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	592.78	525.26	356.19	433.62	749.30	844.75	952.37	1,073.70	1,210.49	1,364.70
Revenue (%)
Operating Cash Flow	168.15	184.11	120.11	162.02	277.85	289.89	326.83	368.46	415.40	468.32
Operating Cash Flow (%)
Capital Expenditure	-11.70	-18.02	0.16	-21.86	-28.35	-23.97	-27.02	-30.46	-34.34	-38.72
Capital Expenditure (%)
Free Cash Flow	156.46	166.09	120.27	140.16	249.50	265.93	299.81	338	381.06	429.61

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	592.78	525.26	356.19	433.62	749.30	844.75	952.37	1,073.70	1,210.49	1,364.70
Operating Cash Flow	168.15	184.11	120.11	162.02	277.85	289.89	326.83	368.46	415.40	468.32
Capital Expenditure	-11.70	-18.02	0.16	-21.86	-28.35	-23.97	-27.02	-30.46	-34.34	-38.72
Free Cash Flow	156.46	166.09	120.27	140.16	249.50	265.93	299.81	338	381.06	429.61
WACC
PV LFCF						241.80	247.86	254.08	260.46	266.99
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