Discounted Cash Flow (DCF) Analysis Levered

Nokia Oyj (NOK)

$4.06

+0.01 (+0.25%)
All numbers are in Millions, Currency in USD
Stock DCF: 4.67 | 4.06 | undervalue

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 22,56323,31521,85222,20224,91125,587.4126,282.1926,995.8327,728.8528,481.78
Revenue (%)
Operating Cash Flow 3603901,7592,6251,4741,487.051,527.431,568.901,611.501,655.26
Operating Cash Flow (%)
Capital Expenditure -672-690-479-560-601-668.58-686.74-705.38-724.54-744.21
Capital Expenditure (%)
Free Cash Flow -312-3001,2802,065873818.46840.69863.52886.96911.05

Weighted Average Cost Of Capital

Share price $ 4.06
Beta 0.672
Diluted Shares Outstanding 5,684.23
Cost of Debt
Tax Rate -94.60
After-tax Cost of Debt -1.96%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.864
Total Debt 5,519
Total Equity 23,077.99
Total Capital 28,596.99
Debt Weighting 19.30
Equity Weighting 80.70
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 22,56323,31521,85222,20224,91125,587.4126,282.1926,995.8327,728.8528,481.78
Operating Cash Flow 3603901,7592,6251,4741,487.051,527.431,568.901,611.501,655.26
Capital Expenditure -672-690-479-560-601-668.58-686.74-705.38-724.54-744.21
Free Cash Flow -312-3001,2802,065873818.46840.69863.52886.96911.05
WACC
PV LFCF 778.30760.21742.54725.28708.42
SUM PV LFCF 3,714.74

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.16
Free cash flow (t + 1) 929.27
Terminal Value 29,407.21
Present Value of Terminal Value 22,866.57

Intrinsic Value

Enterprise Value 26,581.31
Net Debt 52
Equity Value 26,529.31
Shares Outstanding 5,684.23
Equity Value Per Share 4.67