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 6,9109,71411,71610,91816,67521,14026,800.5933,976.8843,074.7554,608.71
Revenue (%)
Operating Cash Flow 1,6723,5023,7434,7615,8227,217.929,150.6311,600.8714,707.1918,645.28
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 1,4962,9093,1434,2724,6946,160.237,809.739,900.9212,552.0515,913.06

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 6,9109,71411,71610,91816,67521,14026,800.5933,976.8843,074.7554,608.71
Operating Cash Flow 1,6723,5023,7434,7615,8227,217.929,150.6311,600.8714,707.1918,645.28
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 1,4962,9093,1434,2724,6946,160.237,809.739,900.9212,552.0515,913.06
WACC
PV LFCF 5,688.646,659.777,796.699,127.7010,685.92
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