Discounted Cash Flow (DCF) Analysis Unlevered
Photronics, Inc. (PLAB)
$18.795
-0.16 (-0.82%)
All numbers are in Millions, Currency in USD
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 | 535.28 | 550.66 | 609.69 | 663.76 | 824.55 | 920.79 | 1,028.26 | 1,148.27 | 1,282.29 | 1,431.96 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 135.98 | 125.31 | 151.26 | 170.72 | 260.76 | 239.98 | 267.99 | 299.27 | 334.20 | 373.21 |
| EBITDA (%) | ||||||||||
| EBIT | 51.65 | 41.43 | 57.45 | 80.32 | 180.43 | 111.56 | 124.58 | 139.12 | 155.36 | 173.49 |
| EBIT (%) | ||||||||||
| Depreciation | 84.33 | 83.88 | 93.81 | 90.40 | 80.33 | 128.42 | 143.41 | 160.15 | 178.84 | 199.72 |
| 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 | 329.28 | 206.53 | 278.67 | 276.67 | 358.50 | 423.36 | 472.77 | 527.95 | 589.57 | 658.38 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 120.51 | 134.45 | 157.32 | 208.52 | 198.15 | 236.05 | 263.61 | 294.37 | 328.73 | 367.10 |
| Account Receivables (%) | ||||||||||
| Inventories | 29.18 | 48.16 | 57.27 | 55.25 | 50.75 | 70.11 | 78.29 | 87.43 | 97.63 | 109.02 |
| Inventories (%) | ||||||||||
| Accounts Payable | 89.15 | 91.38 | 75.38 | 81.53 | 79.57 | 124.39 | 138.91 | 155.12 | 173.23 | 193.45 |
| 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 | 535.28 | 550.66 | 609.69 | 663.76 | 824.55 | 920.79 | 1,028.26 | 1,148.27 | 1,282.29 | 1,431.96 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 135.98 | 125.31 | 151.26 | 170.72 | 260.76 | 239.98 | 267.99 | 299.27 | 334.20 | 373.21 |
| EBIT | 51.65 | 41.43 | 57.45 | 80.32 | 180.43 | 111.56 | 124.58 | 139.12 | 155.36 | 173.49 |
| Tax Rate | 38.67% | 41.24% | 45.10% | 45.64% | 50.31% | 44.19% | 44.19% | 44.19% | 44.19% | 44.19% |
| EBIAT | 31.68 | 24.34 | 31.54 | 43.66 | 89.67 | 62.26 | 69.53 | 77.64 | 86.71 | 96.83 |
| Depreciation | 84.33 | 83.88 | 93.81 | 90.40 | 80.33 | 128.42 | 143.41 | 160.15 | 178.84 | 199.72 |
| Accounts Receivable | - | -13.94 | -22.87 | -51.20 | 10.37 | -37.91 | -27.55 | -30.77 | -34.36 | -38.37 |
| Inventories | - | -18.98 | -9.11 | 2.02 | 4.50 | -19.35 | -8.18 | -9.14 | -10.20 | -11.39 |
| Accounts Payable | - | 2.23 | -16 | 6.16 | -1.97 | 44.82 | 14.52 | 16.21 | 18.11 | 20.22 |
| 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 | -100.93 | 6.40 | -18.23 | 70.56 | 9.79 | 3.61 | 4.03 | 4.50 | 5.02 |
| WACC | ||||||||||
| PV UFCF | 8.98 | 3.03 | 3.11 | 3.18 | 3.26 | |||||
| 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 |