DCF Tool

NVDA

NVIDIA Corp – Semiconductor and Related Device Manufacturing
NVIDIA is the pioneer of GPU-accelerated computing. The Company specializes in products and platforms for the large, growing markets of gaming, professional visualization, data center, and automotive. Its creations are loved by the most demanding computer users in the world – gamers, designers, and scientists. And its work is at the center of the most consequential mega-trends in technology.
Analysis Results
Intrinsic Value $200.35
Latest Price $121.39
Relative Value 39% undervalued
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Cash Flow (Billions)
Analysis Parameters
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Analysis Details
Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of 57.0%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 15.2%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 57.0%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year Future flow (billion) Present value (billion)
2023 17.2 14.9
2024 27.0 20.4
2025 42.4 27.8
2026 66.6 37.8
2027 105 51.6
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 809 billion. This corresponds to a present value of 346 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 152 billion. Adding in the terminal value gives a total present value of 499 billion.

There are presently 2.49 billion outstanding shares, so the intrinsic value per share is 200.35.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 28,829,000,000
Current Cash 21,208,000,000
Current Liabilities 4,335,000,000
Current Debt 0
Non-Cash Working Capital (NCWC) 3,286,000,000
Change in NCWC 1,718,000,000
EBIT 10,041,000,000
Tax Provision 189,000,000
Depreciation and Amortization 1,174,000,000
Capital Expenditure -976,000,000
Unlevered Free Cash Flow 11,766,098,782
Current Assets 16,055,000,000
Current Cash 11,561,000,000
Current Liabilities 3,925,000,000
Current Debt 999,000,000
Non-Cash Working Capital (NCWC) 1,568,000,000
Change in NCWC 505,000,000
EBIT 4,532,000,000
Tax Provision 77,000,000
Depreciation and Amortization 1,098,000,000
Capital Expenditure -1,128,000,000
Unlevered Free Cash Flow 4,927,851,893
Current Assets 13,690,000,000
Current Cash 10,897,000,000
Current Liabilities 1,784,000,000
Current Debt 54,000,000
Non-Cash Working Capital (NCWC) 1,063,000,000
Change in NCWC -743,000,000
EBIT 2,846,000,000
Tax Provision 174,000,000
Depreciation and Amortization 381,000,000
Capital Expenditure -489,000,000
Unlevered Free Cash Flow 1,828,264,646
Current Assets 10,557,000,000
Current Cash 7,422,000,000
Current Liabilities 1,329,000,000
Current Debt 0
Non-Cash Working Capital (NCWC) 1,806,000,000
Change in NCWC 792,000,000
EBIT 3,804,000,000
Tax Provision -245,000,000
Depreciation and Amortization 262,000,000
Capital Expenditure -600,000,000
Unlevered Free Cash Flow 4,258,000,000
Current Assets 9,255,000,000
Current Cash 7,108,000,000
Current Liabilities 1,153,000,000
Current Debt 20,000,000
Non-Cash Working Capital (NCWC) 1,014,000,000
Change in NCWC 264,000,000
EBIT 3,210,000,000
Tax Provision 149,000,000
Depreciation and Amortization 199,000,000
Capital Expenditure -593,000,000
Unlevered Free Cash Flow 2,930,347,309
Current Assets 8,536,000,000
Current Cash 6,798,000,000
Current Liabilities 1,788,000,000
Current Debt 800,000,000
Non-Cash Working Capital (NCWC) 750,000,000
Change in NCWC 672,000,000
EBIT 1,937,000,000
Tax Provision 239,000,000
Depreciation and Amortization 187,000,000
Capital Expenditure -176,000,000
Unlevered Free Cash Flow 2,376,985,301
Current Assets 6,053,000,000
Current Cash 5,037,000,000
Current Liabilities 2,351,000,000
Current Debt 1,413,000,000
Non-Cash Working Capital (NCWC) 78,000,000
Change in NCWC -115,928,000
EBIT 878,000,000
Tax Provision 129,000,000
Depreciation and Amortization 197,000,000
Capital Expenditure -86,000,000
Unlevered Free Cash Flow 720,633,238
Current Assets 5,713,297,000
Current Cash 4,623,339,000
Current Liabilities 896,030,000
Current Debt 0
Non-Cash Working Capital (NCWC) 193,928,000
Change in NCWC 186,523,000
EBIT 758,989,000
Tax Provision 124,249,000
Depreciation and Amortization 220,125,000
Capital Expenditure -122,381,000
Unlevered Free Cash Flow 918,323,399
Current Assets 5,624,711,000
Current Cash 4,671,810,000
Current Liabilities 945,496,000
Current Debt 0
Non-Cash Working Capital (NCWC) 7,405,000
Change in NCWC -63,747,000
EBIT 496,227,000
Tax Provision 70,264,000
Depreciation and Amortization 239,148,000
Capital Expenditure -255,186,000
Unlevered Free Cash Flow 348,109,573
Current Assets 4,775,258,000
Current Cash 3,727,883,000
Current Liabilities 976,223,000
Current Debt 0
Non-Cash Working Capital (NCWC) 71,152,000
Change in NCWC 225,328,000
EBIT 648,239,000
Tax Provision 99,503,000
Depreciation and Amortization 226,235,000
Capital Expenditure -183,309,000
Unlevered Free Cash Flow 819,064,109

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