Discounted Cash Flow (DCF) Analysis Levered
KLA Corporation (KLAC)
$465.65
-8.21 (-1.73%)
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 | 4,036.70 | 4,568.90 | 5,806.42 | 6,918.73 | 9,211.88 | 11,343.75 | 13,968.99 | 17,201.78 | 21,182.72 | 26,084.95 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 1,229.12 | 1,152.63 | 1,778.85 | 2,185.03 | 3,312.70 | 3,490.58 | 4,298.39 | 5,293.15 | 6,518.12 | 8,026.59 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -66.96 | -130.50 | -152.67 | -231.63 | -307.32 | -313.73 | -386.34 | -475.75 | -585.85 | -721.43 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 1,162.16 | 1,022.13 | 1,626.18 | 1,953.40 | 3,005.38 | 3,176.85 | 3,912.05 | 4,817.41 | 5,932.28 | 7,305.16 |
Weighted Average Cost Of Capital
| Share price | $ 465.65 |
|---|---|
| Beta | 1.369 |
| Diluted Shares Outstanding | 151.56 |
| Cost of Debt | |
| Tax Rate | 4.80 |
| After-tax Cost of Debt | 2.26% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.207 |
| Total Debt | 6,774.31 |
| Total Equity | 70,571.59 |
| Total Capital | 77,345.89 |
| Debt Weighting | 8.76 |
| Equity Weighting | 91.24 |
| 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 | 4,036.70 | 4,568.90 | 5,806.42 | 6,918.73 | 9,211.88 | 11,343.75 | 13,968.99 | 17,201.78 | 21,182.72 | 26,084.95 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 1,229.12 | 1,152.63 | 1,778.85 | 2,185.03 | 3,312.70 | 3,490.58 | 4,298.39 | 5,293.15 | 6,518.12 | 8,026.59 |
| Capital Expenditure | -66.96 | -130.50 | -152.67 | -231.63 | -307.32 | -313.73 | -386.34 | -475.75 | -585.85 | -721.43 |
| Free Cash Flow | 1,162.16 | 1,022.13 | 1,626.18 | 1,953.40 | 3,005.38 | 3,176.85 | 3,912.05 | 4,817.41 | 5,932.28 | 7,305.16 |
| WACC | ||||||||||
| PV LFCF | 2,900.97 | 3,262.10 | 3,668.19 | 4,124.83 | 4,638.32 | |||||
| SUM PV LFCF | 18,594.41 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 9.51 |
| Free cash flow (t + 1) | 7,451.27 |
| Terminal Value | 99,217.91 |
| Present Value of Terminal Value | 62,997.19 |
Intrinsic Value
| Enterprise Value | 81,591.60 |
|---|---|
| Net Debt | 5,189.40 |
| Equity Value | 76,402.21 |
| Shares Outstanding | 151.56 |
| Equity Value Per Share | 504.12 |