Discounted Cash Flow (DCF) Analysis Levered
Photronics, Inc. (PLAB)
$18.795
-0.16 (-0.82%)
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 | 535.28 | 550.66 | 609.69 | 663.76 | 824.55 | 920.79 | 1,028.26 | 1,148.27 | 1,282.29 | 1,431.96 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 130.57 | 68.39 | 143.05 | 150.77 | 275.19 | 214.29 | 239.30 | 267.23 | 298.42 | 333.25 |
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 | -110.08 | 72.07 | 41.50 | 162.85 | 45.83 | 51.18 | 57.16 | 63.83 | 71.28 |
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 | 535.28 | 550.66 | 609.69 | 663.76 | 824.55 | 920.79 | 1,028.26 | 1,148.27 | 1,282.29 | 1,431.96 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 130.57 | 68.39 | 143.05 | 150.77 | 275.19 | 214.29 | 239.30 | 267.23 | 298.42 | 333.25 |
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 | -110.08 | 72.07 | 41.50 | 162.85 | 45.83 | 51.18 | 57.16 | 63.83 | 71.28 |
WACC | ||||||||||
PV LFCF | 42.03 | 43.04 | 44.07 | 45.13 | 46.22 | |||||
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 |