Discounted Cash Flow (DCF) Analysis Levered

NVIDIA Corporation (NVDA)

$ 315.03

-11.71 (-3.58%)

Stock DCF: 149.19 | 315.03 | 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	6,910	9,714	11,716	10,918	16,675	21,140	26,800.59	33,976.88	43,074.75	54,608.71
Revenue (%)
Operating Cash Flow	1,672	3,502	3,743	4,761	5,822	7,217.92	9,150.63	11,600.87	14,707.19	18,645.28
Operating Cash Flow (%)
Capital Expenditure	-176	-593	-600	-489	-1,128	-1,057.69	-1,340.90	-1,699.95	-2,155.14	-2,732.21
Capital Expenditure (%)
Free Cash Flow	1,496	2,909	3,143	4,272	4,694	6,160.23	7,809.73	9,900.92	12,552.05	15,913.06

Weighted Average Cost Of Capital

Share price	$ 315.03
Beta	1.453
Diluted Shares Outstanding	2,512
Cost of Debt
Tax Rate	1.75
After-tax Cost of Debt	2.55%
Risk-Free Rate
Market Risk Premium
Cost of Equity	8.340
Total Debt	7,084
Total Equity	791,355.36
Total Capital	798,439.36
Debt Weighting	0.89
Equity Weighting	99.11
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	6,910	9,714	11,716	10,918	16,675	21,140	26,800.59	33,976.88	43,074.75	54,608.71
Operating Cash Flow	1,672	3,502	3,743	4,761	5,822	7,217.92	9,150.63	11,600.87	14,707.19	18,645.28
Capital Expenditure	-176	-593	-600	-489	-1,128	-1,057.69	-1,340.90	-1,699.95	-2,155.14	-2,732.21
Free Cash Flow	1,496	2,909	3,143	4,272	4,694	6,160.23	7,809.73	9,900.92	12,552.05	15,913.06
WACC
PV LFCF						5,688.64	6,659.77	7,796.69	9,127.70	10,685.92
SUM PV LFCF										39,958.73

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	8.29
Free cash flow (t + 1)	16,708.72
Terminal Value	507,863.77
Present Value of Terminal Value	341,040.12

Intrinsic Value

Enterprise Value	380,998.84
Net Debt	6,237
Equity Value	374,761.84
Shares Outstanding	2,512
Equity Value Per Share	149.19