Discounted Cash Flow (DCF) Analysis Levered

QUALCOMM Incorporated (QCOM)

$ 182.63
-1.09 (-0.59%)
Stock DCF: 373.34 | 182.63 | undervalue

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 22,25822,73219,57323,53133,56637,854.1042,69048,143.7054,294.1161,230.25
Revenue (%)
Operating Cash Flow 4,6933,8957,2865,81410,5369,958.6911,230.9312,665.6914,283.7516,108.51
Operating Cash Flow (%)
Capital Expenditure -690-784-887-1,407-1,888-1,717.42-1,936.82-2,184.25-2,463.29-2,777.98
Capital Expenditure (%)
Free Cash Flow 4,0033,1116,3994,4078,6488,241.279,294.1010,481.4411,820.4513,330.53

Weighted Average Cost Of Capital

Share price $ 182.63
Beta 1.331
Diluted Shares Outstanding 1,149
Cost of Debt
Tax Rate 11.98
After-tax Cost of Debt 3.12%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.793
Total Debt 15,745
Total Equity 209,841.87
Total Capital 225,586.87
Debt Weighting 6.98
Equity Weighting 93.02
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 22,25822,73219,57323,53133,56637,854.1042,69048,143.7054,294.1161,230.25
Operating Cash Flow 4,6933,8957,2865,81410,5369,958.6911,230.9312,665.6914,283.7516,108.51
Capital Expenditure -690-784-887-1,407-1,888-1,717.42-1,936.82-2,184.25-2,463.29-2,777.98
Free Cash Flow 4,0033,1116,3994,4078,6488,241.279,294.1010,481.4411,820.4513,330.53
WACC
PV LFCF 7,668.448,046.988,444.218,861.059,298.46
SUM PV LFCF 42,319.14

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.47
Free cash flow (t + 1) 13,997.06
Terminal Value 566,682.39
Present Value of Terminal Value 395,278.75

Intrinsic Value

Enterprise Value 437,597.90
Net Debt 8,629
Equity Value 428,968.90
Shares Outstanding 1,149
Equity Value Per Share 373.34