Discounted Cash Flow (DCF) Analysis Unlevered

NVIDIA Corporation (NVDA)

$162.7

-2.49 (-1.51%)
All numbers are in Millions, Currency in USD
Stock DCF: 88.05 | 162.7 | overvalue

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 9,71411,71610,91816,67526,91435,521.8446,882.6961,877.0681,667.04107,786.40
Revenue (%)
EBITDA 3,4564,2163,4035,69111,35112,719.3216,787.3122,156.3529,242.5538,595.13
EBITDA (%)
EBIT 3,2573,9543,0224,59310,17711,389.2915,031.9019,839.5226,184.7434,559.33
EBIT (%)
Depreciation 1992623811,0981,1741,330.031,755.402,316.833,057.824,035.79
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 7,1087,42210,89711,56121,20827,313.4636,049.0547,578.5362,795.4582,879.15
Total Cash (%)
Account Receivables 1,2651,4241,6572,4294,6505,129.186,769.638,934.7411,792.3115,563.82
Account Receivables (%)
Inventories 7961,5759791,8262,6053,639.844,803.966,340.408,368.2411,044.63
Inventories (%)
Accounts Payable 5965116871,2011,7832,175.122,870.783,788.935,000.736,600.11
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 $ 162.7
Beta 1.696
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 11.698
Total Debt 11,687
Total Equity 412,444.50
Total Capital 424,131.50
Debt Weighting 2.76
Equity Weighting 97.24
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 9,71411,71610,91816,67526,91435,521.8446,882.6961,877.0681,667.04107,786.40
EBITDA 3,4564,2163,4035,69111,35112,719.3216,787.3122,156.3529,242.5538,595.13
EBIT 3,2573,9543,0224,59310,17711,389.2915,031.9019,839.5226,184.7434,559.33
Tax Rate 4.66%-6.29%5.86%1.75%1.90%1.58%1.58%1.58%1.58%1.58%
EBIAT 3,105.164,202.652,844.954,512.799,983.5111,209.8014,79519,526.8525,772.0834,014.69
Depreciation 1992623811,0981,1741,330.031,755.402,316.833,057.824,035.79
Accounts Receivable --159-233-772-2,221-479.18-1,640.45-2,165.11-2,857.57-3,771.51
Inventories --779596-847-779-1,034.84-1,164.12-1,536.44-2,027.83-2,676.39
Accounts Payable --85176514582392.12695.66918.151,211.801,599.37
Capital Expenditure -593-600-489-1,128-976-1,853.93-2,446.87-3,229.44-4,262.30-5,625.51
UFCF 2,711.162,841.653,275.953,377.797,763.519,56411,994.6315,830.8520,893.9827,576.45
WACC
PV UFCF 8,582.969,660.1211,441.8913,552.2916,051.95
SUM PV UFCF 59,289.22

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 11.43
Free cash flow (t + 1) 28,127.98
Terminal Value 298,281.88
Present Value of Terminal Value 173,626.59

Intrinsic Value

Enterprise Value 232,915.80
Net Debt 9,697
Equity Value 223,218.80
Shares Outstanding 2,535
Equity Value Per Share 88.05