Discounted Cash Flow (DCF) Analysis Unlevered
Qorvo, Inc. (QRVO)
$107.05
-1.51 (-1.39%)
All numbers are in Millions, Currency in USD
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 | 2,973.54 | 3,090.32 | 3,239.14 | 4,015.31 | 4,645.71 | 5,207.91 | 5,838.13 | 6,544.63 | 7,336.61 | 8,224.44 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 790.91 | 798.85 | 924.41 | 1,338.68 | 1,605.83 | 1,550.83 | 1,738.51 | 1,948.89 | 2,184.73 | 2,449.11 |
EBITDA (%) | ||||||||||
EBIT | 76.69 | 135.76 | 455.48 | 882.58 | 1,244.41 | 727.03 | 815.01 | 913.64 | 1,024.20 | 1,148.14 |
EBIT (%) | ||||||||||
Depreciation | 714.22 | 663.10 | 468.93 | 456.10 | 361.41 | 823.81 | 923.50 | 1,035.25 | 1,160.53 | 1,300.97 |
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 | 926.04 | 711.04 | 714.94 | 1,397.88 | 972.59 | 1,374.60 | 1,540.94 | 1,727.41 | 1,936.45 | 2,170.79 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 390.75 | 400.11 | 382.19 | 484.76 | 601 | 655.12 | 734.40 | 823.27 | 922.89 | 1,034.58 |
Account Receivables (%) | ||||||||||
Inventories | 472.29 | 511.79 | 517.20 | 507.79 | 755.75 | 805.41 | 902.87 | 1,012.13 | 1,134.61 | 1,271.92 |
Inventories (%) | ||||||||||
Accounts Payable | 213.19 | 233.31 | 246.95 | 313.87 | 327.91 | 387.66 | 434.57 | 487.16 | 546.12 | 612.20 |
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 | 2,973.54 | 3,090.32 | 3,239.14 | 4,015.31 | 4,645.71 | 5,207.91 | 5,838.13 | 6,544.63 | 7,336.61 | 8,224.44 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 790.91 | 798.85 | 924.41 | 1,338.68 | 1,605.83 | 1,550.83 | 1,738.51 | 1,948.89 | 2,184.73 | 2,449.11 |
EBIT | 76.69 | 135.76 | 455.48 | 882.58 | 1,244.41 | 727.03 | 815.01 | 913.64 | 1,024.20 | 1,148.14 |
Tax Rate | 334.98% | -45.03% | 15.38% | 9.14% | 12.51% | 65.40% | 65.40% | 65.40% | 65.40% | 65.40% |
EBIAT | -180.22 | 196.88 | 385.43 | 801.94 | 1,088.76 | 251.58 | 282.03 | 316.15 | 354.41 | 397.30 |
Depreciation | 714.22 | 663.10 | 468.93 | 456.10 | 361.41 | 823.81 | 923.50 | 1,035.25 | 1,160.53 | 1,300.97 |
Accounts Receivable | - | -9.35 | 17.92 | -102.57 | -116.25 | -54.12 | -79.28 | -88.87 | -99.63 | -111.68 |
Inventories | - | -39.50 | -5.41 | 9.41 | -247.96 | -49.66 | -97.46 | -109.26 | -122.48 | -137.30 |
Accounts Payable | - | 20.11 | 13.65 | 66.91 | 14.05 | 59.75 | 46.91 | 52.59 | 58.95 | 66.09 |
Capital Expenditure | -269.83 | -220.94 | -164.10 | -186.96 | -213.47 | -318.11 | -356.61 | -399.76 | -448.14 | -502.37 |
UFCF | 264.16 | 610.30 | 716.42 | 1,044.84 | 886.55 | 713.25 | 719.09 | 806.11 | 903.65 | 1,013.01 |
WACC | ||||||||||
PV UFCF | 652.98 | 602.69 | 618.54 | 634.80 | 651.48 | |||||
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 |