Discounted Cash Flow (DCF) Analysis Levered
First Solar, Inc. (FSLR)
$65.36
-0.04 (-0.06%)
All numbers are in Millions, Currency in USD
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 | 2,941.32 | 2,244.04 | 3,063.12 | 2,711.33 | 2,923.38 | 2,990.10 | 3,058.35 | 3,128.15 | 3,199.55 | 3,272.58 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 1,340.68 | -326.81 | 174.20 | 37.12 | 237.56 | 276.28 | 282.59 | 289.04 | 295.64 | 302.38 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -514.36 | -739.84 | -668.72 | -416.63 | -540.29 | -634.71 | -649.20 | -664.02 | -679.17 | -694.67 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 826.32 | -1,066.65 | -494.52 | -379.51 | -302.73 | -358.43 | -366.61 | -374.98 | -383.54 | -392.29 |
Weighted Average Cost Of Capital
| Share price | $ 65.36 |
|---|---|
| Beta | 1.360 |
| Diluted Shares Outstanding | 106.90 |
| Cost of Debt | |
| Tax Rate | 18.08 |
| After-tax Cost of Debt | 4.47% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.304 |
| Total Debt | 239.90 |
| Total Equity | 6,986.92 |
| Total Capital | 7,226.82 |
| Debt Weighting | 3.32 |
| Equity Weighting | 96.68 |
| 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 | 2,941.32 | 2,244.04 | 3,063.12 | 2,711.33 | 2,923.38 | 2,990.10 | 3,058.35 | 3,128.15 | 3,199.55 | 3,272.58 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 1,340.68 | -326.81 | 174.20 | 37.12 | 237.56 | 276.28 | 282.59 | 289.04 | 295.64 | 302.38 |
| Capital Expenditure | -514.36 | -739.84 | -668.72 | -416.63 | -540.29 | -634.71 | -649.20 | -664.02 | -679.17 | -694.67 |
| Free Cash Flow | 826.32 | -1,066.65 | -494.52 | -379.51 | -302.73 | -358.43 | -366.61 | -374.98 | -383.54 | -392.29 |
| WACC | ||||||||||
| PV LFCF | -328.41 | -307.78 | -288.44 | -270.32 | -253.33 | |||||
| SUM PV LFCF | -1,448.28 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 9.14 |
| Free cash flow (t + 1) | -400.14 |
| Terminal Value | -5,604.15 |
| Present Value of Terminal Value | -3,619.01 |
Intrinsic Value
| Enterprise Value | -5,067.29 |
|---|---|
| Net Debt | -1,210.75 |
| Equity Value | -3,856.53 |
| Shares Outstanding | 106.90 |
| Equity Value Per Share | -36.08 |