Discounted Cash Flow (DCF) Analysis Unlevered

NXP Semiconductors N.V. (NXPI)

$147.51

-3.50 (-2.32%)
All numbers are in Millions, Currency in USD
Stock DCF: 1,220.30 | 147.51 | undervalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 9,2569,4078,8778,61211,06311,656.8712,282.6212,941.9613,636.7014,368.72
Revenue (%)
EBITDA 4,2154,6442,6802,3193,4054,261.794,490.574,731.634,985.625,253.26
EBITDA (%)
EBIT 2,0422,6576333312,1431,880.291,981.222,087.582,199.642,317.72
EBIT (%)
Depreciation 2,1731,9872,0471,9881,2622,381.512,509.352,644.052,785.982,935.54
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 3,5472,7891,0452,2752,8303,071.323,236.193,409.913,592.963,785.83
Total Cash (%)
Account Receivables 879792667765923994.461,047.851,104.101,163.371,225.82
Account Receivables (%)
Inventories 1,2361,2791,1921,0301,1891,470.751,549.711,632.901,720.551,812.91
Inventories (%)
Accounts Payable 1,1469999449911,2521,316.281,386.941,461.391,539.841,622.50
Accounts Payable (%)
Capital Expenditure -618-661-628-522-932-822.13-866.26-912.76-961.76-1,013.39
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 147.51
Beta 1.500
Diluted Shares Outstanding 268.55
Cost of Debt
Tax Rate 14.17
After-tax Cost of Debt 4.29%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.883
Total Debt 10,572
Total Equity 39,613.07
Total Capital 50,185.07
Debt Weighting 21.07
Equity Weighting 78.93
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 9,2569,4078,8778,61211,06311,656.8712,282.6212,941.9613,636.7014,368.72
EBITDA 4,2154,6442,6802,3193,4054,261.794,490.574,731.634,985.625,253.26
EBIT 2,0422,6576333312,1431,880.291,981.222,087.582,199.642,317.72
Tax Rate -27.59%7.03%16.49%-5,100.00%14.17%-1,017.98%-1,017.98%-1,017.98%-1,017.98%-1,017.98%
EBIAT 2,605.432,470.17528.5917,2121,839.2421,021.2022,149.6323,338.6424,591.4825,911.57
Depreciation 2,1731,9872,0471,9881,2622,381.512,509.352,644.052,785.982,935.54
Accounts Receivable -87125-98-158-71.46-53.38-56.25-59.27-62.45
Inventories --4387162-159-281.75-78.95-83.19-87.66-92.36
Accounts Payable --147-554726164.2870.6674.4578.4582.66
Capital Expenditure -618-661-628-522-932-822.13-866.26-912.76-961.76-1,013.39
UFCF 4,160.433,693.172,104.5918,7892,113.2422,291.6323,731.0425,004.9426,347.2327,761.57
WACC
PV UFCF 20,359.5119,795.5619,050.3318,333.1517,642.97
SUM PV UFCF 95,181.52

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.49
Free cash flow (t + 1) 28,316.80
Terminal Value 378,061.37
Present Value of Terminal Value 240,264.73

Intrinsic Value

Enterprise Value 335,446.25
Net Debt 7,742
Equity Value 327,704.25
Shares Outstanding 268.55
Equity Value Per Share 1,220.30