Discounted Cash Flow (DCF) Analysis Levered
ASML Holding N.V. (ASML)
$680.71
+4.03 (+0.60%)
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 | 10,944 | 11,820 | 13,978.50 | 18,611 | 21,173.40 | 25,046.77 | 29,628.71 | 35,048.85 | 41,460.53 | 49,045.13 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 3,072.70 | 3,276.40 | 4,627.60 | 10,845.80 | 8,486.80 | 9,380.49 | 11,096.51 | 13,126.46 | 15,527.75 | 18,368.33 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -609.50 | -885.90 | -1,000.80 | -940.30 | -1,319.30 | -1,578.30 | -1,867.03 | -2,208.57 | -2,612.60 | -3,090.54 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 2,463.20 | 2,390.50 | 3,626.80 | 9,905.50 | 7,167.50 | 7,802.19 | 9,229.49 | 10,917.89 | 12,915.15 | 15,277.79 |
Weighted Average Cost Of Capital
| Share price | $ 680.71 |
|---|---|
| Beta | 1.244 |
| Diluted Shares Outstanding | 410.40 |
| Cost of Debt | |
| Tax Rate | 15.02 |
| After-tax Cost of Debt | -1.08% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.364 |
| Total Debt | 3,514.20 |
| Total Equity | 279,363.38 |
| Total Capital | 282,877.58 |
| Debt Weighting | 1.24 |
| Equity Weighting | 98.76 |
| 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 | 10,944 | 11,820 | 13,978.50 | 18,611 | 21,173.40 | 25,046.77 | 29,628.71 | 35,048.85 | 41,460.53 | 49,045.13 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 3,072.70 | 3,276.40 | 4,627.60 | 10,845.80 | 8,486.80 | 9,380.49 | 11,096.51 | 13,126.46 | 15,527.75 | 18,368.33 |
| Capital Expenditure | -609.50 | -885.90 | -1,000.80 | -940.30 | -1,319.30 | -1,578.30 | -1,867.03 | -2,208.57 | -2,612.60 | -3,090.54 |
| Free Cash Flow | 2,463.20 | 2,390.50 | 3,626.80 | 9,905.50 | 7,167.50 | 7,802.19 | 9,229.49 | 10,917.89 | 12,915.15 | 15,277.79 |
| WACC | ||||||||||
| PV LFCF | 7,142.90 | 7,735.59 | 8,377.47 | 9,072.60 | 9,825.42 | |||||
| SUM PV LFCF | 42,153.98 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 9.23 |
| Free cash flow (t + 1) | 15,583.35 |
| Terminal Value | 215,537.33 |
| Present Value of Terminal Value | 138,615.83 |
Intrinsic Value
| Enterprise Value | 180,769.81 |
|---|---|
| Net Debt | -3,754.10 |
| Equity Value | 184,523.91 |
| Shares Outstanding | 410.40 |
| Equity Value Per Share | 449.62 |