Discounted Cash Flow (DCF) Analysis Unlevered
NVIDIA Corporation (NVDA)
$455.03
-10.63 (-2.28%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Actual | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
Revenue | 11,716 | 10,918 | 16,675 | 26,914 | 26,974 | 34,226.26 | 43,428.37 | 55,104.58 | 69,920.06 | 88,718.85 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 3,954 | 3,403 | 5,691 | 11,351 | 7,340 | 11,529.65 | 14,629.53 | 18,562.84 | 23,553.67 | 29,886.33 |
EBITDA (%) | ||||||||||
EBIT | 3,692 | 3,022 | 4,593 | 10,177 | 5,796 | 9,996.54 | 12,684.22 | 16,094.52 | 20,421.71 | 25,912.32 |
EBIT (%) | ||||||||||
Depreciation | 262 | 381 | 1,098 | 1,174 | 1,544 | 1,533.11 | 1,945.30 | 2,468.32 | 3,131.96 | 3,974.02 |
Depreciation (%) |
Balance Sheet Data
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Actual | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
Total Cash | 7,422 | 10,897 | 11,561 | 21,208 | 13,296 | 24,682.56 | 31,318.75 | 39,739.14 | 50,423.45 | 63,980.36 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 1,424 | 1,657 | 2,429 | 4,650 | 3,827 | 5,021.87 | 6,372.05 | 8,085.25 | 10,259.06 | 13,017.33 |
Account Receivables (%) | ||||||||||
Inventories | 1,575 | 979 | 1,826 | 2,605 | 5,159 | 4,255.37 | 5,399.48 | 6,851.19 | 8,693.21 | 11,030.47 |
Inventories (%) | ||||||||||
Accounts Payable | 511 | 687 | 1,201 | 1,783 | 1,193 | 1,978.54 | 2,510.50 | 3,185.47 | 4,041.92 | 5,128.64 |
Accounts Payable (%) | ||||||||||
Capital Expenditure | -600 | -489 | -1,128 | -976 | -1,833 | -1,833.60 | -2,326.58 | -2,952.11 | -3,745.82 | -4,752.93 |
Capital Expenditure (%) |
Weighted Average Cost Of Capital
Share price | $ 455.03 |
---|---|
Beta | 1.691 |
Diluted Shares Outstanding | 2,507 |
Cost of Debt | |
Tax Rate | -4.47 |
After-tax Cost of Debt | 4.12% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 12.103 |
Total Debt | 11,855 |
Total Equity | 1,140,760.21 |
Total Capital | 1,152,615.21 |
Debt Weighting | 1.03 |
Equity Weighting | 98.97 |
Wacc |
Build Up Free Cash
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Actual | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
Revenue | 11,716 | 10,918 | 16,675 | 26,914 | 26,974 | 34,226.26 | 43,428.37 | 55,104.58 | 69,920.06 | 88,718.85 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 3,954 | 3,403 | 5,691 | 11,351 | 7,340 | 11,529.65 | 14,629.53 | 18,562.84 | 23,553.67 | 29,886.33 |
EBIT | 3,692 | 3,022 | 4,593 | 10,177 | 5,796 | 9,996.54 | 12,684.22 | 16,094.52 | 20,421.71 | 25,912.32 |
Tax Rate | -6.29% | 5.86% | 1.75% | 1.90% | -4.47% | -0.25% | -0.25% | -0.25% | -0.25% | -0.25% |
EBIAT | 3,924.17 | 2,844.95 | 4,512.79 | 9,983.51 | 6,055.23 | 10,021.63 | 12,716.06 | 16,134.91 | 20,472.96 | 25,977.35 |
Depreciation | 262 | 381 | 1,098 | 1,174 | 1,544 | 1,533.11 | 1,945.30 | 2,468.32 | 3,131.96 | 3,974.02 |
Accounts Receivable | - | -233 | -772 | -2,221 | 823 | -1,194.87 | -1,350.19 | -1,713.20 | -2,173.81 | -2,758.26 |
Inventories | - | 596 | -847 | -779 | -2,554 | 903.63 | -1,144.10 | -1,451.71 | -1,842.02 | -2,337.27 |
Accounts Payable | - | 176 | 514 | 582 | -590 | 785.54 | 531.95 | 674.98 | 856.45 | 1,086.72 |
Capital Expenditure | -600 | -489 | -1,128 | -976 | -1,833 | -1,833.60 | -2,326.58 | -2,952.11 | -3,745.82 | -4,752.93 |
UFCF | 3,586.17 | 3,275.95 | 3,377.79 | 7,763.51 | 3,445.23 | 10,215.44 | 10,372.44 | 13,161.19 | 16,699.72 | 21,189.63 |
WACC | ||||||||||
PV UFCF | 9,119.30 | 8,265.89 | 9,362.86 | 10,605.40 | 12,012.83 | |||||
SUM PV UFCF | 49,366.29 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 12.02 |
Free cash flow (t + 1) | 21,613.42 |
Terminal Value | 215,702.79 |
Present Value of Terminal Value | 122,286.33 |
Intrinsic Value
Enterprise Value | 171,652.62 |
---|---|
Net Debt | 8,466 |
Equity Value | 163,186.62 |
Shares Outstanding | 2,507 |
Equity Value Per Share | 65.09 |