Discounted Cash Flow (DCF) Analysis Levered

Nokia Oyj (NOK)

$3.7

-0.03 (-0.80%)
All numbers are in Millions, Currency in USD
Stock DCF: 3.03 | 3.7 | overvalue

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 22,56323,31521,86722,20224,91125,587.0826,281.5026,994.7827,727.4128,479.92
Revenue (%)
Operating Cash Flow 3603901,7592,6261,4741,486.981,527.331,568.781,611.361,655.09
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 -312-3001,2802,066873818.48840.69863.51886.94911.02

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 22,56323,31521,86722,20224,91125,587.0826,281.5026,994.7827,727.4128,479.92
Operating Cash Flow 3603901,7592,6261,4741,486.981,527.331,568.781,611.361,655.09
Capital Expenditure -672-690-479-560-601-668.50-686.64-705.28-724.42-744.08
Free Cash Flow -312-3001,2802,066873818.48840.69863.51886.94911.02
WACC
PV LFCF 765.51735.39706.46678.67651.98
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