Discounted Cash Flow (DCF) Analysis Levered
Qorvo, Inc. (QRVO)
$98.04
-0.39 (-0.40%)
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 | 985.37 | 1,037.87 | 1,093.16 | 1,151.40 | 1,212.74 | 1,277.34 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -220.94 | -164.10 | -186.96 | -213.47 | -191.56 | -201.76 | -212.51 | -223.83 | -235.76 | -248.32 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 589.43 | 781.54 | 1,114.89 | 835.78 | 793.81 | 836.10 | 880.65 | 927.56 | 976.98 | 1,029.03 |
Weighted Average Cost Of Capital
| Share price | $ 98.04 |
|---|---|
| Beta | 1.448 |
| 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 | 10.524 |
| Total Debt | 2,048.07 |
| Total Equity | 10,099.98 |
| Total Capital | 12,148.06 |
| Debt Weighting | 16.86 |
| Equity Weighting | 83.14 |
| 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 | 985.37 | 1,037.87 | 1,093.16 | 1,151.40 | 1,212.74 | 1,277.34 |
| Capital Expenditure | -220.94 | -164.10 | -186.96 | -213.47 | -191.56 | -201.76 | -212.51 | -223.83 | -235.76 | -248.32 |
| Free Cash Flow | 589.43 | 781.54 | 1,114.89 | 835.78 | 793.81 | 836.10 | 880.65 | 927.56 | 976.98 | 1,029.03 |
| WACC | ||||||||||
| PV LFCF | 765.52 | 738.24 | 711.93 | 686.56 | 662.09 | |||||
| SUM PV LFCF | 3,564.34 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 9.22 |
| Free cash flow (t + 1) | 1,049.61 |
| Terminal Value | 14,537.50 |
| Present Value of Terminal Value | 9,353.60 |
Intrinsic Value
| Enterprise Value | 12,917.94 |
|---|---|
| Net Debt | 1,239.32 |
| Equity Value | 11,678.62 |
| Shares Outstanding | 103.02 |
| Equity Value Per Share | 113.36 |