Discounted Cash Flow (DCF) Analysis Levered

BE Semiconductor Industries N.V. (BESI.AS)

70.76 €

+1.16 (+1.67%)
All numbers are in Millions, Currency in USD
Stock DCF: 66.52 | 70.76 | overvalue

Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 592.78525.26356.19433.62749.30844.75952.371,073.701,210.491,364.70
Revenue (%)
Operating Cash Flow 168.15184.11120.11162.02277.85289.89326.83368.46415.40468.32
Operating Cash Flow (%)
Capital Expenditure -11.70-18.020.16-21.86-28.35-23.97-27.02-30.46-34.34-38.72
Capital Expenditure (%)
Free Cash Flow 156.46166.09120.27140.16249.50265.93299.81338381.06429.61

Weighted Average Cost Of Capital

Share price $ 70.76
Beta 1.454
Diluted Shares Outstanding 72.50
Cost of Debt
Tax Rate 7.05
After-tax Cost of Debt 3.26%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.394
Total Debt 312.48
Total Equity 5,130.20
Total Capital 5,442.67
Debt Weighting 5.74
Equity Weighting 94.26
Wacc

Build Up Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 592.78525.26356.19433.62749.30844.75952.371,073.701,210.491,364.70
Operating Cash Flow 168.15184.11120.11162.02277.85289.89326.83368.46415.40468.32
Capital Expenditure -11.70-18.020.16-21.86-28.35-23.97-27.02-30.46-34.34-38.72
Free Cash Flow 156.46166.09120.27140.16249.50265.93299.81338381.06429.61
WACC
PV LFCF 241.80247.86254.08260.46266.99
SUM PV LFCF 1,271.20

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.98
Free cash flow (t + 1) 438.20
Terminal Value 5,491.20
Present Value of Terminal Value 3,412.70

Intrinsic Value

Enterprise Value 4,683.90
Net Debt -138.92
Equity Value 4,822.82
Shares Outstanding 72.50
Equity Value Per Share 66.52