Discounted Cash Flow (DCF) Analysis Levered

NVIDIA Corporation (NVDA)

$162.7

-2.49 (-1.51%)
All numbers are in Millions, Currency in USD
Stock DCF: 106.77 | 162.7 | overvalue

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 9,71411,71610,91816,67526,91435,521.8446,882.6961,877.0681,667.04107,786.40
Revenue (%)
Operating Cash Flow 3,5023,7434,7615,8229,10812,813.5316,911.6522,320.4629,459.1638,881.01
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 2,9093,1434,2724,6948,13210,959.6114,464.7919,091.0225,196.8633,255.50

Weighted Average Cost Of Capital

Share price $ 162.7
Beta 1.696
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 11.698
Total Debt 11,687
Total Equity 412,444.50
Total Capital 424,131.50
Debt Weighting 2.76
Equity Weighting 97.24
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 9,71411,71610,91816,67526,91435,521.8446,882.6961,877.0681,667.04107,786.40
Operating Cash Flow 3,5023,7434,7615,8229,10812,813.5316,911.6522,320.4629,459.1638,881.01
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 2,9093,1434,2724,6948,13210,959.6114,464.7919,091.0225,196.8633,255.50
WACC
PV LFCF 9,835.4211,649.5113,798.2116,343.2319,357.66
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