Discounted Cash Flow (DCF) Analysis Levered

Qorvo, Inc. (QRVO)

$111.61

-0.92 (-0.82%)
All numbers are in Millions, Currency in USD
Stock DCF: 190.59 | 111.61 | 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 2,973.543,090.323,239.144,015.314,645.715,207.915,838.136,544.637,336.618,224.44
Revenue (%)
Operating Cash Flow 852.52810.36945.651,301.851,049.241,448.781,624.111,820.642,040.972,287.95
Operating Cash Flow (%)
Capital Expenditure -269.84-220.94-164.10-186.96-213.47-318.11-356.61-399.76-448.14-502.37
Capital Expenditure (%)
Free Cash Flow 582.68589.43781.541,114.89835.781,130.671,267.501,420.881,592.831,785.58

Weighted Average Cost Of Capital

Share price $ 111.61
Beta 1.385
Diluted Shares Outstanding 111.55
Cost of Debt
Tax Rate 12.51
After-tax Cost of Debt 2.70%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.057
Total Debt 2,047.10
Total Equity 12,449.65
Total Capital 14,496.75
Debt Weighting 14.12
Equity Weighting 85.88
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 2,973.543,090.323,239.144,015.314,645.715,207.915,838.136,544.637,336.618,224.44
Operating Cash Flow 852.52810.36945.651,301.851,049.241,448.781,624.111,820.642,040.972,287.95
Capital Expenditure -269.84-220.94-164.10-186.96-213.47-318.11-356.61-399.76-448.14-502.37
Free Cash Flow 582.68589.43781.541,114.89835.781,130.671,267.501,420.881,592.831,785.58
WACC
PV LFCF 1,037.121,066.441,096.581,127.571,159.44
SUM PV LFCF 5,487.15

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.02
Free cash flow (t + 1) 1,821.29
Terminal Value 25,944.36
Present Value of Terminal Value 16,846.59

Intrinsic Value

Enterprise Value 22,333.75
Net Debt 1,074.51
Equity Value 21,259.24
Shares Outstanding 111.55
Equity Value Per Share 190.59