NXP Semiconductors N.V. offers various semiconductor products. The company's product portfolio includes microcontrollers; application processors, including i.MX application processors, and i.MX 8 and 9 family of applications processors; communication processors; wireless connectivity solutions, such as near field communications, ultra-wideband, Bluetooth low-energy, Zigbee, and Wi-Fi and Wi-Fi/Bluetooth integrated SoCs; analog and interface devices; radio frequency power amplifiers; and security controllers, as well as semiconductor-based environmental and inertial sensors, including pressure, inertial, magnetic, and gyroscopic sensors. The company's product solutions are used in a range of applications, including automotive, industrial and Internet of Things, mobile, and communication infrastructure. The company markets its products to various original equipment manufacturers, contract manufacturers, and distributors. It operates in China, the Netherlands, the United States, Singapore, Germany, Japan, South Korea, Malaysia, and internationally. The company was formerly known as KASLION Acquisition B.V and changed its name to NXP Semiconductors N.V. in May 2010. NXP Semiconductors N.V. was incorporated in 2006 and is headquartered in Eindhoven, the Netherlands.

BUILD UP FREE CASH	2022-12-31 (A)	2023-12-31 (A)	2024-12-31 (A)	2025-12-31 (E)	2026-12-31 (E)	2027-12-31 (E)	2028-12-31 (E)	2029-12-31 (E)
Revenue	13,205	13,276	12,614	12,235.2	13,333.5	14,642.2	14,642.2	14,642.2
Revenue % Chg.	19.4%	0.5%	-5%
EBIT	3,778	3,746	3,526	4,053.4	4,649.9	5,383.3	5,383.3	5,383.3
EBIT Margin	28.6%	28.2%	28%
Tax Rate	15.7%	15.6%	17.7%
NOPAT	3,183.5	3,160.3	2,903.5	3,339.3	3,822.2	4,419.7	4,419.7	4,419.7
NOPAT Margin	24.1%	23.8%	23%	27.3%	28.7%	30.2%	30.2%	30.2%
D&A	1,238	1,086	895	850.8	864.8	942.7	942.7	942.7
D&A / Revenue	9.4%	8.2%	7.1%
Capex	-1,068	-827	-727	-437.8	-653.4	-691.4	-691.4	-691.4
Capex / Revenue	-8.1%	-6.2%	-5.8%
Chg. NWC	-372	-594	-923	-595.8	-649.3	-713	-713	-713
Chg. NWC / Revenue	-2.8%	-4.5%	-7.3%
Unlevered FCF (UFCF)	2,981.5	2,825.3	2,148.5	3,156.5	3,384.4	3,958	3,958	3,958
UFCF % Chg.	31.6%	-5.2%	-24%	46.9%	7.2%	16.9%	—	—
PV of UFCF	—	—	—	2,929.5	2,915.2	3,164.2	2,936.6	2,725.5
Sum of PV of UFCF	—	—	—	2,929.5	5,844.7	9,008.9	11,945.5	14,671

Cost of Debt
Tax Rate
After Tax Cost of Debt	2.9%
Risk Free Rate
Market Risk Premium
Beta	1
Cost of Equity	8.7%
Total Debt	11,146
Market Cap	57,369.2
Total Capital	68,515.2
Debt Weighting	16.3%
Equity Weighting	83.7%
WACC	7.7%

Exit Multiple EV/FCF
Terminal Value	66,031.2
PV of Terminal Value	42,199.8
Cumulative PV of UFCF	14,671
Net Debt	8,280
Equity Value	48,590.8
Shares Outstanding	251.7
Implied Share Price	193.1
Current Share Price	228
Implied Upside / (Downside)	-15.3%