Discounted Cash Flow (DCF) Analysis Levered

ASML Holding N.V. (ASML)

$ 801
-14.01 (-1.72%)
Stock DCF: 1,560.40 | 801 | undervalue

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 6,794.759,052.8010,94411,82013,978.5016,787.7920,161.6624,213.5929,079.8534,924.09
Revenue (%)
Operating Cash Flow 1,665.911,798.603,072.703,276.404,627.604,475.165,374.546,454.687,751.899,309.80
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 1,341.181,440.602,463.202,390.503,626.803,502.904,206.895,052.366,067.747,287.18

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 6,794.759,052.8010,94411,82013,978.5016,787.7920,161.6624,213.5929,079.8534,924.09
Operating Cash Flow 1,665.911,798.603,072.703,276.404,627.604,475.165,374.546,454.687,751.899,309.80
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 1,341.181,440.602,463.202,390.503,626.803,502.904,206.895,052.366,067.747,287.18
WACC
PV LFCF 3,307.433,750.484,252.884,822.575,468.58
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