Discounted Cash Flow (DCF) Analysis Levered

NVIDIA Corporation (NVDA)

$852.37

+29.58 (+3.60%)
All numbers are in Millions, Currency in USD
Stock DCF: 683.60 | 852.37 | overvalue

Free Cash Flow

Year
A/P
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Actual
2025
Projected
2026
Projected
2027
Projected
2028
Projected
2029
Projected
Revenue 10,91816,67526,91426,97460,92297,507.21156,062.78249,782.46399,783.19639,863.19
Revenue (%)
Operating Cash Flow 4,7615,8229,1085,64128,09034,982.3655,990.1589,613.67143,428.96229,561.70
Operating Cash Flow (%)
Capital Expenditure -489-1,128-976-1,833-1,069-4,567.23-7,309.97-11,699.79-18,725.81-29,971.14
Capital Expenditure (%)
Free Cash Flow 4,2724,6948,1323,80827,02130,415.1348,680.1877,913.88124,703.14199,590.56

Weighted Average Cost Of Capital

Share price $ 852.37
Beta 1.725
Diluted Shares Outstanding 2,494
Cost of Debt
Tax Rate 12.00
After-tax Cost of Debt 3.70%
Risk-Free Rate
Market Risk Premium
Cost of Equity 12.352
Total Debt 11,056
Total Equity 2,125,810.78
Total Capital 2,136,866.78
Debt Weighting 0.52
Equity Weighting 99.48
Wacc

Build Up Free Cash Flow

Year
A/P
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Actual
2025
Projected
2026
Projected
2027
Projected
2028
Projected
2029
Projected
Revenue 10,91816,67526,91426,97460,92297,507.21156,062.78249,782.46399,783.19639,863.19
Operating Cash Flow 4,7615,8229,1085,64128,09034,982.3655,990.1589,613.67143,428.96229,561.70
Capital Expenditure -489-1,128-976-1,833-1,069-4,567.23-7,309.97-11,699.79-18,725.81-29,971.14
Free Cash Flow 4,2724,6948,1323,80827,02130,415.1348,680.1877,913.88124,703.14199,590.56
WACC
PV LFCF 27,081.4038,593.6154,999.6078,379.72111,698.63
SUM PV LFCF 310,752.96

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 12.31
Free cash flow (t + 1) 207,574.18
Terminal Value 2,497,884.27
Present Value of Terminal Value 1,397,913.11

Intrinsic Value

Enterprise Value 1,708,666.07
Net Debt 3,776
Equity Value 1,704,890.07
Shares Outstanding 2,494
Equity Value Per Share 683.60