Discounted Cash Flow (DCF) Analysis Unlevered

Power Integrations, Inc. (POWI)

$66.19

+1.31 (+2.02%)
All numbers are in Millions, Currency in USD
Stock DCF: - | 66.19 | undervalue

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 431.75415.95420.67488.32703.28804.51920.301,052.771,204.311,377.65
Revenue (%)
EBITDA 84.7683.95246.82103.35211.08240.81275.47315.13360.48412.37
EBITDA (%)
EBIT 60.3059.76222.4175.25176.14195.75223.93256.16293.03335.21
EBIT (%)
Depreciation 24.4624.1924.4028.1034.9545.0651.5458.9667.4577.16
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 282.89228.59411.09449.19530.35620.43709.74811.89928.761,062.44
Total Cash (%)
Account Receivables 18.4514.7531.1735.9141.3945.8152.4059.9468.5778.44
Account Receivables (%)
Inventories 57.0980.8690.38102.8899.27143.73164.42188.08215.16246.13
Inventories (%)
Accounts Payable 33.2131.5527.4334.7143.7256.5164.6573.9684.6096.78
Accounts Payable (%)
Capital Expenditure -32.50-25.58-25.14-70.60-47.27-65.70-75.15-85.97-98.35-112.50
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 66.19
Beta 1.105
Diluted Shares Outstanding 61.47
Cost of Debt
Tax Rate 6.66
After-tax Cost of Debt -%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.180
Total Debt -
Total Equity 4,068.50
Total Capital -
Debt Weighting -
Equity Weighting -
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 431.75415.95420.67488.32703.28804.51920.301,052.771,204.311,377.65
EBITDA 84.7683.95246.82103.35211.08240.81275.47315.13360.48412.37
EBIT 60.3059.76222.4175.25176.14195.75223.93256.16293.03335.21
Tax Rate 54.21%-17.10%13.01%5.42%6.66%12.44%12.44%12.44%12.44%12.44%
EBIAT 27.6169.98193.4771.18164.41171.40196.07224.30256.58293.51
Depreciation 24.4624.1924.4028.1034.9545.0651.5458.9667.4577.16
Accounts Receivable -3.71-16.42-4.74-5.48-4.41-6.59-7.54-8.63-9.87
Inventories --23.77-9.52-12.503.61-44.46-20.69-23.67-27.07-30.97
Accounts Payable --1.66-4.127.289.0112.798.139.3110.6512.18
Capital Expenditure -32.50-25.58-25.14-70.60-47.27-65.70-75.15-85.97-98.35-112.50
UFCF 19.5746.87162.6718.72159.23114.68153.32175.39200.63229.51
WACC
PV UFCF -----
SUM PV UFCF -

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) -
Free cash flow (t + 1) 234.10
Terminal Value -
Present Value of Terminal Value -

Intrinsic Value

Enterprise Value -
Net Debt -158.12
Equity Value -
Shares Outstanding 61.47
Equity Value Per Share -