Discounted Cash Flow (DCF) Analysis Unlevered

BE Semiconductor Industries N.V. (BESI.AS)

67.02 €

+0.44 (+0.66%)
All numbers are in Millions, Currency in USD
Stock DCF: 66.96 | 67.02 | 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 592.78525.26356.19433.62749.30844.75952.371,073.701,210.491,364.70
Revenue (%)
EBITDA 217.99179.72108.14168.56332.37311.85351.58396.37446.86503.79
EBITDA (%)
EBIT 204.62164.7188.32149.39314.80282.38318.35358.91404.63456.18
EBIT (%)
Depreciation 13.3615.0119.8319.1817.5629.4733.2337.4642.2347.61
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 527.81295.54278.40375.41451.40625.59705.29795.14896.441,010.64
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 70.9560.2446.5851.6594.40103.10116.23131.04147.73166.55
Inventories (%)
Accounts Payable 62.7233.1630.2844.0274.7176.9086.7097.74110.19124.23
Accounts Payable (%)
Capital Expenditure -11.70-18.020.16-21.86-28.35-23.97-27.02-30.46-34.34-38.72
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 67.02
Beta 1.454
Diluted Shares Outstanding 72.50
Cost of Debt
Tax Rate 7.05
After-tax Cost of Debt 3.26%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.380
Total Debt 312.48
Total Equity 4,859.04
Total Capital 5,171.52
Debt Weighting 6.04
Equity Weighting 93.96
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 592.78525.26356.19433.62749.30844.75952.371,073.701,210.491,364.70
EBITDA 217.99179.72108.14168.56332.37311.85351.58396.37446.86503.79
EBIT 204.62164.7188.32149.39314.80282.38318.35358.91404.63456.18
Tax Rate 13.16%12.06%-4.07%3.81%7.05%6.40%6.40%6.40%6.40%6.40%
EBIAT 177.69144.8591.91143.69292.61264.30297.97335.93378.73426.97
Depreciation 13.3615.0119.8319.1817.5629.4733.2337.4642.2347.61
Accounts Receivable ----------
Inventories -10.7113.66-5.07-42.75-8.70-13.13-14.81-16.69-18.82
Accounts Payable --29.56-2.8813.7430.692.199.8011.0412.4514.04
Capital Expenditure -11.70-18.020.16-21.86-28.35-23.97-27.02-30.46-34.34-38.72
UFCF 179.36122.98122.68149.68269.76263.30300.84339.16382.37431.09
WACC
PV UFCF 239.47248.85255.17261.64268.28
SUM PV UFCF 1,273.41

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.95
Free cash flow (t + 1) 439.71
Terminal Value 5,530.92
Present Value of Terminal Value 3,442.08

Intrinsic Value

Enterprise Value 4,715.49
Net Debt -138.92
Equity Value 4,854.41
Shares Outstanding 72.50
Equity Value Per Share 66.96