Discounted Cash Flow (DCF) Analysis Levered
Aehr Test Systems (AEHR)
$32.76
+1.49 (+4.76%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 29.55 | 21.06 | 22.29 | 16.60 | 50.83 | 70.88 | 98.84 | 137.82 | 192.18 | 267.99 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -1.35 | -5.64 | -2.02 | -2.70 | 1.51 | -7.62 | -10.62 | -14.81 | -20.65 | -28.80 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -0.57 | -0.17 | -0.16 | -0.23 | -0.42 | -0.80 | -1.12 | -1.56 | -2.18 | -3.04 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -1.92 | -5.81 | -2.19 | -2.93 | 1.09 | -8.42 | -11.74 | -16.37 | -22.83 | -31.84 |
Weighted Average Cost Of Capital
| Share price | $ 32.76 |
|---|---|
| Beta | 1.971 |
| Diluted Shares Outstanding | 27.77 |
| Cost of Debt | |
| Tax Rate | 0.95 |
| After-tax Cost of Debt | 1.28% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 13.112 |
| Total Debt | 1.01 |
| Total Equity | 909.88 |
| Total Capital | 910.88 |
| Debt Weighting | 0.11 |
| Equity Weighting | 99.89 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 29.55 | 21.06 | 22.29 | 16.60 | 50.83 | 70.88 | 98.84 | 137.82 | 192.18 | 267.99 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -1.35 | -5.64 | -2.02 | -2.70 | 1.51 | -7.62 | -10.62 | -14.81 | -20.65 | -28.80 |
| Capital Expenditure | -0.57 | -0.17 | -0.16 | -0.23 | -0.42 | -0.80 | -1.12 | -1.56 | -2.18 | -3.04 |
| Free Cash Flow | -1.92 | -5.81 | -2.19 | -2.93 | 1.09 | -8.42 | -11.74 | -16.37 | -22.83 | -31.84 |
| WACC | ||||||||||
| PV LFCF | -7.45 | -9.18 | -11.32 | -13.95 | -17.20 | |||||
| SUM PV LFCF | -59.10 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 13.10 |
| Free cash flow (t + 1) | -32.47 |
| Terminal Value | -292.56 |
| Present Value of Terminal Value | -158.09 |
Intrinsic Value
| Enterprise Value | -217.19 |
|---|---|
| Net Debt | -30.48 |
| Equity Value | -186.71 |
| Shares Outstanding | 27.77 |
| Equity Value Per Share | -6.72 |