Discounted Cash Flow (DCF) Analysis Levered
Nokia Oyj (NOK)
$3.7047
+0.00 (+0.13%)
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 | $ 3.7,047 |
---|---|
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 | 7.743 |
Total Debt | 5,519 |
Total Equity | 20,798.86 |
Total Capital | 26,317.86 |
Debt Weighting | 20.97 |
Equity Weighting | 79.03 |
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 | 765.22 | 734.84 | 705.67 | 677.66 | 650.76 | |||||
SUM PV LFCF | 3,534.15 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 6.96 |
Free cash flow (t + 1) | 929.24 |
Terminal Value | 18,734.59 |
Present Value of Terminal Value | 13,382.50 |
Intrinsic Value
Enterprise Value | 16,916.65 |
---|---|
Net Debt | 52 |
Equity Value | 16,864.65 |
Shares Outstanding | 5,614.18 |
Equity Value Per Share | 3.00 |