Discounted Cash Flow (DCF) Analysis Levered

Vishay Intertechnology, Inc. (VSH)

$21.39

-0.17 (-0.79%)

All numbers are in Millions, Currency in USD

Stock DCF: 22.57 | 21.39 | 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	3,034.69	2,668.30	2,501.90	3,240.49	3,497.40	3,664.75	3,840.11	4,023.85	4,216.39	4,418.14
Revenue (%)
Operating Cash Flow	258.51	296.44	314.94	457.10	484.29	441.01	462.11	484.22	507.39	531.67
Operating Cash Flow (%)
Capital Expenditure	-229.90	-156.64	-123.60	-218.37	-325.31	-252.33	-264.40	-277.06	-290.31	-304.20
Capital Expenditure (%)
Free Cash Flow	28.61	139.80	191.34	238.73	158.98	188.68	197.71	207.17	217.08	227.47

Weighted Average Cost Of Capital

Share price	$ 21.39
Beta	1.301
Diluted Shares Outstanding	143.91
Cost of Debt
Tax Rate	27.75
After-tax Cost of Debt	1.95%
Risk-Free Rate
Market Risk Premium
Cost of Equity	9.642
Total Debt	634.75
Total Equity	3,078.34
Total Capital	3,713.09
Debt Weighting	17.09
Equity Weighting	82.91
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	3,034.69	2,668.30	2,501.90	3,240.49	3,497.40	3,664.75	3,840.11	4,023.85	4,216.39	4,418.14
Operating Cash Flow	258.51	296.44	314.94	457.10	484.29	441.01	462.11	484.22	507.39	531.67
Capital Expenditure	-229.90	-156.64	-123.60	-218.37	-325.31	-252.33	-264.40	-277.06	-290.31	-304.20
Free Cash Flow	28.61	139.80	191.34	238.73	158.98	188.68	197.71	207.17	217.08	227.47
WACC
PV LFCF						174.17	168.47	162.96	157.63	152.47
SUM PV LFCF										815.70

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	8.33
Free cash flow (t + 1)	232.02
Terminal Value	3,665.38
Present Value of Terminal Value	2,456.83

Intrinsic Value

Enterprise Value	3,272.53
Net Debt	23.92
Equity Value	3,248.61
Shares Outstanding	143.91
Equity Value Per Share	22.57