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 |