Discounted Cash Flow (DCF) Analysis Levered

SiTime Corporation (SITM)

$110.195

+4.20 (+3.96%)

All numbers are in Millions, Currency in USD

Stock DCF: 19.82 | 110.195 | overvalue

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	85.21	84.07	116.16	218.81	283.61	393.37	545.61	756.77	1,049.66	1,455.90
Revenue (%)
Operating Cash Flow	-1.05	7.38	16.60	59.08	39.75	49.45	68.59	95.14	131.96	183.03
Operating Cash Flow (%)
Capital Expenditure	-5.01	-3.20	-7.79	-33.79	-31.79	-33.87	-46.98	-65.16	-90.38	-125.36
Capital Expenditure (%)
Free Cash Flow	-6.06	4.18	8.81	25.29	7.96	15.58	21.61	29.98	41.58	57.68

Weighted Average Cost Of Capital

Share price	$ 110.195
Beta	1.848
Diluted Shares Outstanding	22.66
Cost of Debt
Tax Rate	0.35
After-tax Cost of Debt	4.98%
Risk-Free Rate
Market Risk Premium
Cost of Equity	12.481
Total Debt	8.15
Total Equity	2,497.46
Total Capital	2,505.61
Debt Weighting	0.33
Equity Weighting	99.67
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	85.21	84.07	116.16	218.81	283.61	393.37	545.61	756.77	1,049.66	1,455.90
Operating Cash Flow	-1.05	7.38	16.60	59.08	39.75	49.45	68.59	95.14	131.96	183.03
Capital Expenditure	-5.01	-3.20	-7.79	-33.79	-31.79	-33.87	-46.98	-65.16	-90.38	-125.36
Free Cash Flow	-6.06	4.18	8.81	25.29	7.96	15.58	21.61	29.98	41.58	57.68
WACC
PV LFCF						7.70	9.50	11.72	14.45	17.82
SUM PV LFCF										110.09

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	12.46
Free cash flow (t + 1)	58.83
Terminal Value	562.43
Present Value of Terminal Value	312.66

Intrinsic Value

Enterprise Value	422.75
Net Debt	-26.45
Equity Value	449.20
Shares Outstanding	22.66
Equity Value Per Share	19.82