Discounted Cash Flow (DCF) Analysis Levered

Photronics, Inc. (PLAB)

$18.795

-0.16 (-0.82%)
All numbers are in Millions, Currency in USD
Stock DCF: 19.06 | 18.795 | undervalue

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 535.28550.66609.69663.76824.55920.791,028.261,148.271,282.291,431.96
Revenue (%)
Operating Cash Flow 130.5768.39143.05150.77275.19214.29239.30267.23298.42333.25
Operating Cash Flow (%)
Capital Expenditure -92.80-178.47-70.97-109.27-112.34-168.46-188.12-210.08-234.59-261.98
Capital Expenditure (%)
Free Cash Flow 37.76-110.0872.0741.50162.8545.8351.1857.1663.8371.28

Weighted Average Cost Of Capital

Share price $ 18.795
Beta 1.199
Diluted Shares Outstanding 61.19
Cost of Debt
Tax Rate 50.31
After-tax Cost of Debt 2.18%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.301
Total Debt 42.33
Total Equity 1,150.05
Total Capital 1,192.38
Debt Weighting 3.55
Equity Weighting 96.45
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 535.28550.66609.69663.76824.55920.791,028.261,148.271,282.291,431.96
Operating Cash Flow 130.5768.39143.05150.77275.19214.29239.30267.23298.42333.25
Capital Expenditure -92.80-178.47-70.97-109.27-112.34-168.46-188.12-210.08-234.59-261.98
Free Cash Flow 37.76-110.0872.0741.50162.8545.8351.1857.1663.8371.28
WACC
PV LFCF 42.0343.0444.0745.1346.22
SUM PV LFCF 220.49

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.05
Free cash flow (t + 1) 72.70
Terminal Value 1,031.23
Present Value of Terminal Value 668.69

Intrinsic Value

Enterprise Value 889.18
Net Debt -277.35
Equity Value 1,166.53
Shares Outstanding 61.19
Equity Value Per Share 19.06