Discounted Cash Flow (DCF) Analysis Unlevered

Photronics, Inc. (PLAB)

$18.795

-0.16 (-0.82%)
All numbers are in Millions, Currency in USD
Stock DCF: 5.65 | 18.795 | overvalue

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 535.28550.66609.69663.76824.55920.791,028.261,148.271,282.291,431.96
Revenue (%)
EBITDA 135.98125.31151.26170.72260.76239.98267.99299.27334.20373.21
EBITDA (%)
EBIT 51.6541.4357.4580.32180.43111.56124.58139.12155.36173.49
EBIT (%)
Depreciation 84.3383.8893.8190.4080.33128.42143.41160.15178.84199.72
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 329.28206.53278.67276.67358.50423.36472.77527.95589.57658.38
Total Cash (%)
Account Receivables 120.51134.45157.32208.52198.15236.05263.61294.37328.73367.10
Account Receivables (%)
Inventories 29.1848.1657.2755.2550.7570.1178.2987.4397.63109.02
Inventories (%)
Accounts Payable 89.1591.3875.3881.5379.57124.39138.91155.12173.23193.45
Accounts Payable (%)
Capital Expenditure -92.80-178.47-70.97-109.27-112.34-168.46-188.12-210.08-234.59-261.98
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 18.795
Beta 1.199
Diluted Shares Outstanding 61.19
Cost of Debt
Tax Rate 50.31
After-tax Cost of Debt 2.18%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.301
Total Debt 42.33
Total Equity 1,150.05
Total Capital 1,192.38
Debt Weighting 3.55
Equity Weighting 96.45
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 535.28550.66609.69663.76824.55920.791,028.261,148.271,282.291,431.96
EBITDA 135.98125.31151.26170.72260.76239.98267.99299.27334.20373.21
EBIT 51.6541.4357.4580.32180.43111.56124.58139.12155.36173.49
Tax Rate 38.67%41.24%45.10%45.64%50.31%44.19%44.19%44.19%44.19%44.19%
EBIAT 31.6824.3431.5443.6689.6762.2669.5377.6486.7196.83
Depreciation 84.3383.8893.8190.4080.33128.42143.41160.15178.84199.72
Accounts Receivable --13.94-22.87-51.2010.37-37.91-27.55-30.77-34.36-38.37
Inventories --18.98-9.112.024.50-19.35-8.18-9.14-10.20-11.39
Accounts Payable -2.23-166.16-1.9744.8214.5216.2118.1120.22
Capital Expenditure -92.80-178.47-70.97-109.27-112.34-168.46-188.12-210.08-234.59-261.98
UFCF 23.21-100.936.40-18.2370.569.793.614.034.505.02
WACC
PV UFCF 8.983.033.113.183.26
SUM PV UFCF 21.55

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.05
Free cash flow (t + 1) 5.12
Terminal Value 72.66
Present Value of Terminal Value 47.11

Intrinsic Value

Enterprise Value 68.67
Net Debt -277.35
Equity Value 346.01
Shares Outstanding 61.19
Equity Value Per Share 5.65