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NVIDIA Corporation
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== '''<u>Financials</u>''' == The table below shows historical revenue for Nvidia from 2019 to 2023. Nvidia presents it's financial statements on the 31st of January of every year, in contrast to most other companies that report results on the 31st of December. {| class="wikitable" |+Financials<ref name=":0">https://investor.nvidia.com/financial-info/annual-reports-and-proxies/default.aspx</ref> | '''Units ($m)''' |'''2019''' |'''2020''' |'''2021''' |'''2022''' |'''2023''' |- | '''Total Revenue''' | 11,716.00 | 10,918.00 | 16,675.00 | 26,914.00 | 26,974.00 |- | '''Cost of revenue''' | - 4,545.00 | - 4,150.00 | - 6,279.00 | - 9,439.00 | - 11,618.00 |- | '''SG&A expenses''' | - 991.00 | - 1,093.00 | - 1,940.00 | - 2,166.00 | - 2,440.00 |- | '''R&D Expenses''' | - 2,376.00 | - 2,829.00 | - 3,924.00 | - 5,268.00 | - 7,339.00 |- | '''EBIT''' | ''' 3,804.00''' | ''' 2,846.00''' | ''' 4,532.00''' | ''' 10,041.00''' | ''' 5,577.00''' |- | '''Depreciation''' | 262.00 | 381.00 | 1,098.00 | 1,174.00 | 1,544.00 |- | '''CapEx''' | - 600.00 | - 489.00 | - 1,128.00 | - 976.00 | - 1,833.00 |- | '''Current Assets''' | 10,557.00 | 13,690.00 | 16,055.00 | 28,829.00 | 23,073.00 |- | '''Cash''' | 782.00 | 10,896.00 | 847.00 | 1,990.00 | 3,389.00 |- | '''Current Liabilities''' | 1,329.00 | 1,784.00 | 3,925.00 | 4,335.00 | 6,563.00 |- |'''NCWC''' | 8,446.00 | 1,010.00 | 11,283.00 | 22,504.00 | 13,121.00 |- | '''NCWC (inc/dec)''' |\ | 7,436.00 | - 10,273.00 | - 11,221.00 | 9,383.00 |} Revenue has been increasing at an average rate of 27% per year for the last five years, this percentage is used to forecast future revenue growth per year for the DCF valuation carried out below. SG&A stands for selling, general and admin, and R&D is research and development. NCWC is non-cash working capital, this is used in the calculation of free cash flows. [[File:Historical Revenue Nv.png|center|thumb|697x697px|Revenue for the previous 5 years.]] The table below shows the assumptions used to forecast the financials for the next 10 years, used for performing the DCF valuation. Graphs further down show forecasts used for any variables that are not listed in the table. {| class="wikitable" |'''Financial Variable''' |'''Value Forecasted''' |'''Notes''' |- |'''Revenue Growth Per Year''' |26.89% |Average applied going forward |- |'''Cost of Revenue''' |38.52% |Average applied going forward |- |'''SG&A Expenses''' |9.44% |Average applied going forward |- |'''R&D Expenses''' |23% |Average applied going forward |- |'''CapEX''' |5% |Average applied going forward |- |'''Cash Growth per Year''' |1.50% |1.5% increase is added on to the percentage used for the previous year |- | colspan="3" |'''Depreciation, Assets and Liabilities are forecast using the excel forecast function''' |} The following table shows the forecasted financials for Nvidia for the next 10 years. {| class="wikitable" |+Forecast Financials | '''Units ($m)''' |'''2024''' |'''2025''' |'''2026''' |'''2027''' |'''2028''' |'''2029''' |'''2030''' |'''2031''' |'''2032''' |'''2033''' |- | '''Total Revenue''' | 34,227.31 | 43,431.03 | 55,109.64 | 69,928.62 | 88,732.42 | 112,592.57 | 142,868.71 | 181,286.11 | 230,033.95 | 291,890.07 |- | '''Cost of revenue''' | -13,184.43 | -16,729.72 | -21,228.34 | -26,936.64 | -34,179.90 | -43,370.88 | -55,033.31 | -69,831.76 | -88,609.52 | -112,436.62 |- | '''SG&A expenses''' | -3,230.87 | -4,099.65 | -5,202.05 | -6,600.88 | -8,375.86 | -10,628.13 | -13,486.03 | -17,112.43 | -21,713.96 | -27,552.84 |- | '''R&D Expenses''' | -7,975.28 | -10,119.84 | -12,841.06 | -16,294.02 | -20,675.48 | -26,235.12 | -33,289.74 | -42,241.36 | -53,600.06 | -68,013.11 |- | '''EBIT''' |'''9,836.73''' |'''12,481.82''' |'''15,838.19''' |'''20,097.07''' |'''25,501.18''' |'''32,358.44''' |'''41,059.63''' |'''52,100.56''' |'''66,110.40''' |'''83,887.49''' |- | '''Depreciation''' | 1,746.14 | 2,374.92 | 2,444.09 | 3,072.87 | 3,142.03 | 3,770.81 | 3,839.98 | 4,468.76 | 4,537.93 | 5,166.71 |- | '''CapEx''' | -1,833.66 | -2,326.73 | -2,952.38 | -3,746.28 | -4,753.65 | -6,031.91 | -7,653.89 | -9,712.03 | -12,323.59 | -15,637.40 |- | '''Current Assets''' | 36,407.25 | 40,106.78 | 46,815.86 | 50,515.40 | 57,224.48 | 60,924.01 | 67,633.09 | 71,332.63 | 78,041.71 | 81,741.25 |- | '''Cash''' |4,813.71 |6,759.58 |9,403.88 |12,981.51 |17,803.23 |24,279.41 |32,951.17 |44,531.03 |59,955.93 |80,456.44 |- | '''Current Liabilities''' | 6,945.85 | 9,100.97 | 9,533.81 | 11,688.94 | 12,121.77 | 14,276.90 | 14,709.73 | 16,864.86 | 17,297.69 | 19,452.82 |- |'''NCWC''' |24,647.69 |24,246.22 |27,878.18 |25,844.95 |27,299.48 |22,367.71 |19,972.20 |9,936.74 |788.09 | -18,168.01 |- | '''NCWC (inc/dec)''' | -11,526.69 |401.47 | -3,631.95 |2,033.23 | -1,454.54 |4,931.77 |2,395.51 |10,035.46 |9,148.65 |18,956.10 |- | '''FCF''' |'''-3,843.19''' |'''10,310.30''' |'''8,371.92''' |'''17,236.50''' |'''17,079.77''' |'''28,233.84''' |'''31,018.71''' |'''45,951.64''' |'''53,590.21''' |'''74,756.52''' |- |Discount Factor |0.9356 |0.8208 |0.7201 |0.6317 |0.5542 |0.4862 |0.4265 |0.3742 |0.3283 |0.2880 |- |'''Present Value of FCF''' |'''-3,595.75''' |'''8,462.74''' |'''6,028.47''' |'''10,888.65''' |'''9,465.63''' |'''13,727.13''' |'''13,230.49''' |'''17,194.74''' |'''17,592.30''' |'''21,529.24''' |} The following are graphs illustrating the assumptions calculated above. [[File:Depreciation Forecast Nvidia.png|center|thumb|698x698px]] [[File:Current Assets Forecast Nvidia.png|center|thumb|697x697px]] [[File:Current Liabilities Forecast Nvidia.png|center|thumb|697x697px]] [[File:FCF Forecast Nv.png|center|thumb|700x700px]] [[File:Revenue Forecast Nvidia.png|center|thumb|695x695px]]
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