Discounted Cash Flow (DCF) Analysis Levered
Nokia Oyj (NOK)
$4.06
+0.01 (+0.25%)
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 | 21,852 | 22,202 | 24,911 | 25,587.41 | 26,282.19 | 26,995.83 | 27,728.85 | 28,481.78 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 360 | 390 | 1,759 | 2,625 | 1,474 | 1,487.05 | 1,527.43 | 1,568.90 | 1,611.50 | 1,655.26 |
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 | -300 | 1,280 | 2,065 | 873 | 818.46 | 840.69 | 863.52 | 886.96 | 911.05 |
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 | 22,563 | 23,315 | 21,852 | 22,202 | 24,911 | 25,587.41 | 26,282.19 | 26,995.83 | 27,728.85 | 28,481.78 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 360 | 390 | 1,759 | 2,625 | 1,474 | 1,487.05 | 1,527.43 | 1,568.90 | 1,611.50 | 1,655.26 |
Capital Expenditure | -672 | -690 | -479 | -560 | -601 | -668.58 | -686.74 | -705.38 | -724.54 | -744.21 |
Free Cash Flow | -312 | -300 | 1,280 | 2,065 | 873 | 818.46 | 840.69 | 863.52 | 886.96 | 911.05 |
WACC | ||||||||||
PV LFCF | 778.30 | 760.21 | 742.54 | 725.28 | 708.42 | |||||
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 |