Discounted Cash Flow (DCF) Analysis Unlevered

Photronics, Inc. (PLAB)

$18.65

-0.04 (-0.21%)
All numbers are in Millions, Currency in USD
Stock DCF: 1.64 | 18.65 | 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 450.68535.28550.66609.69663.76732.18807.66890.92982.761,084.07
Revenue (%)
EBITDA 110.28135.99125.31151.26170.72180.35198.94219.45242.07267.03
EBITDA (%)
EBIT 23.7151.6541.4357.4580.3264.377178.3286.4095.30
EBIT (%)
Depreciation 86.5784.3383.8893.8190.40115.98127.94141.13155.67171.72
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 308.02329.28206.53278.67276.67373.06411.51453.93500.73552.34
Total Cash (%)
Account Receivables 105.32120.51134.45157.32208.52186.73205.98227.22250.64276.48
Account Receivables (%)
Inventories 23.7029.1848.1657.2755.2554.4360.0566.2473.0680.59
Inventories (%)
Accounts Payable 50.8389.1591.3875.3881.53101.30111.74123.26135.97149.98
Accounts Payable (%)
Capital Expenditure -92.80-92.80-178.47-70.97-109.27-144.15-159.02-175.41-193.49-213.43
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 18.65
Beta 1.125
Diluted Shares Outstanding 62
Cost of Debt
Tax Rate 45.64
After-tax Cost of Debt 0.80%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.015
Total Debt 113.97
Total Equity 1,156.28
Total Capital 1,270.25
Debt Weighting 8.97
Equity Weighting 91.03
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 450.68535.28550.66609.69663.76732.18807.66890.92982.761,084.07
EBITDA 110.28135.99125.31151.26170.72180.35198.94219.45242.07267.03
EBIT 23.7151.6541.4357.4580.3264.377178.3286.4095.30
Tax Rate 50.57%38.67%41.24%45.10%45.64%44.24%44.24%44.24%44.24%44.24%
EBIAT 11.7231.6824.3431.5443.6635.8939.5943.6748.1753.14
Depreciation 86.5784.3383.8893.8190.40115.98127.94141.13155.67171.72
Accounts Receivable --15.19-13.94-22.87-51.2021.78-19.25-21.23-23.42-25.84
Inventories --5.48-18.98-9.112.020.81-5.61-6.19-6.83-7.53
Accounts Payable -38.312.23-166.1619.7610.4411.5212.7114.02
Capital Expenditure -92.80-92.80-178.47-70.97-109.27-144.15-159.02-175.41-193.49-213.43
UFCF 5.4940.85-100.936.40-18.2350.08-5.91-6.51-7.19-7.93
WACC
PV UFCF 46.25-5.04-5.13-5.23-5.33
SUM PV UFCF 25.53

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.28
Free cash flow (t + 1) -8.09
Terminal Value -128.75
Present Value of Terminal Value -86.50

Intrinsic Value

Enterprise Value -60.97
Net Debt -162.70
Equity Value 101.73
Shares Outstanding 62
Equity Value Per Share 1.64