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Shippensburg University Investment Management Program Shippensburg University Investment Management Program Hold NVIDIA Corp. (NASDAQ: NVDA) 11.03.2020 Current Price Fair Value 52 Week Range $501.36 $300 $180.68 - 589.07 Analyst: Valentina Alonso Key Stock Statistics Email: [email protected] Sector: Information Technology Revenue (TTM) $13.06B Stock Type: Large Growth Operating Margin (TTM) 28.56% Industry: Semiconductors and Semiconductors Equipment Market Cap: $309.697B Net Income (TTM) $3.39B EPS (TTM) $5.44 Operating Cash Flow (TTM) $5.58B Free Cash Flow (TTM) $3.67B Return on Assets (TTM) 11.67% Return on Equity (TTM) 27.94% P/E $92.59 Company overview P/B $22.32 Nvidia is the leading designer of graphics processing units that P/S $23.29 enhance the experience on computing platforms. The firm's chips are used in a variety of end markets, including high-end PCs for gaming, P/FCF 44.22 data centers, and automotive infotainment systems. In recent years, the firm has broadened its focus from traditional PC graphics Beta (5-Year) 1.54 applications such as gaming to more complex and favorable Dividend Yield 0.13% opportunities, including artificial intelligence and autonomous driving, which leverage the high-performance capabilities of the Projected 5 Year Growth 17.44% firm's graphics processing units. (per annum) Contents Executive Summary ....................................................................................................................................................3 Company Overview ....................................................................................................................................................4 Business Segments .....................................................................................................................................................4 GPU .........................................................................................................................................................................4 Tegra Processor ......................................................................................................................................................4 Markets .......................................................................................................................................................................5 Gaming ...................................................................................................................................................................5 Professional Visualization .......................................................................................................................................5 Data Center.............................................................................................................................................................5 Automotive .............................................................................................................................................................5 Investment Thesis .......................................................................................................................................................5 Information Technology sector ..............................................................................................................................5 Semiconductors and Semiconductors Equipment .................................................................................................6 Fundamental Analysis .................................................................................................................................................6 Revenue ..................................................................................................................................................................6 Liquidity ..................................................................................................................................................................7 Profitability and Payout Policy ...............................................................................................................................7 Valuation of NVDA ......................................................................................................................................................8 Dividend Discount Model (DDM) ...........................................................................................................................8 ....................................................................................................................................................................................8 Recommendation .......................................................................................................................................................8 Sources .......................................................................................................................................................................9 Appendix A .............................................................................................................................................................. 10 Appendix b ............................................................................................................................................................... 13 ................................................................................................................................................................................. 13 EXECUTIVE SUMMARY NVIDIA Corp. is a company in the Information Technology sector, specifically in the Semiconductor and Semiconductor Equipment industry. Its stock (NVDA) is traded on the NASDAQ. NVIDIA has been a fast-growing company over the past 10 years, in terms of revenue, EPS, and dividend payout. Its stock has outperformed the S&P 500 consistently over the past 10 years. The company’s stock has fallen around 35% from the end of Q2 fiscal 2019 to Q2 fiscal 2020 end due to a decline in revenues and adjusted net income margin. The company is slowly recuperating after this abrupt decline. GPU COMPANY OVERVIEW The GPU was initially used to simulate human NVIDIA Corporation was founded in 1993 and a year imagination, enabling the virtual worlds of video games later, the company partners with SGS Thomson and films. Today, it also simulates human intelligence, Microelectronics to manufacture the company's single- enabling a deeper understanding of the physical world. chip graphical-user interface accelerator. Their first product ever launched was the NV1, which was the PCI Its parallel processing capabilities, supported by up to card used in the first SEGA 3D game. thousands of computing cores, are essential to running deep learning algorithms. This form of AI, in which BUSINESS SEGMENTS software writes itself by learning from data, can serve as the brain of computers, robots and self-driving cars NVIDIA Corporation operates as a visual computing that can perceive and understand the world. GPU- company worldwide. It operates in two segments, GPU powered deep learning continues to be adopted by and Tegra Processor. The GPU segment offers thousands of enterprises to deliver services and processors, which include GeForce for PC gaming and features that would have been impossible with mainstream PCs; GeForce NOW for cloud-based traditional coding. gaming; Quadro for design professionals working in computer-aided design, video editing, special effects, NVIDIA’s GPU product brands are aimed at specialized and other creative applications; Tesla for artificial markets including GeForce for gamers; Quadro for intelligence (AI) utilizing deep learning, accelerated designers; Tesla and DGX for AI data scientists and big computing, and general purpose computing; GRID, data researchers; and GRID for cloud-based visual which provides power of NVIDIA graphics through the computing users. cloud and datacenters; DGX for AI scientists, researchers, and developers; and EGX for accelerated GPU business revenue decreased by 7% in fiscal year AI computing at the edge. The Tegra Processor 2020 compared to fiscal year 2019, which reflects a segment provides processors comprising SHIELD decline in GPUs sold for gaming. GeForce GPU devices and services designed to harness the power of product sales for gaming decreased by 10%, reflecting mobile-cloud to revolutionize home entertainment, AI, lower sales of GeForce desktop GPUs and SoCs for and gaming; AGX, a power-efficient AI computing gaming platforms, partially offset by growth in GeForce platform for intelligent edge devices; DRIVE AGX for notebook GPUs. Revenue from Quadro GPUs for self-driving vehicles; Clara AGX for medical instruments; professional visualization increased by 7%, reflecting and Jetson AGX for robotics and other embedded use. strength in desktop and notebook workstations. Data The company's products are used in gaming, Center revenue, which includes Tesla, GRID and DGX, professional visualization, datacenter, and automotive increased by 2%, driven by vertical industry growth markets. NVIDIA Corporation sells its products to partially offset by lower hyperscale sales. original equipment manufacturers, original device manufacturers, system builders, add-in board Tegra Processor manufacturers, retailers/distributors, Internet and cloud Tegra processors are primarily designed to enable service providers, automotive manufacturers and tier-1 branded platforms - AGX and SHIELD. NVIDIA’s Tegra automotive suppliers, mapping companies, start-ups, brand incorporates GPUs and
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