Discounted Cash Flow (DCF) Analysis Levered

Entegris, Inc. (ENTG)

$82.38

-2.20 (-2.60%)

All numbers are in Millions, Currency in USD

Stock DCF: 54.13 | 82.38 | 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	1,342.53	1,550.50	1,591.07	1,859.31	2,298.89	2,635.73	3,021.92	3,464.70	3,972.35	4,554.39
Revenue (%)
Operating Cash Flow	293.37	312.58	382.30	446.67	400.45	566.59	649.61	744.79	853.92	979.04
Operating Cash Flow (%)
Capital Expenditure	-93.60	-110.15	-112.36	-131.75	-210.63	-197.08	-225.95	-259.06	-297.02	-340.54
Capital Expenditure (%)
Free Cash Flow	199.78	202.42	269.94	314.92	189.83	369.51	423.66	485.73	556.90	638.50

Weighted Average Cost Of Capital

Share price	$ 82.38
Beta	1.231
Diluted Shares Outstanding	136.57
Cost of Debt
Tax Rate	14.60
After-tax Cost of Debt	3.54%
Risk-Free Rate
Market Risk Premium
Cost of Equity	9.426
Total Debt	997.13
Total Equity	11,250.97
Total Capital	12,248.09
Debt Weighting	8.14
Equity Weighting	91.86
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	1,342.53	1,550.50	1,591.07	1,859.31	2,298.89	2,635.73	3,021.92	3,464.70	3,972.35	4,554.39
Operating Cash Flow	293.37	312.58	382.30	446.67	400.45	566.59	649.61	744.79	853.92	979.04
Capital Expenditure	-93.60	-110.15	-112.36	-131.75	-210.63	-197.08	-225.95	-259.06	-297.02	-340.54
Free Cash Flow	199.78	202.42	269.94	314.92	189.83	369.51	423.66	485.73	556.90	638.50
WACC
PV LFCF						220.94	232.50	244.67	257.47	270.95
SUM PV LFCF										1,882.84

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	8.95
Free cash flow (t + 1)	651.27
Terminal Value	9,370.76
Present Value of Terminal Value	6,104.34

Intrinsic Value

Enterprise Value	7,987.18
Net Debt	594.56
Equity Value	7,392.61
Shares Outstanding	136.57
Equity Value Per Share	54.13