Discounted Cash Flow (DCF) Analysis Unlevered

Amkor Technology, Inc. (AMKR)

$27.3

-0.45 (-1.62%)
All numbers are in Millions, Currency in USD
Stock DCF: 24.15 | 27.3 | overvalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 4,186.504,316.474,052.655,050.596,138.336,800.567,534.248,347.079,247.5910,245.26
Revenue (%)
EBITDA 967.18834.25753.83958.881,327.541,382.461,531.611,696.851,879.912,082.72
EBITDA (%)
EBIT 385.24262.29229.66448.49763.96574.93636.96705.68781.81866.15
EBIT (%)
Depreciation 581.94571.96524.18510.40563.58807.53894.65991.171,098.101,216.57
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 596.36681.57894.95831.771,078.271,171.781,298.191,438.251,593.411,765.32
Total Cash (%)
Account Receivables 692.29724.46850.75962.641,258.771,276.861,414.611,567.231,736.311,923.63
Account Receivables (%)
Inventories 326.49230.59220.60297.29484.96440.28487.78540.41598.71663.30
Inventories (%)
Accounts Payable 569.08530.40571.05636.43828.73898.68995.641,103.051,222.051,353.89
Accounts Payable (%)
Capital Expenditure -550.94-547.12-472.43-553.02-779.78-831.65-921.37-1,020.77-1,130.90-1,252.91
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 27.3
Beta 1.561
Diluted Shares Outstanding 242.25
Cost of Debt
Tax Rate 10.08
After-tax Cost of Debt 3.52%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.061
Total Debt 1,317.09
Total Equity 6,613.37
Total Capital 7,930.46
Debt Weighting 16.61
Equity Weighting 83.39
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 4,186.504,316.474,052.655,050.596,138.336,800.567,534.248,347.079,247.5910,245.26
EBITDA 967.18834.25753.83958.881,327.541,382.461,531.611,696.851,879.912,082.72
EBIT 385.24262.29229.66448.49763.96574.93636.96705.68781.81866.15
Tax Rate 14.20%31.60%24.36%12.55%10.08%18.56%18.56%18.56%18.56%18.56%
EBIAT 330.52179.40173.72392.19686.96468.23518.75574.71636.71705.40
Depreciation 581.94571.96524.18510.40563.58807.53894.65991.171,098.101,216.57
Accounts Receivable --32.17-126.30-111.89-296.12-18.09-137.75-152.62-169.08-187.32
Inventories -95.909.99-76.69-187.6744.68-47.50-52.62-58.30-64.59
Accounts Payable --38.6940.6665.38192.2969.9596.95107.41119131.84
Capital Expenditure -550.94-547.12-472.43-553.02-779.78-831.65-921.37-1,020.77-1,130.90-1,252.91
UFCF 361.52229.28149.81226.36179.27540.65403.72447.28495.53548.99
WACC
PV UFCF 492.35334.81337.79340.80343.84
SUM PV UFCF 1,849.60

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.81
Free cash flow (t + 1) 559.97
Terminal Value 7,169.96
Present Value of Terminal Value 4,490.63

Intrinsic Value

Enterprise Value 6,340.24
Net Debt 490.34
Equity Value 5,849.89
Shares Outstanding 242.25
Equity Value Per Share 24.15