Discounted Cash Flow (DCF) Analysis Levered
Aehr Test Systems (AEHR)
$45.7
-0.53 (-1.15%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Actual | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
| Revenue | 21.06 | 22.29 | 16.60 | 50.83 | 64.96 | 99.77 | 153.23 | 235.34 | 361.44 | 555.12 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -5.64 | -2.02 | -2.70 | 1.51 | 10.01 | -6.73 | -10.34 | -15.88 | -24.39 | -37.46 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -0.17 | -0.16 | -0.23 | -0.42 | -1.36 | -1.16 | -1.79 | -2.75 | -4.22 | -6.48 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -5.81 | -2.19 | -2.93 | 1.09 | 8.65 | -7.90 | -12.13 | -18.63 | -28.61 | -43.94 |
Weighted Average Cost Of Capital
| Share price | $ 45.7 |
|---|---|
| Beta | 2.015 |
| Diluted Shares Outstanding | 29.21 |
| Cost of Debt | |
| Tax Rate | 0.41 |
| After-tax Cost of Debt | -19.63% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 14.082 |
| Total Debt | 6.30 |
| Total Equity | 1,335.13 |
| Total Capital | 1,341.43 |
| Debt Weighting | 0.47 |
| Equity Weighting | 99.53 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Actual | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
| Revenue | 21.06 | 22.29 | 16.60 | 50.83 | 64.96 | 99.77 | 153.23 | 235.34 | 361.44 | 555.12 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -5.64 | -2.02 | -2.70 | 1.51 | 10.01 | -6.73 | -10.34 | -15.88 | -24.39 | -37.46 |
| Capital Expenditure | -0.17 | -0.16 | -0.23 | -0.42 | -1.36 | -1.16 | -1.79 | -2.75 | -4.22 | -6.48 |
| Free Cash Flow | -5.81 | -2.19 | -2.93 | 1.09 | 8.65 | -7.90 | -12.13 | -18.63 | -28.61 | -43.94 |
| WACC | ||||||||||
| PV LFCF | -6.93 | -9.35 | -12.60 | -16.99 | -22.90 | |||||
| SUM PV LFCF | -68.77 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 13.92 |
| Free cash flow (t + 1) | -44.82 |
| Terminal Value | -376.03 |
| Present Value of Terminal Value | -195.98 |
Intrinsic Value
| Enterprise Value | -264.75 |
|---|---|
| Net Debt | -23.75 |
| Equity Value | -241 |
| Shares Outstanding | 29.21 |
| Equity Value Per Share | -8.25 |