QCOM — Valuation Models

Interactive models with editable assumptions. All calculations run client-side.

Valuation Summary

Model	Intrinsic Value	vs Price ($142.36)
DCF	$168.70	+18.5%
Graham Number	$48.91	-65.6%
Reverse DCF	—	implied g: 2.2%
DDM	$73.34	-48.5%
EV/EBITDA	$142.35	-0.0%

Values reflect default assumptions. Adjust inputs in each model below to update.

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $10.42B

Near-term growth (yrs 1–5)(%)Rev: 5.0% / EPS: -1.8%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 10.45%

Computed WACC: 10.45%

Cost of equity (Re)11.11%(Rf 4.30% + β 1.24 × ERP 5.50%)

Cost of debt (Rd)4.73%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)91.12%

Debt weight (D/V)8.88%

Results

Intrinsic Value / share$137.06

Current Price$142.36

Upside / Downside-3.7%

Net Debt (used)$3.00B

Sensitivity: WACC (rows) × Near-term g (cols)

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$170.17	$205.15	$245.85	$292.95	$347.19
8.0%	$139.39	$167.55	$200.25	$238.05	$281.54
9.0%	$118.06	$141.51	$168.70	$200.08	$236.15
10.0%	$102.41	$122.40	$145.57	$172.27	$202.92
11.0%	$90.42	$107.79	$127.89	$151.02	$177.54

2 — Graham Number

Assumptions

MultiplierGraham used 22.5 (15× P/E × 1.5× P/B)

EPS (trailing)($)Yahoo: $4.95

Book Value / share($)Yahoo: $21.48

Results

Graham Number$48.91

Current Price$142.36

Margin of Safety-65.6%

Formula: √(22.5 × max(0,EPS) × max(0,BVPS))

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 10.45%

Terminal growth rate(%)

Computed WACC: 10.45%

Cost of equity (Re)11.11%(Rf 4.30% + β 1.24 × ERP 5.50%)

Cost of debt (Rd)4.73%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)91.12%

Debt weight (D/V)8.88%

Results

Current Price$142.36

Implied Near-term FCF Growth5.7%

Historical Revenue Growth5.0%

Historical Earnings Growth-1.8%

Base FCF (TTM)$10.42B

Implied growth is the FCF growth rate (yrs 1–5) that makes the DCF intrinsic value equal the current price. Long-term growth is set to half the implied near-term rate.

4 — Dividend Discount Model (DDM)

Assumptions

Annual dividend D0($/share)Yahoo: $3.56

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$73.34

Current Price$142.36

Upside / Downside-48.5%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $13.76B

Target EV/EBITDA multipleCurrent: 11.3×

Net Debt($B)Default: $3.00B

Results

Implied Equity Value / share$142.35

Current Price$142.36

Upside / Downside-0.0%

Implied EV$154.89B

Sensitivity: EV/EBITDA multiple (rows) × Net Debt (cols)

Mult \ Net Debt	$995.00M	$2.00B	$3.00B	$4.00B	$5.00B
7.3x	$92.63	$91.69	$90.75	$89.82	$88.88
9.3x	$118.43	$117.49	$116.55	$115.62	$114.68
11.3x	$144.23	$143.29	$142.35	$141.42	$140.48
13.3x	$170.03	$169.09	$168.15	$167.22	$166.28
15.3x	$195.83	$194.89	$193.95	$193.02	$192.08

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