Discounted Cash Flow (DCF) Analysis Unlevered

Entegris, Inc. (ENTG)

$112.86

+4.78 (+4.42%)
All numbers are in Millions, Currency in USD
Stock DCF: 58.78 | 112.86 | 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 1,342.531,550.501,591.071,859.312,298.892,635.733,021.923,464.703,972.354,554.39
Revenue (%)
EBITDA 319.31415.79506.41539.41658.24738.39846.58970.621,112.841,275.90
EBITDA (%)
EBIT 217.07288.53365.01402.89520.07537.74616.53706.87810.44929.19
EBIT (%)
Depreciation 102.23127.27141.40136.52138.17200.65230.05263.75302.40346.71
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 625.41482.06351.91580.89402.56783.06897.791,029.341,180.161,353.08
Total Cash (%)
Account Receivables 183.43222.06234.41285.53347.41385.80442.33507.14581.44666.64
Account Receivables (%)
Inventories 198.09268.14287.10323.94475.21464.88532.99611.08700.62803.28
Inventories (%)
Accounts Payable 68.7693.0684.2181.62130.73139.65160.12183.58210.47241.31
Accounts Payable (%)
Capital Expenditure -93.60-110.15-112.36-131.75-210.63-197.08-225.95-259.06-297.02-340.54
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 112.86
Beta 1.163
Diluted Shares Outstanding 134.84
Cost of Debt
Tax Rate 14.60
After-tax Cost of Debt 3.51%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.230
Total Debt 997.13
Total Equity 15,217.70
Total Capital 16,214.83
Debt Weighting 6.15
Equity Weighting 93.85
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 1,342.531,550.501,591.071,859.312,298.892,635.733,021.923,464.703,972.354,554.39
EBITDA 319.31415.79506.41539.41658.24738.39846.58970.621,112.841,275.90
EBIT 217.07288.53365.01402.89520.07537.74616.53706.87810.44929.19
Tax Rate 53.95%5.38%19.87%16.74%14.60%22.11%22.11%22.11%22.11%22.11%
EBIAT 99.96273.02292.49335.43444.14418.86480.23550.60631.27723.77
Depreciation 102.23127.27141.40136.52138.17200.65230.05263.75302.40346.71
Accounts Receivable --38.62-12.35-51.12-61.89-38.39-56.53-64.81-74.31-85.19
Inventories --70.05-18.96-36.85-151.2710.34-68.11-78.09-89.54-102.66
Accounts Payable -24.29-8.85-2.5949.128.9220.4623.4626.9030.84
Capital Expenditure -93.60-110.15-112.36-131.75-210.63-197.08-225.95-259.06-297.02-340.54
UFCF 108.59205.75281.38249.65207.64403.30380.15435.85499.71572.92
WACC
PV UFCF 373.63326.28346.57368.12391.01
SUM PV UFCF 1,805.60

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.94
Free cash flow (t + 1) 584.38
Terminal Value 9,838.09
Present Value of Terminal Value 6,714.27

Intrinsic Value

Enterprise Value 8,519.87
Net Debt 594.56
Equity Value 7,925.31
Shares Outstanding 134.84
Equity Value Per Share 58.78