Discounted Cash Flow (DCF) Analysis Unlevered

Qorvo, Inc. (QRVO)

$107.05

-1.51 (-1.39%)
All numbers are in Millions, Currency in USD
Stock DCF: 101.10 | 107.05 | 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 2,973.543,090.323,239.144,015.314,645.715,207.915,838.136,544.637,336.618,224.44
Revenue (%)
EBITDA 790.91798.85924.411,338.681,605.831,550.831,738.511,948.892,184.732,449.11
EBITDA (%)
EBIT 76.69135.76455.48882.581,244.41727.03815.01913.641,024.201,148.14
EBIT (%)
Depreciation 714.22663.10468.93456.10361.41823.81923.501,035.251,160.531,300.97
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 926.04711.04714.941,397.88972.591,374.601,540.941,727.411,936.452,170.79
Total Cash (%)
Account Receivables 390.75400.11382.19484.76601655.12734.40823.27922.891,034.58
Account Receivables (%)
Inventories 472.29511.79517.20507.79755.75805.41902.871,012.131,134.611,271.92
Inventories (%)
Accounts Payable 213.19233.31246.95313.87327.91387.66434.57487.16546.12612.20
Accounts Payable (%)
Capital Expenditure -269.84-220.94-164.10-186.96-213.47-318.11-356.61-399.76-448.14-502.37
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 107.05
Beta 1.421
Diluted Shares Outstanding 111.55
Cost of Debt
Tax Rate 12.51
After-tax Cost of Debt 2.70%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.348
Total Debt 2,047.10
Total Equity 11,941
Total Capital 13,988.10
Debt Weighting 14.63
Equity Weighting 85.37
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 2,973.543,090.323,239.144,015.314,645.715,207.915,838.136,544.637,336.618,224.44
EBITDA 790.91798.85924.411,338.681,605.831,550.831,738.511,948.892,184.732,449.11
EBIT 76.69135.76455.48882.581,244.41727.03815.01913.641,024.201,148.14
Tax Rate 334.98%-45.03%15.38%9.14%12.51%65.40%65.40%65.40%65.40%65.40%
EBIAT -180.22196.88385.43801.941,088.76251.58282.03316.15354.41397.30
Depreciation 714.22663.10468.93456.10361.41823.81923.501,035.251,160.531,300.97
Accounts Receivable --9.3517.92-102.57-116.25-54.12-79.28-88.87-99.63-111.68
Inventories --39.50-5.419.41-247.96-49.66-97.46-109.26-122.48-137.30
Accounts Payable -20.1113.6566.9114.0559.7546.9152.5958.9566.09
Capital Expenditure -269.83-220.94-164.10-186.96-213.47-318.11-356.61-399.76-448.14-502.37
UFCF 264.16610.30716.421,044.84886.55713.25719.09806.11903.651,013.01
WACC
PV UFCF 652.98602.69618.54634.80651.48
SUM PV UFCF 3,160.49

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.23
Free cash flow (t + 1) 1,033.27
Terminal Value 14,291.41
Present Value of Terminal Value 9,191.06

Intrinsic Value

Enterprise Value 12,351.55
Net Debt 1,074.51
Equity Value 11,277.04
Shares Outstanding 111.55
Equity Value Per Share 101.10