Discounted Cash Flow (DCF) Analysis Levered

Super Micro Computer, Inc. (SMCI)

$61.09

+2.00 (+3.38%)
All numbers are in Millions, Currency in USD
Stock DCF: 11.48 | 61.09 | 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 2,484.933,360.493,500.363,339.283,557.423,924.974,330.504,777.935,271.585,816.24
Revenue (%)
Operating Cash Flow -96.1984.35262.55-30.33122.9568.2075.2483.0291.60101.06
Operating Cash Flow (%)
Capital Expenditure -29.37-24.82-24.85-44.34-58.02-43.87-48.41-53.41-58.93-65.01
Capital Expenditure (%)
Free Cash Flow -125.5559.52237.71-74.6764.9424.3326.8429.6132.6736.05

Weighted Average Cost Of Capital

Share price $ 61.09
Beta 1.241
Diluted Shares Outstanding 53.51
Cost of Debt
Tax Rate 5.70
After-tax Cost of Debt 1.97%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.620
Total Debt 119.05
Total Equity 3,268.74
Total Capital 3,387.79
Debt Weighting 3.51
Equity Weighting 96.49
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 2,484.933,360.493,500.363,339.283,557.423,924.974,330.504,777.935,271.585,816.24
Operating Cash Flow -96.1984.35262.55-30.33122.9568.2075.2483.0291.60101.06
Capital Expenditure -29.37-24.82-24.85-44.34-58.02-43.87-48.41-53.41-58.93-65.01
Free Cash Flow -125.5559.52237.71-74.6764.9424.3326.8429.6132.6736.05
WACC
PV LFCF 1515.2715.5415.8216.11
SUM PV LFCF 116.31

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.39
Free cash flow (t + 1) 36.77
Terminal Value 575.40
Present Value of Terminal Value 384.61

Intrinsic Value

Enterprise Value 500.92
Net Debt -113.22
Equity Value 614.13
Shares Outstanding 53.51
Equity Value Per Share 11.48