Discounted Cash Flow (DCF) Analysis Levered

Nokia Oyj (NOK)

$5.14

+0.05 (+0.98%)
All numbers are in Millions, Currency in USD
Stock DCF: 4.04 | 5.14 | overvalue

Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 23,14722,56323,31521,85222,20221,987.5621,775.2021,564.8921,356.6021,150.33
Revenue (%)
Operating Cash Flow 1,8113603901,7592,6261,361.891,348.741,335.711,322.811,310.03
Operating Cash Flow (%)
Capital Expenditure -601-672-690-479-560-582.61-576.98-571.41-565.89-560.42
Capital Expenditure (%)
Free Cash Flow 1,210-312-3001,2802,066779.28771.76764.30756.92749.61

Weighted Average Cost Of Capital

Share price $ 5.14
Beta 0.569
Diluted Shares Outstanding 5,612.42
Cost of Debt
Tax Rate 15.73
After-tax Cost of Debt 4.21%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.428
Total Debt 5,662
Total Equity 28,847.83
Total Capital 34,509.83
Debt Weighting 16.41
Equity Weighting 83.59
Wacc

Build Up Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 23,14722,56323,31521,85222,20221,987.5621,775.2021,564.8921,356.6021,150.33
Operating Cash Flow 1,8113603901,7592,6261,361.891,348.741,335.711,322.811,310.03
Capital Expenditure -601-672-690-479-560-582.61-576.98-571.41-565.89-560.42
Free Cash Flow 1,210-312-3001,2802,066779.28771.76764.30756.92749.61
WACC
PV LFCF 740.55696.95655.91617.29580.95
SUM PV LFCF 3,291.66

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.23
Free cash flow (t + 1) 764.60
Terminal Value 23,671.89
Present Value of Terminal Value 18,345.73

Intrinsic Value

Enterprise Value 21,637.39
Net Debt -1,029
Equity Value 22,666.39
Shares Outstanding 5,612.42
Equity Value Per Share 4.04