Discounted Cash Flow (DCF) Analysis Levered

Magnachip Semiconductor Corporation (MX)

$19.49

-0.15 (-0.76%)
All numbers are in Millions, Currency in USD
Stock DCF: 6.25 | 19.49 | overvalue

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 679.67750.90792.20507.06474.23442.83413.50386.12360.55336.67
Revenue (%)
Operating Cash Flow -18.4439.2450.507.4787.7425.5623.8722.2920.8119.43
Operating Cash Flow (%)
Capital Expenditure -33.87-34.19-24.06-36.84-32.83-23.70-22.13-20.67-19.30-18.02
Capital Expenditure (%)
Free Cash Flow -52.315.0426.44-29.3754.921.861.741.621.511.41

Weighted Average Cost Of Capital

Share price $ 19.49
Beta 1.079
Diluted Shares Outstanding 47.71
Cost of Debt
Tax Rate 23.34
After-tax Cost of Debt 24.59%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.952
Total Debt 4.28
Total Equity 929.86
Total Capital 934.13
Debt Weighting 0.46
Equity Weighting 99.54
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 679.67750.90792.20507.06474.23442.83413.50386.12360.55336.67
Operating Cash Flow -18.4439.2450.507.4787.7425.5623.8722.2920.8119.43
Capital Expenditure -33.87-34.19-24.06-36.84-32.83-23.70-22.13-20.67-19.30-18.02
Free Cash Flow -52.315.0426.44-29.3754.921.861.741.621.511.41
WACC
PV LFCF 1.171.010.870.760.65
SUM PV LFCF 6.57

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.03
Free cash flow (t + 1) 1.44
Terminal Value 23.92
Present Value of Terminal Value 16.26

Intrinsic Value

Enterprise Value 22.83
Net Debt -275.27
Equity Value 298.10
Shares Outstanding 47.71
Equity Value Per Share 6.25