Broadcom Inc.
NasdaqGS-AVGO
BUILD UP FREE CASH | 2022-10-30 (A) | 2023-10-29 (A) | 2024-11-03 (A) | 2025-10-31 (E) | 2026-10-31 (E) | 2027-10-31 (E) | 2028-10-31 (E) | 2029-10-31 (E) |
|---|---|---|---|---|---|---|---|---|
Revenue | 33,203 | 35,819 | 51,574 | 63,425.6 | 86,066.9 | 114,393 | 114,393 | 114,393 |
Revenue % Chg. | 21% | 7.9% | 44% | |||||
EBIT | 14,286 | 16,454 | 15,504 | 41,530.7 | 56,786.9 | 75,927.1 | 75,927.1 | 75,927.1 |
EBIT Margin | 43% | 45.9% | 30.1% | |||||
Tax Rate | 7.6% | 6.7% | 37.8% | |||||
NOPAT | 13,207.1 | 15,347.8 | 9,643.9 | 35,716.4 | 48,774.2 | 65,256.4 | 65,256.4 | 65,256.4 |
NOPAT Margin | 39.8% | 42.8% | 18.7% | 56.3% | 56.7% | 57% | 57% | 57% |
D&A | 4,984 | 3,835 | 10,010 | 8,762.9 | 8,447.5 | 7,754.1 | 7,754.1 | 7,754.1 |
D&A / Revenue | 15% | 10.7% | 19.4% | |||||
Capex | -424 | -452 | -548 | -572.4 | -706.4 | -761.6 | -761.6 | -761.6 |
Capex / Revenue | -1.3% | -1.3% | -1.1% | |||||
Chg. NWC | -1,654 | -1,643 | -4,637 | -3,923.8 | -5,324.5 | -7,076.9 | -7,076.9 | -7,076.9 |
Chg. NWC / Revenue | -5% | -4.6% | -9% | |||||
Unlevered FCF (UFCF) | 16,113.1 | 17,087.8 | 14,468.9 | 39,983.2 | 51,190.9 | 65,172 | 65,172 | 65,172 |
UFCF % Chg. | 14.1% | 6% | -15.3% | 176.3% | 28% | 27.3% | — | — |
PV of UFCF | — | — | — | 37,286.3 | 44,518.2 | 52,854 | 49,289 | 45,964.5 |
Sum of PV of UFCF | — | — | — | 37,286.3 | 81,804.5 | 134,658.5 | 183,947.5 | 229,912 |
| Cost of Debt | |
| Tax Rate | |
| After Tax Cost of Debt | 6% |
| Risk Free Rate | |
| Market Risk Premium | |
| Beta | 1 |
| Cost of Equity | 8.7% |
| Total Debt | 68,916 |
| Market Cap | 57,836.9 |
| Total Capital | 126,752.9 |
| Debt Weighting | 54.4% |
| Equity Weighting | 45.6% |
| WACC | 7.2% |
| Exit Multiple EV/FCF | |
| Terminal Value | 59,516.3 |
| PV of Terminal Value | 39,144.3 |
| Cumulative PV of UFCF | 229,912 |
| Net Debt | 53,511 |
| Equity Value | 215,545.4 |
| Shares Outstanding | 4,722.4 |
| Implied Share Price | 45.6 |
| Current Share Price | 0.1 |
| Implied Upside / (Downside) | 59,996.7% |