Discounted Cash Flow (DCF) Analysis Levered
Qorvo, Inc. (QRVO)
$111.61
-0.92 (-0.82%)
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 | 2,973.54 | 3,090.32 | 3,239.14 | 4,015.31 | 4,645.71 | 5,207.91 | 5,838.13 | 6,544.63 | 7,336.61 | 8,224.44 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 852.52 | 810.36 | 945.65 | 1,301.85 | 1,049.24 | 1,448.78 | 1,624.11 | 1,820.64 | 2,040.97 | 2,287.95 |
| 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 | 582.68 | 589.43 | 781.54 | 1,114.89 | 835.78 | 1,130.67 | 1,267.50 | 1,420.88 | 1,592.83 | 1,785.58 |
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 | 2,973.54 | 3,090.32 | 3,239.14 | 4,015.31 | 4,645.71 | 5,207.91 | 5,838.13 | 6,544.63 | 7,336.61 | 8,224.44 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 852.52 | 810.36 | 945.65 | 1,301.85 | 1,049.24 | 1,448.78 | 1,624.11 | 1,820.64 | 2,040.97 | 2,287.95 |
| 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 | 582.68 | 589.43 | 781.54 | 1,114.89 | 835.78 | 1,130.67 | 1,267.50 | 1,420.88 | 1,592.83 | 1,785.58 |
| WACC | ||||||||||
| PV LFCF | 1,037.12 | 1,066.44 | 1,096.58 | 1,127.57 | 1,159.44 | |||||
| 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 |