Discounted Cash Flow (DCF) Analysis Levered
ASM International NV (ASM.AS)
405.55 €
+0.65 (+0.16%)
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 | 818.08 | 1,283.86 | 1,328.12 | 1,729.91 | 2,410.93 | 3,194.49 | 4,232.73 | 5,608.39 | 7,431.15 | 9,846.33 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 136.81 | 488.87 | 264.35 | 380.64 | 541.49 | 761.37 | 1,008.82 | 1,336.69 | 1,771.13 | 2,346.75 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -117.81 | -111.23 | -162.80 | -156.85 | -208.47 | -338.85 | -448.97 | -594.89 | -788.24 | -1,044.42 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 19 | 377.64 | 101.56 | 223.79 | 333.02 | 422.52 | 559.85 | 741.80 | 982.89 | 1,302.34 |
Weighted Average Cost Of Capital
| Share price | $ 405.55 |
|---|---|
| Beta | 1.511 |
| Diluted Shares Outstanding | 48.91 |
| Cost of Debt | |
| Tax Rate | 22.94 |
| After-tax Cost of Debt | 4.18% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.836 |
| Total Debt | 28.12 |
| Total Equity | 19,835.04 |
| Total Capital | 19,863.17 |
| Debt Weighting | 0.14 |
| Equity Weighting | 99.86 |
| 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 | 818.08 | 1,283.86 | 1,328.12 | 1,729.91 | 2,410.93 | 3,194.49 | 4,232.73 | 5,608.39 | 7,431.15 | 9,846.33 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 136.81 | 488.87 | 264.35 | 380.64 | 541.49 | 761.37 | 1,008.82 | 1,336.69 | 1,771.13 | 2,346.75 |
| Capital Expenditure | -117.81 | -111.23 | -162.80 | -156.85 | -208.47 | -338.85 | -448.97 | -594.89 | -788.24 | -1,044.42 |
| Free Cash Flow | 19 | 377.64 | 101.56 | 223.79 | 333.02 | 422.52 | 559.85 | 741.80 | 982.89 | 1,302.34 |
| WACC | ||||||||||
| PV LFCF | 381.24 | 455.78 | 544.90 | 651.44 | 778.82 | |||||
| SUM PV LFCF | 2,812.17 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 10.83 |
| Free cash flow (t + 1) | 1,328.38 |
| Terminal Value | 15,043.97 |
| Present Value of Terminal Value | 8,996.54 |
Intrinsic Value
| Enterprise Value | 11,808.71 |
|---|---|
| Net Debt | -391.19 |
| Equity Value | 12,199.91 |
| Shares Outstanding | 48.91 |
| Equity Value Per Share | 249.44 |