Discounted Cash Flow (DCF) Analysis Levered
ASML Holding N.V. (ASML)
$ 801
-14.01 (-1.72%)
Free Cash Flow
Year A/P | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
| Revenue | 6,794.75 | 9,052.80 | 10,944 | 11,820 | 13,978.50 | 16,787.79 | 20,161.66 | 24,213.59 | 29,079.85 | 34,924.09 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 1,665.91 | 1,798.60 | 3,072.70 | 3,276.40 | 4,627.60 | 4,475.16 | 5,374.54 | 6,454.68 | 7,751.89 | 9,309.80 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -324.72 | -358 | -609.50 | -885.90 | -1,000.80 | -972.26 | -1,167.66 | -1,402.32 | -1,684.15 | -2,022.62 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 1,341.18 | 1,440.60 | 2,463.20 | 2,390.50 | 3,626.80 | 3,502.90 | 4,206.89 | 5,052.36 | 6,067.74 | 7,287.18 |
Weighted Average Cost Of Capital
| Share price | $ 801 |
|---|---|
| Beta | 0.954 |
| Diluted Shares Outstanding | 419.10 |
| Cost of Debt | |
| Tax Rate | 11.52 |
| After-tax Cost of Debt | 0.82% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 5.981 |
| Total Debt | 4,678.20 |
| Total Equity | 335,699.10 |
| Total Capital | 340,377.30 |
| Debt Weighting | 1.37 |
| Equity Weighting | 98.63 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
| Revenue | 6,794.75 | 9,052.80 | 10,944 | 11,820 | 13,978.50 | 16,787.79 | 20,161.66 | 24,213.59 | 29,079.85 | 34,924.09 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 1,665.91 | 1,798.60 | 3,072.70 | 3,276.40 | 4,627.60 | 4,475.16 | 5,374.54 | 6,454.68 | 7,751.89 | 9,309.80 |
| Capital Expenditure | -324.72 | -358 | -609.50 | -885.90 | -1,000.80 | -972.26 | -1,167.66 | -1,402.32 | -1,684.15 | -2,022.62 |
| Free Cash Flow | 1,341.18 | 1,440.60 | 2,463.20 | 2,390.50 | 3,626.80 | 3,502.90 | 4,206.89 | 5,052.36 | 6,067.74 | 7,287.18 |
| WACC | ||||||||||
| PV LFCF | 3,307.43 | 3,750.48 | 4,252.88 | 4,822.57 | 5,468.58 | |||||
| SUM PV LFCF | 21,601.95 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.91 |
| Free cash flow (t + 1) | 7,651.54 |
| Terminal Value | 840,828.85 |
| Present Value of Terminal Value | 630,990.42 |
Intrinsic Value
| Enterprise Value | 652,592.37 |
|---|---|
| Net Debt | -1,371.20 |
| Equity Value | 653,963.57 |
| Shares Outstanding | 419.10 |
| Equity Value Per Share | 1,560.40 |