Discounted Cash Flow (DCF) Analysis Levered

NXP Semiconductors N.V. (NXPI)

$187.97

-2.98 (-1.56%)
All numbers are in Millions, Currency in USD
Stock DCF: 204.90 | 187.97 | undervalue

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 9,4078,8778,61211,06313,20514,499.1815,920.2017,480.4919,193.7021,074.82
Revenue (%)
Operating Cash Flow 4,3692,3732,4823,0773,8954,619.625,072.375,569.506,115.356,714.70
Operating Cash Flow (%)
Capital Expenditure -661-628-522-932-1,063-1,062.41-1,166.53-1,280.86-1,406.40-1,544.23
Capital Expenditure (%)
Free Cash Flow 3,7081,7451,9602,1452,8323,557.213,905.844,288.644,708.965,170.47

Weighted Average Cost Of Capital

Share price $ 187.97
Beta 1.487
Diluted Shares Outstanding 264.05
Cost of Debt
Tax Rate 17.13
After-tax Cost of Debt 4.14%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.641
Total Debt 11,165
Total Equity 49,634.04
Total Capital 60,799.04
Debt Weighting 18.36
Equity Weighting 81.64
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 9,4078,8778,61211,06313,20514,499.1815,920.2017,480.4919,193.7021,074.82
Operating Cash Flow 4,3692,3732,4823,0773,8954,619.625,072.375,569.506,115.356,714.70
Capital Expenditure -661-628-522-932-1,063-1,062.41-1,166.53-1,280.86-1,406.40-1,544.23
Free Cash Flow 3,7081,7451,9602,1452,8323,557.213,905.844,288.644,708.965,170.47
WACC
PV LFCF 3,250.083,260.493,270.943,281.423,291.93
SUM PV LFCF 16,354.86

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.45
Free cash flow (t + 1) 5,273.88
Terminal Value 70,790.29
Present Value of Terminal Value 45,070.76

Intrinsic Value

Enterprise Value 61,425.61
Net Debt 7,320
Equity Value 54,105.61
Shares Outstanding 264.05
Equity Value Per Share 204.90