NXP
 
Buylyst Valuation
$122.2
Market Price
$115.4
Upside
6%
 

Target Price based on these Assumptions

Sustainable Free Cash Flow
$2,100 Million
Long-Term Discount Rate
5%

Sustainable Free Cash Flow Calculation

Historical Numbers

Cash Flow Items ($mn) Sustainable Level
Revenue 9,460
-

Cost of goods sold

4,610
-

R&D and Cost of labor

1,711
-

Selling, general, and administrative costs

Selling & Admin. Costs

1,011
-

Other

978
+

Depreciation and amortization

Depreciation 

2,206
=

Earnings before interest, taxes, depreciation and amortization (EBITDA)

EBITDA

3,176
-

Maintenance capital expenditure

Maintenance Cap-Ex

574
=

Unlevered cash flow

2,602
-

Increases in working capital

Increases in working cap.

0
-

Debt service charges

250
-

Cash taxes

250
=

Discretionary cash flow

2,102
POSSIBLY WIDENING THE MOAT:
-

Growth capital expenditure

Growth Cap-Ex

0
-

Cash spent on acquisitions

Acquisitions

0
-

Other

0
POSSIBLE SHENANIGANS:
-

Dividends

54
-

Share Buybacks

4,380
=

FREE CASH FLOW

2,102

* Click on the orange dot above to read additional notes on the items

Last 12 months ending 04/12/2018.

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