Discounted Cash Flow (DCF) Analysis Unlevered

Maxeon Solar Technologies, Ltd. (MAXN)

$24.4

+2.74 (+12.65%)
All numbers are in Millions, Currency in USD
Stock DCF: -61.47 | 24.4 | overvalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 912.311,198.30844.84783.28769.09755.15741.47728.03714.84
Revenue (%)
EBITDA -496.08-93.66-51.32-184.26-176.49-173.29-170.15-167.07-164.04
EBITDA (%)
EBIT -578.97-147.11-98.65-226.47-223.67-219.61-215.63-211.73-207.89
EBIT (%)
Depreciation 82.8953.4547.3342.2147.1846.3245.4844.6643.85
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 101.71120.96206.74166.54128.78126.44124.15121.90119.69
Total Cash (%)
Account Receivables 97.08179.20102.1280.2792.1690.4988.8587.2485.66
Account Receivables (%)
Inventories 222.82194.85169.24212.82168.98165.92162.91159.96157.06
Inventories (%)
Accounts Payable 199.43286.46159.18270.48190.62187.16183.77180.44177.17
Accounts Payable (%)
Capital Expenditure -39.62-41.91-27.69-154.67-59.34-58.27-57.21-56.18-55.16
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 24.4
Beta 1.580
Diluted Shares Outstanding 37.46
Cost of Debt
Tax Rate -6.47
After-tax Cost of Debt 14.87%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.423
Total Debt 187.27
Total Equity 913.95
Total Capital 1,101.22
Debt Weighting 17.01
Equity Weighting 82.99
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 912.311,198.30844.84783.28769.09755.15741.47728.03714.84
EBITDA -496.08-93.66-51.32-184.26-176.49-173.29-170.15-167.07-164.04
EBIT -578.97-147.11-98.65-226.47-223.67-219.61-215.63-211.73-207.89
Tax Rate -0.27%-12.01%-13.48%-6.47%-8.06%-8.06%-8.06%-8.06%-8.06%
EBIAT -580.54-164.77-111.94-241.11-241.68-237.30-233-228.78-224.64
Depreciation 82.8953.4547.3342.2147.1846.3245.4844.6643.85
Accounts Receivable --82.1277.0821.85-11.891.671.641.611.58
Inventories -27.9625.61-43.5843.843.063.012.952.90
Accounts Payable -87.04-127.28111.29-79.86-3.45-3.39-3.33-3.27
Capital Expenditure -39.62-41.91-27.69-154.67-59.34-58.27-57.21-56.18-55.16
UFCF -537.27-120.34-116.90-264.02-301.75-247.97-243.48-239.06-234.73
WACC
PV UFCF -301.75-221.38-194.06-170.12-149.12
SUM PV UFCF -925.31

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 12.01
Free cash flow (t + 1) -239.43
Terminal Value -2,391.89
Present Value of Terminal Value -1,356.61

Intrinsic Value

Enterprise Value -2,281.92
Net Debt 20.73
Equity Value -2,302.65
Shares Outstanding 37.46
Equity Value Per Share -61.47