Discounted Cash Flow (DCF) Analysis Unlevered

Cirrus Logic, Inc. (CRUS)

$73.98

-1.54 (-2.04%)
All numbers are in Millions, Currency in USD
Stock DCF: 86.33 | 73.98 | 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 1,532.191,185.521,281.121,369.231,781.461,881.321,986.782,098.152,215.772,339.98
Revenue (%)
EBITDA 347.65174.63250.56293.39431.67386.18407.83430.69454.84480.33
EBITDA (%)
EBIT 266.2594.80182.32246.30369.61294.77311.29328.74347.17366.63
EBIT (%)
Depreciation 81.4079.8368.2447.0862.0691.4196.54101.95107.66113.70
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 262286.35314.13497.86380.41464.64490.69518.20547.24577.92
Total Cash (%)
Account Receivables 100.80120.66154108.71240.26188.90199.49210.67222.48234.95
Account Receivables (%)
Inventories 205.76164.73146.73173.26138.44222.76235.24248.43262.36277.06
Inventories (%)
Accounts Payable 69.8548.4078.41102.74115.42108.15114.22120.62127.38134.52
Accounts Payable (%)
Capital Expenditure -84.50-35.76-21.58-20.47-30.01-50.40-53.23-56.21-59.36-62.69
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 73.98
Beta 0.994
Diluted Shares Outstanding 59.14
Cost of Debt
Tax Rate 11.48
After-tax Cost of Debt 0.47%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.574
Total Debt 177.84
Total Equity 4,375.40
Total Capital 4,553.24
Debt Weighting 3.91
Equity Weighting 96.09
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 1,532.191,185.521,281.121,369.231,781.461,881.321,986.782,098.152,215.772,339.98
EBITDA 347.65174.63250.56293.39431.67386.18407.83430.69454.84480.33
EBIT 266.2594.80182.32246.30369.61294.77311.29328.74347.17366.63
Tax Rate 38.89%4.00%12.01%11.38%11.48%15.55%15.55%15.55%15.55%15.55%
EBIAT 162.7091.01160.43218.28327.19248.93262.88277.62293.18309.62
Depreciation 81.4079.8368.2447.0862.0691.4196.54101.95107.66113.70
Accounts Receivable --19.86-33.3445.29-131.5551.37-10.59-11.18-11.81-12.47
Inventories -41.0318.01-26.5434.83-84.32-12.49-13.19-13.93-14.71
Accounts Payable --21.4530.0124.3312.67-7.266.066.406.767.14
Capital Expenditure -84.50-35.76-21.58-20.48-30.01-50.40-53.23-56.21-59.36-62.69
UFCF 159.60134.79221.77287.97275.19249.72289.18305.39322.51340.59
WACC
PV UFCF 230.67246.73240.69234.78229.03
SUM PV UFCF 1,181.90

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.26
Free cash flow (t + 1) 347.40
Terminal Value 5,549.50
Present Value of Terminal Value 3,731.76

Intrinsic Value

Enterprise Value 4,913.66
Net Debt -191.97
Equity Value 5,105.63
Shares Outstanding 59.14
Equity Value Per Share 86.33