Discounted Cash Flow (DCF) Analysis Unlevered

Amkor Technology, Inc. (AMKR)

$32

+0.98 (+3.16%)
All numbers are in Millions, Currency in USD
Stock DCF: 17.70 | 32 | overvalue

Operating Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 4,052.655,050.596,138.337,091.586,503.067,371.098,354.999,470.2110,734.2912,167.10
Revenue (%)
EBITDA 752.27961.251,330.161,528.201,101.791,441.151,633.511,851.552,098.702,378.83
EBITDA (%)
EBIT 228.09450.85766.57915.49470.29695.61788.45893.701,012.991,148.20
EBIT (%)
Depreciation 524.18510.40563.58612.70631.51745.54845.06957.851,085.711,230.63
Depreciation (%)

Balance Sheet Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Total Cash 894.95831.771,078.271,241.041,594.691,446.801,639.921,858.822,106.932,388.17
Total Cash (%)
Account Receivables 850.75962.641,258.771,365.501,149.491,437.231,629.071,846.512,092.992,372.36
Account Receivables (%)
Inventories 220.60297.29484.96629.58393.13503.49570.70646.88733.22831.09
Inventories (%)
Accounts Payable 571.05636.43828.73899.16754.45950.481,077.351,221.161,384.161,568.92
Accounts Payable (%)
Capital Expenditure -472.43-553.02-779.78-908.29-749.47-879.27-996.64-1,129.67-1,280.46-1,451.37
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 32
Beta 2.002
Diluted Shares Outstanding 247.18
Cost of Debt
Tax Rate 18.93
After-tax Cost of Debt 3.45%
Risk-Free Rate
Market Risk Premium
Cost of Equity 13.659
Total Debt 1,384.36
Total Equity 7,909.63
Total Capital 9,293.99
Debt Weighting 14.90
Equity Weighting 85.10
Wacc

Build Up Free Cash

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 4,052.655,050.596,138.337,091.586,503.067,371.098,354.999,470.2110,734.2912,167.10
EBITDA 752.27961.251,330.161,528.201,101.791,441.151,633.511,851.552,098.702,378.83
EBIT 228.09450.85766.57915.49470.29695.61788.45893.701,012.991,148.20
Tax Rate 24.36%12.55%10.08%10.63%18.93%15.31%15.31%15.31%15.31%15.31%
EBIAT 172.54394.25689.31818.16381.25589.11667.74756.87857.90972.41
Depreciation 524.18510.40563.58612.70631.51745.54845.06957.851,085.711,230.63
Accounts Receivable --111.89-296.12-106.74216.01-287.73-191.84-217.45-246.47-279.37
Inventories --76.69-187.67-144.62236.45-110.37-67.21-76.18-86.35-97.87
Accounts Payable -65.38192.2970.44-144.71196.03126.87143.81163184.76
Capital Expenditure -472.43-553.02-779.78-908.29-749.47-879.27-996.64-1,129.67-1,280.46-1,451.37
UFCF 224.29228.42181.62341.65571.04253.31383.98435.23493.33559.18
WACC
PV UFCF 225.88305.34308.63311.96315.32
SUM PV UFCF 1,467.13

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 12.14
Free cash flow (t + 1) 570.36
Terminal Value 5,624.87
Present Value of Terminal Value 3,171.83

Intrinsic Value

Enterprise Value 4,638.96
Net Debt 264.54
Equity Value 4,374.42
Shares Outstanding 247.18
Equity Value Per Share 17.70