Discounted Cash Flow (DCF) Analysis Levered
QUALCOMM Incorporated (QCOM)
$119.73
+3.38 (+2.90%)
All numbers are in Millions, Currency in USD
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 | 22,732 | 24,273 | 23,531 | 33,566 | 44,200 | 52,824.40 | 63,131.60 | 75,449.97 | 90,171.93 | 107,766.47 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 3,895 | 7,286 | 5,814 | 10,536 | 9,096 | 13,082.20 | 15,634.83 | 18,685.53 | 22,331.48 | 26,688.85 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -784 | -887 | -1,407 | -1,888 | -2,262 | -2,517.07 | -3,008.21 | -3,595.17 | -4,296.67 | -5,135.05 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 3,111 | 6,399 | 4,407 | 8,648 | 6,834 | 10,565.13 | 12,626.62 | 15,090.35 | 18,034.81 | 21,553.80 |
Weighted Average Cost Of Capital
| Share price | $ 119.73 |
|---|---|
| Beta | 1.263 |
| Diluted Shares Outstanding | 1,137 |
| Cost of Debt | |
| Tax Rate | 13.75 |
| After-tax Cost of Debt | 2.73% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.725 |
| Total Debt | 15,482 |
| Total Equity | 136,133.01 |
| Total Capital | 151,615.01 |
| Debt Weighting | 10.21 |
| Equity Weighting | 89.79 |
| 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 | 22,732 | 24,273 | 23,531 | 33,566 | 44,200 | 52,824.40 | 63,131.60 | 75,449.97 | 90,171.93 | 107,766.47 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 3,895 | 7,286 | 5,814 | 10,536 | 9,096 | 13,082.20 | 15,634.83 | 18,685.53 | 22,331.48 | 26,688.85 |
| Capital Expenditure | -784 | -887 | -1,407 | -1,888 | -2,262 | -2,517.07 | -3,008.21 | -3,595.17 | -4,296.67 | -5,135.05 |
| Free Cash Flow | 3,111 | 6,399 | 4,407 | 8,648 | 6,834 | 10,565.13 | 12,626.62 | 15,090.35 | 18,034.81 | 21,553.80 |
| WACC | ||||||||||
| PV LFCF | 9,691.89 | 10,625.62 | 11,649.31 | 12,771.63 | 14,002.07 | |||||
| SUM PV LFCF | 58,740.53 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 9.01 |
| Free cash flow (t + 1) | 21,984.88 |
| Terminal Value | 313,621.68 |
| Present Value of Terminal Value | 203,739.10 |
Intrinsic Value
| Enterprise Value | 262,479.63 |
|---|---|
| Net Debt | 12,709 |
| Equity Value | 249,770.63 |
| Shares Outstanding | 1,137 |
| Equity Value Per Share | 219.68 |