Discounted Cash Flow (DCF) Analysis Levered

Qorvo, Inc. (QRVO)

$96.5

+2.37 (+2.52%)
All numbers are in Millions, Currency in USD
Stock DCF: 99.81 | 96.5 | undervalue

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 3,090.323,239.144,015.314,645.713,569.403,759.563,959.854,170.804,3934,627.04
Revenue (%)
Operating Cash Flow 810.36945.651,301.851,049.24843.231,007.921,061.621,118.181,177.751,240.49
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 589.43781.541,114.89835.78684.28813.03856.34901.96950.021,000.63

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 3,090.323,239.144,015.314,645.713,569.403,759.563,959.854,170.804,3934,627.04
Operating Cash Flow 810.36945.651,301.851,049.24843.231,007.921,061.621,118.181,177.751,240.49
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 589.43781.541,114.89835.78684.28813.03856.34901.96950.021,000.63
WACC
PV LFCF 740.06709.53680.25652.19625.28
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