Discounted Cash Flow (DCF) Analysis Levered
First Solar, Inc. (FSLR)
$166.24
-3.00 (-1.77%)
All numbers are in Millions, Currency in USD
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 | 2,244.04 | 3,063.12 | 2,711.33 | 2,923.38 | 2,619.32 | 2,766.23 | 2,921.38 | 3,085.24 | 3,258.28 | 3,441.03 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -326.81 | 174.20 | 37.12 | 237.56 | 873.37 | 187.89 | 198.43 | 209.56 | 221.32 | 233.73 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -739.84 | -668.72 | -416.63 | -540.29 | -903.61 | -681.30 | -719.51 | -759.87 | -802.49 | -847.50 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -1,066.65 | -494.52 | -379.51 | -302.73 | -30.24 | -493.41 | -521.08 | -550.31 | -581.17 | -613.77 |
Weighted Average Cost Of Capital
| Share price | $ 166.24 |
|---|---|
| Beta | 1.396 |
| Diluted Shares Outstanding | 106.55 |
| Cost of Debt | |
| Tax Rate | 613.68 |
| After-tax Cost of Debt | -32.46% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 11.067 |
| Total Debt | 193.54 |
| Total Equity | 17,713.04 |
| Total Capital | 17,906.58 |
| Debt Weighting | 1.08 |
| Equity Weighting | 98.92 |
| 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 | 2,244.04 | 3,063.12 | 2,711.33 | 2,923.38 | 2,619.32 | 2,766.23 | 2,921.38 | 3,085.24 | 3,258.28 | 3,441.03 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -326.81 | 174.20 | 37.12 | 237.56 | 873.37 | 187.89 | 198.43 | 209.56 | 221.32 | 233.73 |
| Capital Expenditure | -739.84 | -668.72 | -416.63 | -540.29 | -903.61 | -681.30 | -719.51 | -759.87 | -802.49 | -847.50 |
| Free Cash Flow | -1,066.65 | -494.52 | -379.51 | -302.73 | -30.24 | -493.41 | -521.08 | -550.31 | -581.17 | -613.77 |
| WACC | ||||||||||
| PV LFCF | -446.12 | -425.98 | -406.76 | -388.40 | -370.88 | |||||
| SUM PV LFCF | -2,038.14 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 10.60 |
| Free cash flow (t + 1) | -626.04 |
| Terminal Value | -7,279.58 |
| Present Value of Terminal Value | -4,398.76 |
Intrinsic Value
| Enterprise Value | -6,436.91 |
|---|---|
| Net Debt | -1,287.73 |
| Equity Value | -5,149.18 |
| Shares Outstanding | 106.55 |
| Equity Value Per Share | -48.33 |