Discounted Cash Flow (DCF) Analysis Unlevered

NVIDIA Corporation (NVDA)

$455.03

-10.63 (-2.28%)
All numbers are in Millions, Currency in USD
Stock DCF: 65.09 | 455.03 | overvalue

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 11,71610,91816,67526,91426,97434,226.2643,428.3755,104.5869,920.0688,718.85
Revenue (%)
EBITDA 3,9543,4035,69111,3517,34011,529.6514,629.5318,562.8423,553.6729,886.33
EBITDA (%)
EBIT 3,6923,0224,59310,1775,7969,996.5412,684.2216,094.5220,421.7125,912.32
EBIT (%)
Depreciation 2623811,0981,1741,5441,533.111,945.302,468.323,131.963,974.02
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 7,42210,89711,56121,20813,29624,682.5631,318.7539,739.1450,423.4563,980.36
Total Cash (%)
Account Receivables 1,4241,6572,4294,6503,8275,021.876,372.058,085.2510,259.0613,017.33
Account Receivables (%)
Inventories 1,5759791,8262,6055,1594,255.375,399.486,851.198,693.2111,030.47
Inventories (%)
Accounts Payable 5116871,2011,7831,1931,978.542,510.503,185.474,041.925,128.64
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 11,71610,91816,67526,91426,97434,226.2643,428.3755,104.5869,920.0688,718.85
EBITDA 3,9543,4035,69111,3517,34011,529.6514,629.5318,562.8423,553.6729,886.33
EBIT 3,6923,0224,59310,1775,7969,996.5412,684.2216,094.5220,421.7125,912.32
Tax Rate -6.29%5.86%1.75%1.90%-4.47%-0.25%-0.25%-0.25%-0.25%-0.25%
EBIAT 3,924.172,844.954,512.799,983.516,055.2310,021.6312,716.0616,134.9120,472.9625,977.35
Depreciation 2623811,0981,1741,5441,533.111,945.302,468.323,131.963,974.02
Accounts Receivable --233-772-2,221823-1,194.87-1,350.19-1,713.20-2,173.81-2,758.26
Inventories -596-847-779-2,554903.63-1,144.10-1,451.71-1,842.02-2,337.27
Accounts Payable -176514582-590785.54531.95674.98856.451,086.72
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 3,586.173,275.953,377.797,763.513,445.2310,215.4410,372.4413,161.1916,699.7221,189.63
WACC
PV UFCF 9,119.308,265.899,362.8610,605.4012,012.83
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