Discounted Cash Flow (DCF) Analysis Levered

ASML Holding N.V. (ASML)

$679.62

-16.93 (-2.43%)
All numbers are in Millions, Currency in USD
Stock DCF: 453.19 | 679.62 | overvalue

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 10,94411,82013,978.5018,61121,173.4025,046.7729,628.7135,048.8541,460.5349,045.13
Revenue (%)
Operating Cash Flow 3,072.703,276.404,627.6010,845.808,486.809,380.4911,096.5113,126.4615,527.7518,368.33
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 2,463.202,390.503,626.809,905.507,167.507,802.199,229.4910,917.8912,915.1515,277.79

Weighted Average Cost Of Capital

Share price $ 679.62
Beta 1.193
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 9.165
Total Debt 3,514.20
Total Equity 278,916.05
Total Capital 282,430.25
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 10,94411,82013,978.5018,61121,173.4025,046.7729,628.7135,048.8541,460.5349,045.13
Operating Cash Flow 3,072.703,276.404,627.6010,845.808,486.809,380.4911,096.5113,126.4615,527.7518,368.33
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 2,463.202,390.503,626.809,905.507,167.507,802.199,229.4910,917.8912,915.1515,277.79
WACC
PV LFCF 7,155.347,762.578,421.349,1369,911.32
SUM PV LFCF 42,386.58

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.04
Free cash flow (t + 1) 15,583.35
Terminal Value 221,354.39
Present Value of Terminal Value 143,601.48

Intrinsic Value

Enterprise Value 185,988.06
Net Debt -
Equity Value 185,988.06
Shares Outstanding 410.40
Equity Value Per Share 453.19