Discounted Cash Flow (DCF) Analysis Unlevered

Advanced Energy Industries, Inc. (AEIS)

$98.97

+1.36 (+1.39%)

All numbers are in Millions, Currency in USD

Stock DCF: - | 98.97 | undervalue

Operating Data

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	718.89	788.95	1,415.83	1,455.95	1,845.42	2,393.45	3,104.23	4,026.08	5,221.69	6,772.36
Revenue (%)
EBITDA	185.84	101.79	205.44	201.63	299.81	399.03	517.53	671.21	870.54	1,129.06
EBITDA (%)
EBIT	172.25	75.64	157.67	148.74	239.51	324.93	421.42	546.57	708.89	919.40
EBIT (%)
Depreciation	13.59	26.15	47.77	52.89	60.30	74.10	96.10	124.64	161.65	209.66
Depreciation (%)

Balance Sheet Data

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Total Cash	351.77	349.06	483.02	546.67	458.82	908.08	1,177.75	1,527.50	1,981.12	2,569.45
Total Cash (%)
Account Receivables	102.66	250.81	239.98	248	300.68	461.21	598.17	775.81	1,006.19	1,305
Account Receivables (%)
Inventories	97.99	230.02	221.35	338.41	376.01	488.44	633.50	821.62	1,065.62	1,382.07
Inventories (%)
Accounts Payable	39.65	170.67	125.22	193.71	170.47	280.20	363.41	471.33	611.29	792.83
Accounts Payable (%)
Capital Expenditure	-20.33	-25.19	-36.48	-31.88	-58.88	-66.91	-86.78	-112.55	-145.97	-189.32
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price	$ 98.97
Beta	1.557
Diluted Shares Outstanding	37.72
Cost of Debt
Tax Rate	17.41
After-tax Cost of Debt	-%
Risk-Free Rate
Market Risk Premium
Cost of Equity	11.038
Total Debt	390.03
Total Equity	3,733.25
Total Capital	4,123.28
Debt Weighting	9.46
Equity Weighting	90.54
Wacc

Build Up Free Cash

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	718.89	788.95	1,415.83	1,455.95	1,845.42	2,393.45	3,104.23	4,026.08	5,221.69	6,772.36
EBITDA	185.84	101.79	205.44	201.63	299.81	399.03	517.53	671.21	870.54	1,129.06
EBIT	172.25	75.64	157.67	148.74	239.51	324.93	421.42	546.57	708.89	919.40
Tax Rate	14.71%	3.35%	14.84%	9.40%	17.41%	11.94%	11.94%	11.94%	11.94%	11.94%
EBIAT	146.92	73.10	134.27	134.76	197.82	286.13	371.10	481.31	624.24	809.61
Depreciation	13.59	26.15	47.77	52.89	60.30	74.10	96.10	124.64	161.65	209.66
Accounts Receivable	-	-148.15	10.83	-8.01	-52.69	-160.52	-136.96	-177.64	-230.39	-298.81
Inventories	-	-132.03	8.67	-117.06	-37.60	-112.43	-145.05	-188.13	-243.99	-316.45
Accounts Payable	-	131.02	-45.45	68.48	-23.24	109.73	83.21	107.92	139.97	181.53
Capital Expenditure	-20.33	-25.19	-36.48	-31.88	-58.88	-66.91	-86.78	-112.55	-145.97	-189.32
UFCF	140.18	-75.09	119.61	99.19	85.70	130.09	181.62	235.55	305.50	396.23
WACC
PV UFCF						-	-	-	-	-
SUM PV UFCF										-

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	-
Free cash flow (t + 1)	404.15
Terminal Value	-
Present Value of Terminal Value	-

Intrinsic Value

Enterprise Value	-
Net Debt	-68.78
Equity Value	-
Shares Outstanding	37.72
Equity Value Per Share	-