Discounted Cash Flow (DCF) Analysis Unlevered
NVIDIA Corporation (NVDA)
$211
-6.09 (-2.81%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
Revenue | 9,714 | 11,716 | 10,918 | 16,675 | 26,914 | 35,521.84 | 46,882.69 | 61,877.06 | 81,667.04 | 107,786.40 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 3,456 | 4,216 | 3,403 | 5,691 | 11,351 | 12,719.32 | 16,787.31 | 22,156.35 | 29,242.55 | 38,595.13 |
EBITDA (%) | ||||||||||
EBIT | 3,257 | 3,954 | 3,022 | 4,593 | 10,177 | 11,389.29 | 15,031.90 | 19,839.52 | 26,184.74 | 34,559.33 |
EBIT (%) | ||||||||||
Depreciation | 199 | 262 | 381 | 1,098 | 1,174 | 1,330.03 | 1,755.40 | 2,316.83 | 3,057.82 | 4,035.79 |
Depreciation (%) |
Balance Sheet Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
Total Cash | 7,108 | 7,422 | 10,897 | 11,561 | 21,208 | 27,313.46 | 36,049.05 | 47,578.53 | 62,795.45 | 82,879.15 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 1,265 | 1,424 | 1,657 | 2,429 | 4,650 | 5,129.18 | 6,769.63 | 8,934.74 | 11,792.31 | 15,563.82 |
Account Receivables (%) | ||||||||||
Inventories | 796 | 1,575 | 979 | 1,826 | 2,605 | 3,639.84 | 4,803.96 | 6,340.40 | 8,368.24 | 11,044.63 |
Inventories (%) | ||||||||||
Accounts Payable | 596 | 511 | 687 | 1,201 | 1,783 | 2,175.12 | 2,870.78 | 3,788.93 | 5,000.73 | 6,600.11 |
Accounts Payable (%) | ||||||||||
Capital Expenditure | -593 | -600 | -489 | -1,128 | -976 | -1,853.93 | -2,446.87 | -3,229.44 | -4,262.30 | -5,625.51 |
Capital Expenditure (%) |
Weighted Average Cost Of Capital
Share price | $ 211 |
---|---|
Beta | 1.722 |
Diluted Shares Outstanding | 2,535 |
Cost of Debt | |
Tax Rate | 1.90 |
After-tax Cost of Debt | 1.98% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 11.660 |
Total Debt | 11,687 |
Total Equity | 534,885 |
Total Capital | 546,572 |
Debt Weighting | 2.14 |
Equity Weighting | 97.86 |
Wacc |
Build Up Free Cash
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
Revenue | 9,714 | 11,716 | 10,918 | 16,675 | 26,914 | 35,521.84 | 46,882.69 | 61,877.06 | 81,667.04 | 107,786.40 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 3,456 | 4,216 | 3,403 | 5,691 | 11,351 | 12,719.32 | 16,787.31 | 22,156.35 | 29,242.55 | 38,595.13 |
EBIT | 3,257 | 3,954 | 3,022 | 4,593 | 10,177 | 11,389.29 | 15,031.90 | 19,839.52 | 26,184.74 | 34,559.33 |
Tax Rate | 4.66% | -6.29% | 5.86% | 1.75% | 1.90% | 1.58% | 1.58% | 1.58% | 1.58% | 1.58% |
EBIAT | 3,105.16 | 4,202.65 | 2,844.95 | 4,512.79 | 9,983.51 | 11,209.80 | 14,795 | 19,526.85 | 25,772.08 | 34,014.69 |
Depreciation | 199 | 262 | 381 | 1,098 | 1,174 | 1,330.03 | 1,755.40 | 2,316.83 | 3,057.82 | 4,035.79 |
Accounts Receivable | - | -159 | -233 | -772 | -2,221 | -479.18 | -1,640.45 | -2,165.11 | -2,857.57 | -3,771.51 |
Inventories | - | -779 | 596 | -847 | -779 | -1,034.84 | -1,164.12 | -1,536.44 | -2,027.83 | -2,676.39 |
Accounts Payable | - | -85 | 176 | 514 | 582 | 392.12 | 695.66 | 918.15 | 1,211.80 | 1,599.37 |
Capital Expenditure | -593 | -600 | -489 | -1,128 | -976 | -1,853.93 | -2,446.87 | -3,229.44 | -4,262.30 | -5,625.51 |
UFCF | 2,711.16 | 2,841.65 | 3,275.95 | 3,377.79 | 7,763.51 | 9,564 | 11,994.63 | 15,830.85 | 20,893.98 | 27,576.45 |
WACC | ||||||||||
PV UFCF | 8,581.42 | 9,656.66 | 11,435.73 | 13,542.57 | 16,037.55 | |||||
SUM PV UFCF | 59,253.93 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 11.45 |
Free cash flow (t + 1) | 28,127.98 |
Terminal Value | 297,650.60 |
Present Value of Terminal Value | 173,103.72 |
Intrinsic Value
Enterprise Value | 232,357.65 |
---|---|
Net Debt | 9,697 |
Equity Value | 222,660.65 |
Shares Outstanding | 2,535 |
Equity Value Per Share | 87.83 |