Discounted Cash Flow (DCF) Analysis Levered
NVIDIA Corporation (NVDA)
$203.65
+5.63 (+2.84%)
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 | 9,714 | 11,716 | 10,918 | 16,675 | 26,914 | 35,521.84 | 46,882.69 | 61,877.06 | 81,667.04 | 107,786.40 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 3,502 | 3,743 | 4,761 | 5,822 | 9,108 | 12,813.53 | 16,911.65 | 22,320.46 | 29,459.16 | 38,881.01 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -593 | -600 | -489 | -1,128 | -976 | -1,853.93 | -2,446.87 | -3,229.44 | -4,262.30 | -5,625.51 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 2,909 | 3,143 | 4,272 | 4,694 | 8,132 | 10,959.61 | 14,464.79 | 19,091.02 | 25,196.86 | 33,255.50 |
Weighted Average Cost Of Capital
| Share price | $ 203.65 |
|---|---|
| Beta | 1.722 |
| Diluted Shares Outstanding | 2,535 |
| Cost of Debt | |
| Tax Rate | 1.90 |
| After-tax Cost of Debt | 1.98% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 11.646 |
| Total Debt | 11,687 |
| Total Equity | 516,252.75 |
| Total Capital | 527,939.75 |
| Debt Weighting | 2.21 |
| Equity Weighting | 97.79 |
| 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 | 9,714 | 11,716 | 10,918 | 16,675 | 26,914 | 35,521.84 | 46,882.69 | 61,877.06 | 81,667.04 | 107,786.40 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 3,502 | 3,743 | 4,761 | 5,822 | 9,108 | 12,813.53 | 16,911.65 | 22,320.46 | 29,459.16 | 38,881.01 |
| Capital Expenditure | -593 | -600 | -489 | -1,128 | -976 | -1,853.93 | -2,446.87 | -3,229.44 | -4,262.30 | -5,625.51 |
| Free Cash Flow | 2,909 | 3,143 | 4,272 | 4,694 | 8,132 | 10,959.61 | 14,464.79 | 19,091.02 | 25,196.86 | 33,255.50 |
| WACC | ||||||||||
| PV LFCF | 9,835.42 | 11,649.51 | 13,798.21 | 16,343.23 | 19,357.66 | |||||
| SUM PV LFCF | 70,984.03 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 11.43 |
| Free cash flow (t + 1) | 33,920.61 |
| Terminal Value | 359,709.57 |
| Present Value of Terminal Value | 209,382.96 |
Intrinsic Value
| Enterprise Value | 280,366.99 |
|---|---|
| Net Debt | 9,697 |
| Equity Value | 270,669.99 |
| Shares Outstanding | 2,535 |
| Equity Value Per Share | 106.77 |