outstanding | 851.40 |
| Cost of Debt | |
| Tax Rate | 292.13 |
| After-tax Cost of Debt | -6.92% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.514 |
| Total Debt | 4,737.50 |
| Total Equity | 51,092.51 |
| Total Capital | 55,830.01 |
| Debt Weighting | 8.49 |
| Equity Weighting | 91.51 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Actual | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
| Revenue | 2,865.79 | 2,699.16 | 2,968.90 | 4,462.38 | 5,919.60 | 7,209.17 | 8,779.66 | 10,692.29 | 13,021.57 | 15,858.28 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 596.74 | 360.30 | 817.29 | 819.37 | 1,288.80 | 1,468.26 | 1,788.12 | 2,177.66 | 2,652.06 | 3,229.80 |
| Capital Expenditure | -87.46 | -86.63 | -119.51 | -187.12 | -217.30 | -261.71 | -318.72 | -388.15 | -472.71 | -575.69 |
| Free Cash Flow | 509.28 | 273.66 | 697.78 | 632.25 | 1,071.50 | 1,206.56 | 1,469.40 | 1,789.51 | 2,179.35 | 2,654.11 |
| WACC | ||||||||||
| PV LFCF | 1,106.53 | 1,235.86 | 1,380.31 | 1,541.64 | 1,721.83 | |||||
| SUM PV LFCF | 6,986.17 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 9.04 |
| Free cash flow (t + 1) | 2,707.20 |
| Terminal Value | 38,454.48 |
| Present Value of Terminal Value | 24,946.96 |
Intrinsic Value
| Enterprise Value | 31,933.13 |
|---|---|
| Net Debt | 3,826.50 |
| Equity Value | 28,106.63 |
| Shares Outstanding | 851.40 |
| Equity Value Per Share | 33.01 |