Discounted Cash Flow (DCF) Analysis Levered
Nokia Oyj (NOK)
$5.14
+0.05 (+0.98%)
All numbers are in Millions, Currency in USD
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 | 23,147 | 22,563 | 23,315 | 21,852 | 22,202 | 21,987.56 | 21,775.20 | 21,564.89 | 21,356.60 | 21,150.33 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 1,811 | 360 | 390 | 1,759 | 2,626 | 1,361.89 | 1,348.74 | 1,335.71 | 1,322.81 | 1,310.03 |
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 | -300 | 1,280 | 2,066 | 779.28 | 771.76 | 764.30 | 756.92 | 749.61 |
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 | 23,147 | 22,563 | 23,315 | 21,852 | 22,202 | 21,987.56 | 21,775.20 | 21,564.89 | 21,356.60 | 21,150.33 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 1,811 | 360 | 390 | 1,759 | 2,626 | 1,361.89 | 1,348.74 | 1,335.71 | 1,322.81 | 1,310.03 |
Capital Expenditure | -601 | -672 | -690 | -479 | -560 | -582.61 | -576.98 | -571.41 | -565.89 | -560.42 |
Free Cash Flow | 1,210 | -312 | -300 | 1,280 | 2,066 | 779.28 | 771.76 | 764.30 | 756.92 | 749.61 |
WACC | ||||||||||
PV LFCF | 740.55 | 696.95 | 655.91 | 617.29 | 580.95 | |||||
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 |