Discounted Cash Flow (DCF) Analysis Levered
Nokia Oyj (NOK)
$3.7
-0.03 (-0.80%)
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 | 22,563 | 23,315 | 21,867 | 22,202 | 24,911 | 25,587.08 | 26,281.50 | 26,994.78 | 27,727.41 | 28,479.92 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 360 | 390 | 1,759 | 2,626 | 1,474 | 1,486.98 | 1,527.33 | 1,568.78 | 1,611.36 | 1,655.09 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -672 | -690 | -479 | -560 | -601 | -668.50 | -686.64 | -705.28 | -724.42 | -744.08 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | -312 | -300 | 1,280 | 2,066 | 873 | 818.48 | 840.69 | 863.51 | 886.94 | 911.02 |
Weighted Average Cost Of Capital
Share price | $ 3.7 |
---|---|
Beta | 0.650 |
Diluted Shares Outstanding | 5,614.18 |
Cost of Debt | |
Tax Rate | -94.60 |
After-tax Cost of Debt | 4.02% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 7.693 |
Total Debt | 5,519 |
Total Equity | 20,772.47 |
Total Capital | 26,291.47 |
Debt Weighting | 20.99 |
Equity Weighting | 79.01 |
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 | 22,563 | 23,315 | 21,867 | 22,202 | 24,911 | 25,587.08 | 26,281.50 | 26,994.78 | 27,727.41 | 28,479.92 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 360 | 390 | 1,759 | 2,626 | 1,474 | 1,486.98 | 1,527.33 | 1,568.78 | 1,611.36 | 1,655.09 |
Capital Expenditure | -672 | -690 | -479 | -560 | -601 | -668.50 | -686.64 | -705.28 | -724.42 | -744.08 |
Free Cash Flow | -312 | -300 | 1,280 | 2,066 | 873 | 818.48 | 840.69 | 863.51 | 886.94 | 911.02 |
WACC | ||||||||||
PV LFCF | 765.51 | 735.39 | 706.46 | 678.67 | 651.98 | |||||
SUM PV LFCF | 3,538.01 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 6.92 |
Free cash flow (t + 1) | 929.24 |
Terminal Value | 18,886.91 |
Present Value of Terminal Value | 13,516.56 |
Intrinsic Value
Enterprise Value | 17,054.57 |
---|---|
Net Debt | 52 |
Equity Value | 17,002.57 |
Shares Outstanding | 5,614.18 |
Equity Value Per Share | 3.03 |