Discounted Cash Flow (DCF) Analysis Unlevered

QUALCOMM Incorporated (QCOM)

$ 184.69
+0.95 (+0.52%)
Stock DCF: -558.99 | 184.69 | overvalue

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 22,25822,73219,57323,53133,56637,854.1042,69048,143.7054,294.1161,230.25
Revenue (%)
EBITDA 4,9552,8429,5097,71412,41511,592.0813,072.9814,743.0616,626.5118,750.56
EBITDA (%)
EBIT 3,4941,2818,1086,32110,8339,228.3410,407.2711,736.8113,236.2014,927.14
EBIT (%)
Depreciation 1,4611,5611,4011,3931,5822,363.742,665.713,006.253,390.313,823.42
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 37,30812,08812,26011,21412,41427,865.8931,425.7935,440.4839,968.0445,074
Total Cash (%)
Account Receivables 3,6322,9042,4714,0033,5795,253.505,924.646,681.527,535.098,497.70
Account Receivables (%)
Inventories 2,0351,6931,4002,5983,2283,361.503,790.944,275.234,821.405,437.34
Inventories (%)
Accounts Payable 1,9711,8251,3682,2482,7503,150.903,553.434,007.384,519.335,096.68
Accounts Payable (%)
Capital Expenditure -690-784-887-1,407-1,888-1,717.42-1,936.82-2,184.25-2,463.29-2,777.98
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 184.69
Beta 1.331
Diluted Shares Outstanding 1,149
Cost of Debt
Tax Rate 11.98
After-tax Cost of Debt 3.12%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.715
Total Debt 15,745
Total Equity 212,208.81
Total Capital 227,953.81
Debt Weighting 6.91
Equity Weighting 93.09
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 22,25822,73219,57323,53133,56637,854.1042,69048,143.7054,294.1161,230.25
EBITDA 4,9552,8429,5097,71412,41511,592.0813,072.9814,743.0616,626.5118,750.56
EBIT 3,4941,2818,1086,32110,8339,228.3410,407.2711,736.8113,236.2014,927.14
Tax Rate 18.15%1,048.15%41.37%9.11%11.98%225.75%225.75%225.75%225.75%225.75%
EBIAT 2,860-12,145.784,753.605,745.169,535.02-11,604.76-13,087.28-14,759.20-16,644.70-18,771.08
Depreciation 1,4611,5611,4011,3931,5822,363.742,665.713,006.253,390.313,823.42
Accounts Receivable -728433-1,532424-1,674.50-671.14-756.88-853.57-962.62
Inventories -342293-1,198-630-133.50-429.44-484.30-546.17-615.94
Accounts Payable --146-457880502400.90402.53453.95511.95577.35
Capital Expenditure -690-784-887-1,407-1,888-1,717.42-1,936.82-2,184.25-2,463.29-2,777.98
UFCF 3,631-10,444.785,536.603,881.169,525.02-12,365.54-13,056.44-14,724.42-16,605.48-18,726.85
WACC
PV UFCF -11,513.54-11,319.21-11,885.71-12,480.57-13,105.19
SUM PV UFCF -60,304.22

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.40
Free cash flow (t + 1) -19,663.19
Terminal Value -819,299.55
Present Value of Terminal Value -573,351.97

Intrinsic Value

Enterprise Value -633,656.19
Net Debt 8,629
Equity Value -642,285.19
Shares Outstanding 1,149
Equity Value Per Share -558.99