Discounted Cash Flow (DCF) Analysis Levered
KLA Corporation (KLAC)
$330.09
-11.09 (-3.25%)
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 | 3,480.01 | 4,036.70 | 4,568.90 | 5,806.42 | 6,918.73 | 8,223.31 | 9,773.88 | 11,616.82 | 13,807.26 | 16,410.73 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 1,079.67 | 1,229.12 | 1,152.63 | 1,778.85 | 2,185.03 | 2,449.20 | 2,911.02 | 3,459.92 | 4,112.31 | 4,887.72 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -38.59 | -66.96 | -130.50 | -152.67 | -231.63 | -190.80 | -226.78 | -269.54 | -320.36 | -380.77 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 1,041.07 | 1,162.16 | 1,022.13 | 1,626.17 | 1,953.40 | 2,258.40 | 2,684.24 | 3,190.37 | 3,791.94 | 4,506.94 |
Weighted Average Cost Of Capital
| Share price | $ 330.09 |
|---|---|
| Beta | 1.281 |
| Diluted Shares Outstanding | 155.44 |
| Cost of Debt | |
| Tax Rate | 11.95 |
| After-tax Cost of Debt | 3.91% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.805 |
| Total Debt | 3,545.83 |
| Total Equity | 51,308.20 |
| Total Capital | 54,854.03 |
| Debt Weighting | 6.46 |
| Equity Weighting | 93.54 |
| 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 | 3,480.01 | 4,036.70 | 4,568.90 | 5,806.42 | 6,918.73 | 8,223.31 | 9,773.88 | 11,616.82 | 13,807.26 | 16,410.73 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 1,079.67 | 1,229.12 | 1,152.63 | 1,778.85 | 2,185.03 | 2,449.20 | 2,911.02 | 3,459.92 | 4,112.31 | 4,887.72 |
| Capital Expenditure | -38.59 | -66.96 | -130.50 | -152.67 | -231.63 | -190.80 | -226.78 | -269.54 | -320.36 | -380.77 |
| Free Cash Flow | 1,041.07 | 1,162.16 | 1,022.13 | 1,626.17 | 1,953.40 | 2,258.40 | 2,684.24 | 3,190.37 | 3,791.94 | 4,506.94 |
| WACC | ||||||||||
| PV LFCF | 2,081.67 | 2,280.56 | 2,498.46 | 2,737.18 | 2,998.70 | |||||
| SUM PV LFCF | 12,596.57 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 8.49 |
| Free cash flow (t + 1) | 4,597.08 |
| Terminal Value | 70,833.33 |
| Present Value of Terminal Value | 47,129.09 |
Intrinsic Value
| Enterprise Value | 59,725.67 |
|---|---|
| Net Debt | 2,111.22 |
| Equity Value | 57,614.45 |
| Shares Outstanding | 155.44 |
| Equity Value Per Share | 370.66 |