Discounted Cash Flow (DCF) Analysis Unlevered
SiTime Corporation (SITM)
$101.92
-0.95 (-0.92%)
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 | 85.21 | 84.07 | 116.16 | 218.81 | 283.61 | 393.37 | 545.61 | 756.77 | 1,049.66 | 1,455.90 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -0.44 | 3.37 | -2.24 | 40.28 | 35.18 | 25.47 | 35.33 | 49 | 67.96 | 94.27 |
| EBITDA (%) | ||||||||||
| EBIT | -7.86 | -4.90 | -8.64 | 32.35 | 23.34 | 0.41 | 0.57 | 0.79 | 1.10 | 1.53 |
| EBIT (%) | ||||||||||
| Depreciation | 7.41 | 8.27 | 6.40 | 7.93 | 11.84 | 25.06 | 34.75 | 48.21 | 66.86 | 92.74 |
| 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 | 7.89 | 63.42 | 73.53 | 559.46 | 564.10 | 474.07 | 657.54 | 912.03 | 1,265 | 1,754.58 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 20.62 | 18.73 | 24.66 | 38.38 | 41.23 | 78.50 | 108.88 | 151.02 | 209.46 | 290.53 |
| Account Receivables (%) | ||||||||||
| Inventories | 20.54 | 11.91 | 12.35 | 23.63 | 57.65 | 62.97 | 87.33 | 121.14 | 168.02 | 233.04 |
| Inventories (%) | ||||||||||
| Accounts Payable | 5.02 | 3.87 | 6.18 | 13.10 | 14.88 | 21.29 | 29.52 | 40.95 | 56.80 | 78.78 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -5.01 | -3.20 | -7.79 | -33.79 | -31.79 | -33.87 | -46.98 | -65.16 | -90.38 | -125.36 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 101.92 |
|---|---|
| Beta | 1.848 |
| Diluted Shares Outstanding | 22.66 |
| Cost of Debt | |
| Tax Rate | 0.35 |
| After-tax Cost of Debt | 4.98% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 12.415 |
| Total Debt | 8.15 |
| Total Equity | 2,309.91 |
| Total Capital | 2,318.06 |
| Debt Weighting | 0.35 |
| Equity Weighting | 99.65 |
| 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 | 85.21 | 84.07 | 116.16 | 218.81 | 283.61 | 393.37 | 545.61 | 756.77 | 1,049.66 | 1,455.90 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -0.44 | 3.37 | -2.24 | 40.28 | 35.18 | 25.47 | 35.33 | 49 | 67.96 | 94.27 |
| EBIT | -7.86 | -4.90 | -8.64 | 32.35 | 23.34 | 0.41 | 0.57 | 0.79 | 1.10 | 1.53 |
| Tax Rate | 0.28% | 0.12% | -0.01% | 0.24% | 0.35% | 0.20% | 0.20% | 0.20% | 0.20% | 0.20% |
| EBIAT | -7.83 | -4.90 | -8.65 | 32.28 | 23.25 | 0.41 | 0.57 | 0.79 | 1.10 | 1.52 |
| Depreciation | 7.41 | 8.27 | 6.40 | 7.93 | 11.84 | 25.06 | 34.75 | 48.21 | 66.86 | 92.74 |
| Accounts Receivable | - | 1.88 | -5.92 | -13.72 | -2.85 | -37.27 | -30.38 | -42.14 | -58.45 | -81.07 |
| Inventories | - | 8.63 | -0.44 | -11.28 | -34.02 | -5.32 | -24.37 | -33.80 | -46.88 | -65.03 |
| Accounts Payable | - | -1.16 | 2.31 | 6.92 | 1.78 | 6.41 | 8.24 | 11.43 | 15.85 | 21.98 |
| Capital Expenditure | -5.01 | -3.20 | -7.79 | -33.79 | -31.79 | -33.87 | -46.98 | -65.16 | -90.38 | -125.36 |
| UFCF | -5.43 | 9.54 | -14.09 | -11.66 | -31.79 | -44.58 | -58.16 | -80.68 | -111.90 | -155.21 |
| WACC | ||||||||||
| PV UFCF | -39.67 | -46.05 | -56.83 | -70.13 | -86.55 | |||||
| SUM PV UFCF | -299.22 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 12.39 |
| Free cash flow (t + 1) | -158.31 |
| Terminal Value | -1,523.68 |
| Present Value of Terminal Value | -849.68 |
Intrinsic Value
| Enterprise Value | -1,148.90 |
|---|---|
| Net Debt | -26.45 |
| Equity Value | -1,122.45 |
| Shares Outstanding | 22.66 |
| Equity Value Per Share | -49.53 |