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
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 | 592.78 | 525.26 | 356.19 | 433.62 | 749.30 | 844.75 | 952.37 | 1,073.70 | 1,210.49 | 1,364.70 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 217.99 | 179.72 | 108.14 | 168.56 | 332.37 | 311.85 | 351.58 | 396.37 | 446.86 | 503.79 |
| EBITDA (%) | ||||||||||
| EBIT | 204.62 | 164.71 | 88.32 | 149.39 | 314.80 | 282.38 | 318.35 | 358.91 | 404.63 | 456.18 |
| EBIT (%) | ||||||||||
| Depreciation | 13.36 | 15.01 | 19.83 | 19.18 | 17.56 | 29.47 | 33.23 | 37.46 | 42.23 | 47.61 |
| 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 | 527.81 | 295.54 | 278.40 | 375.41 | 451.40 | 625.59 | 705.29 | 795.14 | 896.44 | 1,010.64 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | 70.95 | 60.24 | 46.58 | 51.65 | 94.40 | 103.10 | 116.23 | 131.04 | 147.73 | 166.55 |
| Inventories (%) | ||||||||||
| Accounts Payable | 62.72 | 33.16 | 30.28 | 44.02 | 74.71 | 76.90 | 86.70 | 97.74 | 110.19 | 124.23 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -11.70 | -18.02 | 0.16 | -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 | 592.78 | 525.26 | 356.19 | 433.62 | 749.30 | 844.75 | 952.37 | 1,073.70 | 1,210.49 | 1,364.70 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 217.99 | 179.72 | 108.14 | 168.56 | 332.37 | 311.85 | 351.58 | 396.37 | 446.86 | 503.79 |
| EBIT | 204.62 | 164.71 | 88.32 | 149.39 | 314.80 | 282.38 | 318.35 | 358.91 | 404.63 | 456.18 |
| Tax Rate | 13.16% | 12.06% | -4.07% | 3.81% | 7.05% | 6.40% | 6.40% | 6.40% | 6.40% | 6.40% |
| EBIAT | 177.69 | 144.85 | 91.91 | 143.69 | 292.61 | 264.30 | 297.97 | 335.93 | 378.73 | 426.97 |
| Depreciation | 13.36 | 15.01 | 19.83 | 19.18 | 17.56 | 29.47 | 33.23 | 37.46 | 42.23 | 47.61 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | 10.71 | 13.66 | -5.07 | -42.75 | -8.70 | -13.13 | -14.81 | -16.69 | -18.82 |
| Accounts Payable | - | -29.56 | -2.88 | 13.74 | 30.69 | 2.19 | 9.80 | 11.04 | 12.45 | 14.04 |
| Capital Expenditure | -11.70 | -18.02 | 0.16 | -21.86 | -28.35 | -23.97 | -27.02 | -30.46 | -34.34 | -38.72 |
| UFCF | 179.36 | 122.98 | 122.68 | 149.68 | 269.76 | 263.30 | 300.84 | 339.16 | 382.37 | 431.09 |
| WACC | ||||||||||
| PV UFCF | 239.47 | 248.85 | 255.17 | 261.64 | 268.28 | |||||
| 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 |