Discounted Cash Flow (DCF) Analysis Levered

ASM International NV (ASM.AS)

328.05 €

-0.75 (-0.23%)

All numbers are in Millions, Currency in USD

Stock DCF: 128.13 | 328.05 | overvalue

Free Cash Flow

Year A/P	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Revenue	737.40	818.08	1,283.86	1,328.12	1,729.91	2,169.21	2,720.06	3,410.80	4,276.94	5,363.03
Revenue (%)
Operating Cash Flow	116.06	136.81	488.87	264.35	380.64	487.85	611.73	767.08	961.87	1,206.13
Operating Cash Flow (%)
Capital Expenditure	-85.18	-117.81	-111.23	-162.80	-156.85	-242.69	-304.32	-381.60	-478.51	-600.02
Capital Expenditure (%)
Free Cash Flow	30.88	19	377.64	101.56	223.79	245.16	307.41	385.48	483.36	606.11

Weighted Average Cost Of Capital

Share price	$ 328.05
Beta	1.504
Diluted Shares Outstanding	48.91
Cost of Debt
Tax Rate	17.18
After-tax Cost of Debt	7.11%
Risk-Free Rate
Market Risk Premium
Cost of Equity	10.599
Total Debt	23.46
Total Equity	16,044.60
Total Capital	16,068.06
Debt Weighting	0.15
Equity Weighting	99.85
Wacc

Build Up Free Cash Flow

Year A/P	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Revenue	737.40	818.08	1,283.86	1,328.12	1,729.91	2,169.21	2,720.06	3,410.80	4,276.94	5,363.03
Operating Cash Flow	116.06	136.81	488.87	264.35	380.64	487.85	611.73	767.08	961.87	1,206.13
Capital Expenditure	-85.18	-117.81	-111.23	-162.80	-156.85	-242.69	-304.32	-381.60	-478.51	-600.02
Free Cash Flow	30.88	19	377.64	101.56	223.79	245.16	307.41	385.48	483.36	606.11
WACC
PV LFCF						134.01	151.95	172.29	195.36	221.51
SUM PV LFCF										1,447.61

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	10.59
Free cash flow (t + 1)	618.23
Terminal Value	7,197.11
Present Value of Terminal Value	4,350.90

Intrinsic Value

Enterprise Value	5,798.51
Net Debt	-468.05
Equity Value	6,266.55
Shares Outstanding	48.91
Equity Value Per Share	128.13