Discounted Cash Flow (DCF) Analysis Levered
Qorvo, Inc. (QRVO)
$96.5
+2.37 (+2.52%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Actual | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
| Revenue | 3,090.32 | 3,239.14 | 4,015.31 | 4,645.71 | 3,569.40 | 3,759.56 | 3,959.85 | 4,170.80 | 4,393 | 4,627.04 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 810.36 | 945.65 | 1,301.85 | 1,049.24 | 843.23 | 1,007.92 | 1,061.62 | 1,118.18 | 1,177.75 | 1,240.49 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -220.94 | -164.10 | -186.96 | -213.47 | -158.95 | -194.89 | -205.28 | -216.21 | -227.73 | -239.86 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 589.43 | 781.54 | 1,114.89 | 835.78 | 684.28 | 813.03 | 856.34 | 901.96 | 950.02 | 1,000.63 |
Weighted Average Cost Of Capital
| Share price | $ 96.5 |
|---|---|
| Beta | 1.436 |
| Diluted Shares Outstanding | 103.02 |
| Cost of Debt | |
| Tax Rate | 17.23 |
| After-tax Cost of Debt | 2.76% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 11.320 |
| Total Debt | 2,048.07 |
| Total Equity | 9,941.33 |
| Total Capital | 11,989.41 |
| Debt Weighting | 17.08 |
| Equity Weighting | 82.92 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Actual | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
| Revenue | 3,090.32 | 3,239.14 | 4,015.31 | 4,645.71 | 3,569.40 | 3,759.56 | 3,959.85 | 4,170.80 | 4,393 | 4,627.04 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 810.36 | 945.65 | 1,301.85 | 1,049.24 | 843.23 | 1,007.92 | 1,061.62 | 1,118.18 | 1,177.75 | 1,240.49 |
| Capital Expenditure | -220.94 | -164.10 | -186.96 | -213.47 | -158.95 | -194.89 | -205.28 | -216.21 | -227.73 | -239.86 |
| Free Cash Flow | 589.43 | 781.54 | 1,114.89 | 835.78 | 684.28 | 813.03 | 856.34 | 901.96 | 950.02 | 1,000.63 |
| WACC | ||||||||||
| PV LFCF | 740.06 | 709.53 | 680.25 | 652.19 | 625.28 | |||||
| SUM PV LFCF | 3,407.31 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 9.86 |
| Free cash flow (t + 1) | 1,020.64 |
| Terminal Value | 12,985.25 |
| Present Value of Terminal Value | 8,114.33 |
Intrinsic Value
| Enterprise Value | 11,521.63 |
|---|---|
| Net Debt | 1,239.32 |
| Equity Value | 10,282.32 |
| Shares Outstanding | 103.02 |
| Equity Value Per Share | 99.81 |