| Intrinsic Valuation of: NTAP | |||||||||||
| Free Cash Flow Average and Growth over past 5Y | Key Statistics | ||||||||||
| Year | FCF | FCF (FCF/Revenue) | |||||||||
| 2020 | - | - | EPS (FY) | 6 | Market Cap | $21B | |||||
| 2021 | - | - (-) | P/E Ratio | 19 | Total Asset | $11B | |||||
| 2022 | $985M | - (-) | Net Income | $1B | Total Debt | $2B | |||||
| 2023 | $868M | -11.9% (-12.5%) | EBITDA | $2B | Total Liab | $10B | |||||
| 2024 | $2B | 76.3% (78.9%) | Opr Margin | 0.22 | Debt/Equity | 2.39 | |||||
| 2025 | $1B | -12.5% (-16.6%) | PreTax Margin | 20.71 | BV/Share | -9 | |||||
| 5Y Average FCF | $1B | 17.3% (16.6%) | |||||||||
| Overall Market Assumptions: | |||||||||||
| Assumptions: | P/E for No-Growth Company: | 7.0 | |||||||||
| Perpetual Growth Rate (g): | 2.5% | Historical US Bond Yield: | 4.4% | ||||||||
| Discount Rate (WACC): | 7.4% | Current US Bond Yield: | 3.5% | ||||||||
| Forcasting Future Free Cash Flow for next 6Y | Modified Benjamin Graham's Intrinsic Value | ||||||||||
| Year | FCF Projection (17.3%) | ||||||||||
| 2026 | $2B | MBG Intrinsic Value | $51 | ||||||||
| 2027 | $2B | ||||||||||
| 2028 | $2B | ||||||||||
| 2029 | $3B | ||||||||||
| 2030 | $3B | ||||||||||
| 2031 | $3B | ||||||||||
| Terminal Value | $72B | Net Worth/Share | $5 | ||||||||
| DCF Valuation | DCF Valuation "What If" Scenario Table | ||||||||||
| Enterprise Value | $58B | Growth Rate | |||||||||
| (+) Cash & Cash Equivalents | $3B | $291 | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | ||||
| (-) Total Debt | $2B | WACC | 7.3% | 254 | 274 | 298 | 327 | 364 | |||
| Equity Value | $58B | 7.4% | 252 | 271 | 295 | 323 | 359 | ||||
| Shares Outstanding | 200,366,000 | 7.4% | 250 | 269 | 291 | 319 | 354 | ||||
| 7.9% | 229 | 245 | 263 | 285 | 312 | ||||||
| DCF Intrinsic Value | $291 | 8.4% | 211 | 224 | 239 | 257 | 279 | ||||
| Analyzed by QuantJuice (2025) | |||||||||||